...inventions and highly successful in market. According to marketing concept, the organisation must find ways to discover unfulfilled customer needs and wants and bring products that satisfy those needs and wants. This can be done in a sequence of steps that is called marketing process. After reading this you will understand - what is marketing process, and the steps involved in marketing process. Meaning of Marketing Process The Marketing Process of a company typically involves identifying the viable and potential marketing opportunities in the environment, developing strategies to effective utilise the opportunities, evolving suitable marketing strategies, and supervising the implementation of these marketing efforts. Marketing process involves ways that value can be created for the customers to satisfy their needs. Marketing process is a continual series of actions and reactions between the customers and the organisations which are making attempt to create value for and satisfy needs of customers. In marketing process the situation is analysed to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are taken, plan is implemented, and results are monitored. Steps in Marketing Process Following are the steps involved in the Marketing Process :- * Situation Analysis * Marketing Strategy * Marketing Mix Decision * Implementation and Control 1. Situation Analysis Analysis of situation in which the...
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...Salespeople who focus on gaining new customers called hunters or pioneers. * Order-takers this category of salespeople try to increase sales as they build customer share * The sales effort by providing information and performing other supplemental services called Missionary sales people * Merchandiser * Personal selling approaches * Stimulus response: stimulus response selling is the least flexible and least focused on the buyer’s unique needs and strategic priorities. * Mental states: Mental states selling is essentially a sequential approach to selling in which the salesperson leads the customer through stages, or mental states, in the buying process. * Problem solving: Problem-solving selling extends need satisfaction selling beyond identifying needs to developing alternative solutions for satisfying these needs. * Need satisfaction: Salespeople using this method help customers identify their needs if customers are not already aware of their needs, and then sell customers products and services to meet the needs. * Consultative selling: Consultative selling is the process of helping customers reach their strategic goals by using the products, services, and expertise of the sales organization. . * Trust-based relationship selling process * Seeks to initiate, develop, and enhance long-term customer relationships by earning customer trust, focusing on customer needs, and having the salesperson play...
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...various elements of the marketing process 1 I. Situation Analysis 1 a. Identify the customer needs 1 b. Understand the firm’s capabilities 2 c. Marketing Environment................................................................................................................2 II. Marketing Strategy 3 Segmentation 3 Targeting 4 Positioning.................................................................................................................................................4 III. Marketing Mix Decisions 4 IV. Implementation and Control 5 1.2 Evaluate the benefits and costs of a marketing orientation for a selected organisation 5 2.1 Show macro and micro environmental factors which influence marketing decisions 7 2.2 Propose segmentation criteria to be used for products in different markets 10 2.3 Choose a targeting strategy for a selected product/service 12 2.4 Demonstrate how buyer behaviour affects marketing activities in different buying situations 13 2.5 Propose new positioning for a selected product/service 18 1.2 1.1 Explain the various elements of the marketing process Marketing is a mutualism between companies and customers. It is a beneficial process and interaction by which people acquire what they need and want through an exchange; the companies supply the needs of the customers who buy their products. Marketing aims to create value for customers who will give value for the company in return...
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...1. Business marketing compared to consumer marketing: the nature of the customer and how that customer uses the product. In business the customers are organizations (businesses, government, institutions). They differ in: nature of their markets, market demand, buyer behavior, buyer-seller relationship, environmental influences (competition, political, legal) and market strategy 2. Value: economic, technical, service, and social benefits received by customer firm in exchange for price paid for a product offering. Customer value proposition: captures particular set of benefits that a supplier offers to advance performance of customer’s organizations. 3. Business marketing and consumer-goods marketing are different. Even though they share a common body of knowledge and principles and theory. They vary in that: business buyers and markets function very differently from consumer markets. 4. Supply chain management in business marketing: technique of linking a manufacturer’s operation with suppliers, key intermediaries and customers to enhance efficiencies and effectiveness. The internet is playing an extensive role by allowing joint planning and execution in real time. 5. Marketing’s Cross-Functional Relationships: professional business marketers act as an integrator between various functional areas within the company. Functional areas include: manufacturing, research and development, customer service, accounting, logistics, procurement 6. Types of business goods...
