2. What is Marketing?
Marketing is how companies create value for
customers and build strong customer relationships to
capture value from customers in return.American
Marketing Association, the professional organization
for marketing practitioners and educators defines
marketing as “the process of planning and executing
the conception, pricing, promotion, and distribution of
ideas, goods, and services to create exchanges that
satisfy individual and organizational objectives.
3. Steps of Marketing Process
• Understanding The Marketplace And Customer
Needs And Wants.
• Designing A Customer-Driven Marketing
Strategy.
• Constructing an integrated marketing plan that
delivers superior value.
• Build Profitable Relationships.
• Capturing Value From Customers.
4. 1. Understanding The Marketplace
And Customer Needs And Wants
It is important to understand customer needs, wants,
and demands to build want- satisfying market offerings
and building value-laden customer relationships. This
increases long-term customer equity for the firm.
Needs
• States of felt deprivation
• Physical, social and individual needs
5. Wants
The forms of human needs take as shaped by culture
and individual personality.Wants are shaped by one’s
society and are described in terms of objects that will
satisfy needs.
Demands
Human wants that are backed by buying power.
Given their wants and resources, people demand
products with benefits that add to the most value and
satisfaction.
6. 2. Designing A Customer-Driven
Marketing Strategy
• Selecting customers to serve -defining the target
market
• Deciding how to serve customers in the best way –
choosing a value proposition
• Selecting customers to serve:
The company first decides who it will serve and divides the
market into segments of the customer.
• Choosing a value proposition
A brand’s value proposition is the set of values and
7. 5 alternative concepts for designing a
customer-driven marketing strategy are
• Production concept:
Consumers will favor products that are
available and highly affordable.
• Product concept:
Consumers will favor products that offer the
most quality, performance, and innovative
features.
8. • Selling concept: Consumers will not buy enough of
the firm’s products unless it undertakes a large-scale
selling and promotion effort.
• Marketing concept: Organizational goals are
achieved by knowing the target markets’ needs and
wants and delivering the desired satisfactions better
than competitors do.
• Societal concept: Marketing strategy should deliver
value to customers in such a way that improves both
customers as wells as society’s well being and long-
run interests.
9. 3. Constructing an integrated marketing
plan that delivers superior value
• The company’s marketing strategy outlines
which customers the company will serve and
how it will create value. The marketer develops
integrated marketing plans that intended value
to target customers.
• It consists of the firm’s marketing mix (4Ps),
the set of marketing tools the firm uses to
implement its marketing strategy.
10. Marketing Mix (4Ps)
• Product represents goods, services, or ideas offered by
a firm that meets the needs of your target market.
• Price focuses on what customers are willing to pay for
a service.
• Place represents the manner in which goods or
services are distributed by a firm for use by consumers
• Promotion represents any way of informing the
marketplace that the organization has developed a
response to meet its needs,
11. 4. Build Profitable Relationships
Customer relationship management is the
overall process of building and maintaining
profitable customer relationships by
delivering superior customer value and
satisfaction.The key to building lasting
relationships is the creation of superior
customer value and satisfaction.
12. 5. Capturing Value From Customers
• Customer relationship management’s ultimate
aim is to produce high Customer equity –
total combined lifetime values of all of the
company’s current and potential customers.
• In addition to being good at customer
relationship management, they also need to
be good at partner relationship management.
13. Final Words Managing Marketing
Process
• The last step of the marketing process is arranging
resources necessary to carry out the marketing plan,
putting the plan in action, and exerting control.
• For the implementation of the marketing plan, the
firm needs to build a marketing organization.
• This type of organization consists of many
specialists responsible for carrying out marketing
research, advertising, product development,
customer service, etc.
14. STRATEGIC MARKETING PROCESS
The strategic marketing process is a deliberate series of
steps to help you identify and reach your goals and discover
what your customers want and develop products that meet
those needs. .
• Mission
• Situation Analysis
• Marketing Strategy/Planning
• Marketing Mix
• Implementation and Control
15. 1. Mission
• First, identify and understand the company’s
mission. A mission statement explains why a
company is in business and how it can benefit
consumers.
• Sometimes, the mission statement is aspirational,
motivating staff and inspiring customers. Or it is
simply a straightforward statement about who you
are. Either way, you can’t plan a marketing strategy
without knowing clearly what business you are in
16. 2. Situation Analysis
The second step of the strategic marketing process is to
evaluate internal and external factors that affect your
business and market.
Situation analysis provides a clear, objective view of
the health of your business, your current and
prospective customers, industry trends, and your
company’s position in the market.A typical analysis is
called a SWOT analysis: strengths, weaknesses,
opportunities, and threats.
17. 3. Marketing Plan
Now that you’ve identified opportunities through
your analysis, you should prioritize and map out
which ones you are going to pursue. Writing a
marketing plan will specify your target customers
and how you will reach them, and should also
include a forecast of the anticipated results.
18. These questions can help:
• How will customers respond to your marketing
efforts?
• How much will the plan cost?
• How will your competition respond?
The data from your market research and
situation analysis will help you build these
projections into your plan.
19. 4. Developing Marketing Mix Decisions
At this stage of the strategic marketing process, it’s
time to focus on the “how” of planning.Your
marketing mix is based on the 4Ps of marketing,
including Product, Price, Promotion, and Place.
By using the market research conducted in step two,
you can develop the ideal marketing mix for your
target audience and the type of product or service
you sell.
20. 5. Implementation and Control
Now it’s time to put your plan into action.
Identify how and when you will launch
your plan. At this stage of the strategic
marketing process, you will reach out to
customers to inform and persuade them
about your product or service.
21. Your next steps include;
• getting the resources (cash and staffing) to
market your product
• organizing the people who will do the work
• creating calendars to keep the work on track
• and managing all the details for each goal.
Remember, the strategic marketing process is
dynamic. You need to regularly measure and
evaluate the results of your plan in order to
succeed.
22. A strategic plan identifies your business goals, the
marketplace in which you compete, your target
audience, the ways you want to reach them, and
how you will evaluate your success. It integrates
everything you say and do to grow your company. A
strategic marketing plan is not a static document
that gets tossed in a drawer once it’s written.
Instead, a plan is a living document that guides
your work and is regularly updated to reflect
changes in your business, your customers, and
your competition.
