Marketing princles Coursework Example | Topics and Well Written Essays - 1000 words - 1

Marketing princles - Coursework Example n addition, the paper will explain the macro and micro environmental factors that influence marketing decision making process and further identify the differences of international and domestic marketing. Marketing process is made up of various elements that are integrated to ensure maximization of market efficiency. To begin with, market analysis enables the organization to identify customer needs to be satisfied. In addition, S.W.O.T. analysis is done at this level in order to identify the capabilities and limitations in a company (Study Marketing Organization n.d, p.1). Evaluation on future prospects is done on the basis of information obtained through S.W.O.T. analysis as well as the socio-economic and political factors (Study Marketing Organization n.d, p.1). Another element of marketing process is the marketing strategy. This is done after identification of an opportunity to be fulfilled in the market. According to Business Knowledge Centre, marketing strategy involves selection of target group and market division in order to formulate methods of product positioning (n.d, p.1). A good marketing strategy enables a company to maximize market efficiency and compete effectively with other firms. In addition to marketing strategy and market analysis, marketing implementation is done by coordinating the marketing mix elements. Coordination of marketing mix involves implementation of the results of market analysis and marketing strategy. Elements such as product development, pricing, promotions and distribution are dealt with at this level. Lastly, market control forms the final and critical element of marketing process. At this stage, a firm monitors changes in the environmental factors as well as consumer need changes and readjusts the marketing mix elements to suite the changes. Various measures are used to evaluate success of market implementation as well as other marketing process elements. Market orientation is defined as implementation of marketing