Kotler on Marketing Part of 3/18 sources. The first stage th | Blinkist Summary Book

Kotler on Marketing
Part of 3/18

sources.
The first stage then is research. Without research a company enters the market blind. A newly launched product isn’t likely to meet with success if there isn’t a desire for it. That means that prior to anything else it’s essential to learn about consumers’ needs tastes and income levels – as well as about any likely competitors.
The next stage is to choose your target market. Consumers aren’t all the same and not every consumer will be a profitable prospect. So it pays to streamline your marketing efforts by targeting only those consumers that have the means and the desire to buy your product. 
The third stage is to position your product to appeal to this market. Product positioning refers to how you plan on communicating the value of your offering to consumers. For example the car manufacturer Volvo actively targets safety-conscious consumers by positioning their cars as the safest on the market.
At this point it’s time to execute your vision by implementing marketing tac