The Marketing Planning Process

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.

Sample Solution