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...Marketing Management Decision, 1994, Vol. 32 Iss: 2, pp.4 – 20 Christian Grönroos, Professor of Marketing at the Swedish School of Economics and Business Administration in Helsinki, Finland. Abstract Discusses the nature and sometimes negative consequences of the dominating marketing paradigm of today, marketing mix management, and furthermore discusses how modern research into, for example, industrial marketing and services marketing as well as customer relationship economics shows that another approach to marketing is required.This development is supported by evolving trends in business, such as strategic partnerships, alliances and networks. Suggests relationship marketing, based on relationship building and management, as one emerging new marketing paradigm of the future.Concludes that the simplicity of the marketing mix paradigm, with its Four P model, has become a straitjacket, fostering toolbox thinking rather than an awareness that marketing is a multi-faceted social process, and notes that marketing theory and customers are the victims of today′s mainstream marketing thinking. By using the notion of a marketing strategy continuum, discusses a number of consequences of a relationship-type marketing strategy for the focus of marketing, pricing, quality management, internal marketing and intraorganizational development. Briefly comments on the possibility of developing a general marketing theory based on the relationship building and management approach. The marketing...
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...activities in: “Developing a vision about the market(s) of interest to the organization, selecting market target strategies, setting objectives, and developing, implementing, and managing the marketing program positioning strategies designed to meet the value requirements of the customers in each market target”. Strategic marketing is a market-driven process of strategy development, taking into account a constantly changing business environment and the need to deliver superior customer value. The focus of strategic marketing is on organizational performance rather than a primary concern about increasing sales. Marketing strategy seeks to deliver superior customer value by combining the customer-influencing strategies of the business into a coordinated set of market-driven actions. Strategic marketing links the organization with the environment and views marketing as a responsibility of the entire business rather than a specialized function. Because of marketing’s boundary orientation between the organization and its customers, channel members, and competition, marketing processes are central to the business strategy planning process. Strategic marketing provides the expertise for environmental monitoring, for deciding what customer groups to serve, for guiding product specifications, and for choosing which competitors to position against. Successfully integrating cross-functional strategies is critical to providing superior customer value. Customer value requirements must be transformed...
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...Purdue extension EC-722 Industry Analysis: The Five Forces Cole Ehmke, Joan Fulton, and Jay Akridge Department of Agricultural Economics Kathleen Erickson, Erickson Communications Sally Linton Department of Food Science Overview Assessing Your Marketplace The economic structure of an industry is not an accident. Its complexities are the result of long-term social trends and economic forces. But its effects on you as a business manager are immediate because it determines the competitive rules and strategies you are likely to use. Learning about that structure will provide essential insight for your business strategy. Michael Porter has identified five forces that are widely used to assess the structure of any industry. Porter’s five forces are the: • Bargaining power of suppliers, • Bargaining power of buyers, • Threat of new entrants, • Threat of substitutes, and • Rivalry among competitors. Together, the strength of the five forces determines the profit potential in an industry by influencing the prices, costs, and required investments of businesses—the elements of return on investment. Stronger forces are associated with a more challenging business environment. To identify the important structural features of your industry via the five forces, you conduct an industry analysis that answers the question, “What are the key factors for competitive success?” Audience: Business managers seeking to assess the nature of their marketplace Content: Presents five...
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...standard economic recommendation of "price at marginal cost" is not economically viable. Some other mechanism for achieving efficient allocation of resources must be found. The outcome of this investigation is that (i) efficient pricing in such environments will typically involve prices that differ across consumers and type of service; (ii) producers will want to engage in product and service differentiation in order for this differential pricing to be feasible; and, (iii)differential pricing will arise naturally as a result of profit seeking by firms. It follows that differential pricing can generally be expected to contribute to economic efficiency Thus differential pricing is “the practice of selling the same product to different customers at different prices even though the cost of sale is the same to each of them. More precisely, it is selling at a price or prices such that the ratio of price to marginal costs is different in different sales” TYPES OF DIFFERENTIAL PRICING * First-degree price discrimination means that the producer sells different units of output for different prices and these prices may differ from person to person. This is sometimes known as the case of perfect price discrimination. * Second-degree price discrimination means that the producer sells different units of output for different prices, but every...
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...balance | * Social1. Demographic changes including sex ratio, population density, and majority people age, etc.2. Cultural and traditional changes3. Educational and language differences4. Social safety and benefits5. Consumer attitudes and opinions on online sites6. Ethnic/religious factors | Technological1. Technological development and innovation growth2. Skilled resources3. Licensing, patentsintellectual property issues4. Adaptation of new technology5.Research & Development | Environmental1. Environmental industrial growth2. Consumer attitudes, opinions and support3. Climate and natural support 4. Business environment and media support | * Legal * 1. Improper law and legal framework related online sites. * 2. Customer protection * 3. Banned of several online sides due to porn, sexy, religious and nation security related videos posted on these sites * 4. Changes in taxes | (Source: Bowhill, 2008) Stakeholder Analysis Stakeholders | Interests | Power and Influence | Impact | Board of Director | High | High | Highly impacts on the performance of the company and globalization | Management and Employees |...
