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CHAPTER 1: What is MKT process ? :warning: - Coggle Diagram
CHAPTER 1: What is MKT process ?
:warning:
STEP 1
. Understanding the
marketplace & customer
needs and wants
Manage marketing information and customer data
Research marketplace & customer
needs, wants, demands
Needs
:
Physical—food, clothing, warmth, safety
Social—belonging and affection
Individual—knowledge and self-expression
Wants
: The form human needs take as shaped by culture and individual personality
Demand
:when backed by buying power, wants become demands
STEP 2
. Design a customer-driven
marketing strategy
2.1
Select customers to serve:
Segmentation and Targeting
Segmentation:
dividing the markets into segments of customers
Targeting
:which segments to go after
2.2.
Design a value proposition:
Differentiation
and
Positioning
2.3
Marketing Management Orientations
5 ALTINATIVE CONCEPTS
Selling concept
consumers will not buy enough of the firm’s products unless it undertakes a large scale selling and promotion effort
Marketing concept:
knowing the needs and wants of the target markets and delivering the desired satisfactions better than competitors do
Product concept:
consumers favor products that offer the most quality, performance, and features. Focus is on continuous product improvements
Societal marketing
: make good marketing decisions by considering consumers’ wants and long- term interests company’s requirements society’s long-run interests
Production concept
: consumers will favor products that are available and highly affordable
STEP 3
. Construct an integrated
marketing program
(4P)
3.1 Product
3.2 Price
3.3 Place
3.4 Promotion
STEP 4
. Build profitable relationships and create delight
4.1 Customer Relationship Management (CRM)
Basic relationships
Full partnerships
4.2 Partner Relationship Management
(PRM)
involves working closely with
partners in other company
departments and outside the company
STEP 5
. Capture value form customers to create profit and customer equity
5.1 Create customer satisfaction and delight
5.2 capture customer lifetime value
5.3 Increase market share and share of customers