What are the stages of digital marketing? How is the market analyzed?

In the previous article, we learned about the concept of modern marketing and what digital marketing means, noting that science develops gradually over time through theory, experience and proof.

How is the market analyzed? What is the modern marketing mix?

First: To make it easier for you to grasp a specific science or art, you must understand its foundations, which will contribute effectively to its ease of assimilation and development over time, so until you can become a digital marketer or at least an electronic marketer, then we must gradually understand marketing: Follow this article to know more about

The concept of modern marketing and the concept of digital marketing

How is the market analyzed?

Knowing how the decision of the digital marketer is affected.

In a historical brief, McCarthy outlined a specific system on which the company makes marketing decisions, and this later came to be known as the Marketing Mix.

What is marketing mix 4p’s, and what is marketing mix 7p’s?

The marketing mix is defined as: The strategy of using and integrating the basic marketing elements from: Product – Price – Place – Promotion to make the marketing decision that would raise and increase the profitability of the company with Meet the needs of the market or consumers.

What are the stages of digital marketing? How is the market analyzed?

Marketing Mix 4p’s

With the passage of time and the increase of companies, and many companies directed towards providing services, especially digital services, due to the great expansion since the discovery of the Internet, companies have moved from 1990 to the present day to use the modern or expanded marketing mix (Marketing Mix 7p’s) which is in addition to the mix General marketing as it integrates other elements: People – Process – Physical Evidence

So what does a digital marketer need to do the marketing analysis?

We must know that marketing analysis is the process of analyzing the data present in the elements of the marketing mix of price, product, audience, target location, and material factor that will add value to the market or consumer according to the type of service provided, as well as the various promotion channels, in addition to the methodology followed by the marketer.

After the marketer gets all the necessary data about the product or service (the elements of the marketing mix), he will follow multiple analytical foundations, taking into account Porter’s analytical model.

What is the Porter Five Forces Module?

Porter’s model is known as a business analytical framework which is used in evaluating business or market strategies. This framework is used in analyzing the competition and the type of relationship between the company and the market and other determining forces and competition for the business. This model relies mainly on the fact that if one of the forces affecting the scope of work changes, whether internally or externally, then the company must re-evaluate the labor market.

1- Power of competition 2- Alternative products 3- Ability of buyers 4- Ability of suppliers 5- Entry of new competitors

Accordingly, the digital marketer takes this model a wide space on the basis of which he analyzes the size of the market, the strength of competitors as well as the weaknesses and their number in the target market, the digital marketer can also determine the audience of competitors and the availability of alternative services or goods for what the company or brand offers. .

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Then the digital marketer converts this data into numbers and foundations upon which to make the marketing decision that would achieve the company’s marketing objectives from: reaching the service or product to the target audience, adding the competitive advantage (determined based on the elements of the marketing mix and analyzing the strength of competition based on On Porter’s model) as well as determining market shares of competitors and the company.

What are the steps of marketing analysis?

As we mentioned, the analysis is the process of collecting various data, on the market, consumers, in many cases taking into account the extent to which the service or commodity is related to the state’s economic or political factor, such as: The prices of Chinese products are affected by US sanctions. The different goods and services are also affected by government tax policies, which in turn calls for the corporation to review and evaluate again its marketing strategies as well as its marketing mix.

The analysis process answers a set of questions:

1- Who is the desired category of consumers for the service or product?
2- What is the market behavior and consumer behavior towards the good or service?
3- What is the market size? What are the competitors’ market shares? What is the potential market share for the service or good?
4- What is the estimated consumer spending rate for a good or service?
5- Who are the competitors? How many competitors? What is the strength of the competitors? What are the competitors’ weaknesses?

To answer these questions, the digital marketer must carry out the analysis process on the basis of:

1- Defining the objectives of the analysis and linking them with the marketing objectives
2- Current analysis of the service or commodity in order to determine future expectations.
3- Defining target customers, to customize targeting such as: gender, age, geographical location, financial ability, interests, and online presence.
4- Analyzing competitors and identifying them accurately and comparing all competitors: strength, weakness, service, audience size, market share. (SWOT analysis)
5- Using different information sources to obtain data about competitors and the market, such as: competitors’ periodic revenues, economic news, etc.
6- Evaluate your analysis.
7- Decision-making and implementation of the marketing strategy.

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The stages of digital marketing analysis do not differ much from the concept of modern marketing analysis and research, but the difference is a qualitative difference on the availability of multiple marketing channels digitally, as well as advanced analysis methods and tools, and the availability of information and obtaining it in a larger and faster way online (via the Internet)

This was a quick summary about market analysis, and brevity due to the lack of time and momentum of information about marketing. In the next article, we will talk more about digital marketing, methods of analysis followed, and how to become a digital marketer.

What are the stages of digital marketing? How is the market analyzed?

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What are the stages of digital marketing? How is the market analyzed?