Explain the steps in the marketing planning process in a minimum of 300 words

Marketing plans lead to improved marketing performance. The market overview, described as step 4 in Chapter 2 of the text, is a major point of emphasis in marketing plans. Segmentation is a tool that marketers use to define attractive markets. A mid-sized data storage firm has been in business for six years and got its start by supplying services to a single, large industrial company. The firm has excess server capacity and wants to offer services to other manufacturing and service businesses as well as not-for-profit firms and government agencies. You have been asked to help the CEO with the initial steps of the marketing plan.

Explain the steps in the marketing planning process in a minimum of 300 words. Using the three-stage model of segmentation described in Chapter 4 of the text, describe the process for market segmentation and analyze a minimum of three possible new market segments for this firm.

Guided Response: Review the discussion board posts of your classmates. Note their descriptions of the marketing planning process and the segmentation model. Respond to at least two of your classmates. Discuss how use of the segmentation model led to similar or different decisions about possible new market segments. Suggest ways that they might improve their application of the segmentation model.


 

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