The marketing Process PDF

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The marketing Process...

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The marketing Process

Step 1 : understanding and analyzing the marketplace and customers’ wants and needs It is crucial for marketers to understand and analyze the marketplace. Wants & needs are not the same. Needs occur when you are out something and they are not brand specific. Wants, on the contrary, are real products. I need food but I want to ear a burget. If there is a gap between what customers want and what is currently offered to them, then, there may be opportunities for the companies to introduce new products in order to better satisfy those customers. Step

2

:

design

a

customer

driven

marketing

strategy

When the best opportunity to satisfy and fulfil customer needs is identified, marketers has to design a customer driven marketing strategy. It is a strategy that is motivated by customer demands or expectations. Customers and their needs are the bases of the strategy. On the contrary, a product driven by marketing strategy focuses on the value of the product and why it is better that the alternatives. Indeed, in a highly competitive business environment, focusing on the needs of customers can give companies

an

edge

over

the

competitors.

A customer driven marketing strategy implies targeting a specific market segment which is identified thanks to demography characters such as age, gender, occupation… it implies also meeting the needs of customers and knowing how the products or services proposed by the company can fulfil those needs. Also, building loyalty and gaining referrals (recommendations). The idea is to encouraged existing customers to spread to word about the company to gain new customers and impliers using feedbacks from customers in order to make changes or improvements to continue to meet their needs in the future. Step 3 : building a marketing plan

The aim of this step is to build a marketing plan. It is a comprehensive document that defines the companies advertising and marketing efforts. It describes the business activities that have to be carried out to reach specific marketing objectives within a set timeframe. In other words, the plan described what the company is going to do on a monthly, quarterly or annual basis. The marketing plan transforms the marketing strategy into action. The plan consists in the marketing mix, which is also known as the 4 P’s (product, price, place, promotion). First, the company creates a marketing offering that will satisfy the customers’ needs (the product). Then, it decides how much os will charge for the product (the price). And how it will make the product available

to target consumers (the place). Finally, the company

communicates with target consumers about the offering and tries to persuade them to buy it (the promotion). Step 4 : building profitable relationships with customers By satisfying their needs. In the first 4steps, companies work to crate values for customers and to build strong customer relationships. Step 5 : capturing value from customers and create profits. If companies have succeeded in the first four steps, they can capture value from customers and create profits....