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Explain with Example

David_vyau
2024-04-05 01:54:29
The marketing process is a systematic approach used by businesses to plan, implement, and evaluate their marketing activities in order to achieve their objectives. One example of the marketing process can be seen in the launch of a new line of fitness apparel by a sports clothing company.Market Research: The marketing process begins with market research to gather information about the target market, competitors, and industry trends. For example, the sports clothing company conducts surveys, focus groups, and analyses of industry reports to understand consumer preferences for fitness apparel, identify key competitors, and assess market demand for different types of activewear.Segmentation, Targeting, and Positioning (STP): Based on the market research findings, the company segments the market into groups with similar characteristics, such as fitness enthusiasts, athletes, and casual exercisers. They then target specific segments that align with their brand and product offering, such as targeting fitness enthusiasts who prioritize performance and functionality in their activewear. Finally, the company positions its new line of fitness apparel as high-performance, stylish, and durable, catering to the needs and preferences of its target audience.Marketing Mix Development: With the target market identified and the positioning strategy in place, the company develops its marketing mix, which consists of the four Ps: product, price, place, and promotion. For example, they design a range of fitness apparel products, including moisture-wicking shirts, breathable leggings, and supportive sports bras, priced competitively to attract their target audience. They distribute the products through a mix of online channels, such as their e-commerce website and social media platforms, as well as through select retail partners. Additionally, they create promotional campaigns that highlight the features and benefits of their new line of fitness apparel, using social media influencers, sponsored events, and targeted advertisements to reach their target audience.Implementation: With the marketing plan in place, the company implements its marketing activities according to the predetermined timeline and budget. For example, they launch their new line of fitness apparel with a promotional event at a popular gym, offering discounts and giveaways to attendees. They also roll out digital marketing campaigns across social media platforms and online forums frequented by fitness enthusiasts, generating buzz and excitement around the new product line.

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