Marketing is a process of identifying the needs and wants also known as problems of the customers and then trying to satisfy these needs and wants through the various solutions in the forms of products and services. In other words marketing is a process of creating value in the product and then communicating these values to the customer who will ultimately decide how effective the marketing process of an organization is through their action of buying a product or service marketed by an organization (Pride & Ferrell, 2004) .
Marketing plan or strategy can be broadly divided into following parts:-
- Analyzing the place or region where the marketing activities are to be implemented, by analyzing culture, etc.
- Analyzing the internal and external environment of the organization
- Identifying the market and segmenting them into fragments having homogeneous need or wants
- Targeting the right set of audience, thus identifying the target market from the segmented one
- Devising effective marketing mix for the target market such that marketing can achieve its goals and objectives effectively