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The Marketing Process - Coggle Diagram
The Marketing Process
Step 1: Understand the marketplace and customer needs and wants
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Needs, wants and demands.
Market offerings: products, services and experiences.
Value and satisfaction, cost and quality.
Exchange transactions and relationships.
Markets
Step 4: Build profitable relationships and create customer delight
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Customer Relationship Management: The process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
Customer Contract Points: Any information point that passes information between customers and buisnesses.
Customer Perceived Value.
Customer Satisfaction.
Step 5: Capture value from customers to create profits and customer equality.
Perceiving profit.
Customer lifetime value.
Growing share of customer.
Building customer equity.
Step 2: Design a customer-driven strategy
Marketing management orientations
The Production Concept: Customers will favour widely available products which aren't costly. This concept is used with mass production.
The Product Concept: Customers will favour products that offer the most quality, performance or innovative features. This concept can easily lead to marketing myopia.
The Selling/ Sales Concept: If left alone, customers will not buy enough of the company's products, so managers undertake an aggressive selling and promotional campaign.
The Marketing Concept: Knowing the wants and needs of target markets and delivering the desired satisfactions better than the competitors. This concept uses integrated marketing- "the customer is always right".
The Societal Marketing Concept: Organisation determines the customers' wants, needs and demands, and deliver them better than the competitors. There are 3 conceptions underlying this concept: society, customers and company.
Step 3: Construct an integrated marketing programme that delivers superior value.
Marketing Mix (7Ps): Product, price, place distribution, promotion or communication, participants, process and physical evidence.