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The Marketing Process ( 5 steps ) - Coggle Diagram
The Marketing Process ( 5 steps )
Understand the Marketplace and Customer Needs
Needs - Wants - Demands
Customer needs, wants, demands
Malow's hierarchy
Marketplace
Market offerings : Goods, services and experiences
Marketing myopia
Customer value & satisfaction
Exchanges, transactions and markets
Marketing Environment
Micoenvironment
The company
Suppliers
Marketing Intermediaries
Helps the company to promote, sell, distribute its products to final buyers
Types:
Reseller
Physical distribution firms
Marketing services agencies
Financial intermediaries
Competitors
Direct
Indirect
Publics
Customers
Macroenvironment
SWOT research
Design a customer-driven marketing strategy
Select customers to serve
Choose a value proposition
Marketing management orientations
5 alternative concepts
Production concept
Product concept
Selling concept
Products that customers don't know much about and not excited to buy like insurance/funeral services.
Eg: Nam Tran’s firm markets preplanning services for a funerals. Hee finds that most of his target market wants to avoid discussing their future funeral needs, and he must somehow first get their attention.
Marketing concept
Understanding customer needs and creating products and services that meet existing and latent needs.
Societal marketing concept
Customer-driven marketing strategy
Step 1: Market Segmentation
Behavioural
Geographic
Psychographic
Demographic
Step 2: Market Targeting
Undifferentiated/Mass marketing
Differentiated marketing
Concentrated (Niche) marketing
Micromarketing ( local/induvidual)
Local marketing: tailoring brands & promotions to the needs and wants of local customer segments - cities, neighborhoods, and even specific stores
Individual marketing: tailoring products & marketing programs to the needs and preferences of individual customers - also labelled one-to-one marketing, customised marketing, markets of one marketing.
Step 3 + 4: Differentiation & Positioning
Identifying possible value differences and competitive advantages
Product differentiation
Services differentiation
Offers speedy, convenient, careful delivery
Eg: For home delivery, KFC offers customer the order for free if they deliver their meals more than 30 minutes late.
Channel differentiation
Channel's coverage, expertise, performance
People differentiation
Image differentiation
Convey the product's distinctive benefits and positioning (eg: Unilever symbols,..)
Construct an integrated marketing program that delivers superior value - the 4Ps
Product strategies
Price strategies
Place strategies
Promotion strategies
Build profitable relationships and create customer delight
Customer Relationship Management (CRM)
Relationship building blocks: Customer Value & Satisfaction
Capturing value from customers
Creating customer loyalty and retention
Growing share of customers
Building customer equity