Download Marketing Process - Jahanzaib Yousaf

Marketing Process:
Chapter #1
Marketing is the process of creating, communicating and delivering value to target markets for profits. (CCDVTP)
The process by which companies create value for customers and build strong customer relationships in order to
capture value from customers in return.
By creating and delivering value for customers, the company in return captures value from customers in form of
sales, profits, customer loyalty and long term customer equity. The steps in marketing process are as follows:
Understand the
marketplace and
customer needs
Design a customer
driven marketing
strategy
Develop an
integrated marketing
mix program
Analyze marketplace:
SWOT analysis
PEST analysis
Select customers to serve:
Segmentation
Target marketing
Develop Product:
Product decisions
Branding
Analyze customer
needs & wants:
Need analysis
Select a value proposition:
Differentiation
Positioning
Pricing:
Pricing decisions
Marketing
Implementation
and controls
Manage the marketing
efforts:
Build Customer
relationships
Marketing Controls
Placement:
Distribution channel
decisions
Promotions:
Promotional mix
decisions
1. Understand the market place and customer needs:
The first step in marketing process, the company must fully understand the marketplace and consumers, so
that it can successfully develop products that fulfill customer requirements and offer superior value for
them. Understanding the marketplace also helps the company to identify its key competitors, and it can
stay ahead of its competitors in developing and delivering superior customer value.
Need analysis: Marketers involve in continuous research and customer surveys to study customer needs
and wants and to identify changes in customer requirements, so that products can be improved and
modified according to customer needs. This systematic study is called need analysis. For example, Metro
Pakistan constantly reviews the customer requirements in major cities and constantly adds new product
lines to its stores, such as it offers lively and healthy cattle and sheep for qurbani on the occasion of Eid-ul-
Azha and a wide range of dates are offered during the holy month of Ramazan. This is possible only when
Metro keeps close contact to its customers and understand their needs affectively.
SWOT analysis: It is important for the marketer to understand the market in which it operates.
Understanding the internal and external environmental variables is also important. It help the company to
identify its key internal strengths and weaknesses and external opportunities and threats.
PEST analysis: PEST refers to important external environment issues related to political, economic, social
and technological factors, which plays an important role for any company to do business in any market.
Understanding the PEST issues helps the company to make better decisions regarding competitors,
suppliers, distributors and customers.
2. Design a customer driven marketing strategy: A customer driven marketing strategy consist of two
important decisions, what customers to serve? (what is our target market) And how to serve them?
(What is our value proposition)
a. What customers to serve: This is directly related to defining the target market for which the
company wants to serve. This involves two important activities, dividing the market into smaller
segments based on customer preferences and wants (segmentation) and selecting which
segment to target (Target marketing).
b. How to serve customers: (deciding over the value proposition): This involves two important
activities, how to differentiate and position the product for the selected target market. Value
proposition is the set of all special benefits on which a product or brand is positioned.
Marketer’s task here is to differentiate its product from the competitors so that the customers
consider it valuable and position its product in such a way to create a unique meaningful image
in the mind of the customer.
3. Develop an integrated marketing mix program: (Decisions regarding 4ps): ………….
Product, Price, Placement, promotion……..
4. Marketing implementation and controls:
The forth step of the marketing process involves marketing implementation and controlling function.
Marketing implementation is the process of turning marketing strategies and programs into action. This
involves developing marketing budgets and allocation of marketing resources.
Managing the marketing efforts involves developing and maintaining profitable customer relationships.
Here the company keeps close contact with its customers to promote customer loyalty and positive
customer feedback. This helps in improving products and services and developing future products.
Marketing controls involves the process of measuring and evaluating the results of marketing strategies
and plans and taking corrective actions to ensure that objectives are achieved.