The Marketing Process

The marketing process includes finding opportunities, conducting research and determining a target market, designing and developing the product, setting a price, selecting a distribution system, and designing a promotional campaign.

Managing the controllable parts of this process means $($a$)$ developing a product that will fill consumer wants $($b$)$ pricing the product, $($c$)$ distributing the product to a place where consumers will buy it$,$ and $($d$)$ promoting the product. These four factors are called the marketing mix because businesses blend them together in a well$-$designed marketing program.

The founder of Freestyle Audio, Lance Fried, had a friend who dropped an iPod in a cooler and rendered it useless. Lance saw a potential opportunity, so he researched the MP$3$ player market and realized there was not a waterproof player. Based on this research, Lance Fried realized that surfers could not listen to music while surfing.

The goal of this activity is to match the steps that Lance takes in the marketing process with the step that best characterizes them. This activity is important because it illustrates how the marketing process is executed.

Review the examples and match each one with the appropriate step in the marketing process.