Question

A firm can begin to implement the marketing mix immediately after which step? After it has finished segmentation, targeting, and positioning O After it has written its mission statement Reason: A mission statement is the first step in the process. O After it has completed a SWOT analysis Reason: A SWOT analysis precedes identification of opportunities. After it has employed marketing metrics to evaluate performance Reason: Competitive advantage is a key objective often embedded in a mission statement After it has selected the product or service it will market

Answer 1

a, After it has finished segmentation, targeting and positioning

The different steps in marketing are;

1, Market analysis

2, Determine the market goal.

3, Formulation of market strategy (Deciding Segmentation, targeting and positioning)

4, Decision regarding the marketing mix

5, Implementation and Control

In a market, different customers have different needs and wants. Organisations cannot satisfy all needs and wants of the customers of the entire market. So the organisations has to perform market segmentation, market targeting and market positing before determining the marketing mix. Marketing mix means preparing a right mix of product at right price at right place and with right promotion in order to achieve the marketing objectives in the target market.

So before determining an marketing mix organisations has to decide which market segment which they have to select from the entire market. Market segmentation is the process of dividing the entire market on the basis of different needs and characteristics. The entire market will be grouped or segmented upon its common features like , age of consumers, gender, income, etc.. So that the organisations could be able to concentrate on such groups and providing the correct marketing mix which can satisfy their needs.

Market targeting is the next step and segmenting the market. In target marketing the organisations will evaluate each market segments and select one or more segments or groups which they can concentrate and best for achieving their marketing objectives. Organisations select a specific segment or groups to carry out its marketing activities.

Market Positing is the process of marketers try to create an image in the minds of the customers in the targeted market for its product, brand or organisations. A unique image will be created in the minds of the customers using the market posting technique.

After organisations finished segmentation, targeting and positioning they will take decisions regarding marketing mix which decides about the product, price, place and promotion.