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...Mamee Double Decker Berhad. The first one is Situation Analysis. Situation Analysis is used to identify what are the chances that can be used to satisfy the unfulfilled customers’ wants and needs. In this process, Mamee Double Decker Berhad need to know first their firm capabilities in which it’s operating before identify their customers’ wants and needs. Mamee Double Decker also needs to analysis their situation in the past, present and predict what will happen in future. Under the situation analysis, there are several frameworks that can be used to add structure. There is 5C analysis, where we could know about the company, customers, competitors, collaborators and the climate. Then we have PEST Analysis. PEST analysis is what we used for macro-environmental political, economic, societal and technological factors. For the last framework is SWOT Analysis where in this framework we need to know the strengths, weaknesses, opportunities and threats for the internal and external situation in the company. For the second element, it is the Marketing Strategy. This strategy will be done once Mamee Double Decker identifies what opportunities that they will use. This strategy also involves Market Segmentation, Targeting, Positioning and Value Proposition. These can be used for pursuing the opportunity to be developed. In market segmentation, it is use to make identification of the different market another markets. Since all of the customers have different types of needs and wants, it...
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...” “Where should we compete?” “How should we compete?” I. Situation Analysis A. Internal 1. The Organization’s Goals and Objectives 2. The Organization’s Strengths and Weaknesses B. External 1. Customer Analysis 2. Competitor Analysis 3. PEST Analysis C. Identify Key Problems & Opportunities 1. Perform SWOT Analysis 2. Set Priorities 3. Develop an Overall Assessment II. Segmentation, Targeting, and Positioning (STP) A. Identify Relevant Markets and Segments B. Select Target Markets and Target Segments C. Develop Positioning Strategy III. Determine Marketing Mix Alternatives A. Product (Goods and/or Services) B. Price C. Place (Distribution) D. Promotion (Advertising and Promotion) E. Evaluation of Alternatives IV. Implementation, Adaptation, and Renewal A. Implement Decision B. Monitor & Control C. Adapt & Renew Figure 1 Framework for Marketing Overview The framework for marketing - the process for implementing the Value Cycle - is illustrated in Figure 1. The basic steps are outlined on the previous page and each is developed more fully in the pages that follow. It is best to begin with a brief overview. The first stage, the Situation Analysis, combines internal analysis of the organization with external analysis of its customers and the competitive environment. Careful analysis of the firm’s situation - past, current, and future - provides a foundation for determining...
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...financial world is changing rapidly. With increasing globalization, the blurring of distinctions, market regulation and the growth of internet enabled services, the banking sector is increasingly competitive. In the present times where banks are grappling with their declining bottom line and rise in NPAs, Innovation has become imperative for them. Product quality and price are rapidly becoming less distinctive in the battle for customers. Financial industry is at the cusp of the shift in financial sector and financial flows between banks, insurers and pension funds. The answer for the banks to these developments lies in the integration of all the financial services provided by the banks by becoming more customer-oriented. The integration of all financial services should be with the customer as the central starting point after understanding the overall financial status of a customer and providing a tailored advice for the customers. To make this possible, products, agreements, conditions and settlements are integrated into a logical and easy fashion for the customer. This can be achieved by the addition of a service layer. This service layer will assemble the separate services like banking, investment, mortgage and insurance into an integrated financial service. Following context diagram indicates the design: Advisor Client Total Agreement Service Desk Monitoring Customer Aggrements Mortgage Insurance Investment Saving/loan Others services Analysis Counseling Quoting ...
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...identifying, anticipating and satisfying customer requirements profitably”. • Definition of Philip Kotler: “Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others”. • Definition of American Marketing Association (AMA): “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual Marketing is the process by which companies determine what products or services may be of interest to customers, and the strategy to use in sales, communications and business development. It generates the strategy that inspires sales techniques, business communication, and business developments. It is an incorporated process through which companies build strong customer relationships and create value for their customers and for themselves. Main characteristics of marketing oriented organization The major feature of the marketing oriented organization is that they are aimed to stay closer to the customers and ahead of their competitors. The reason is that the basic aim of these organizations is to attract the customers. There are four major characteristics which define the marketing oriented organizations including: • Shared values: decisions of these companies consider the customers first and they share the common value of...
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...anticipating and satisfying customer requirements profitably”. The American Marketing Association believe that “Marketing is the process of planning and executing the conception, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individual and organization goals”. Philip Kotlerinterprets that marketing is 'satisfying needs and wants through an exchange process the common interest in all three definitions is fulfilling customer needs and providing benefits The small business enterprise that I have chosen to discuss is called ‘Hair Today ‘this is a professional hair salon that is situated in the heart of Kentish town for over 30 years. Hair today has a total of 20 employees, including hairstylists, hair washers and administration staff, including a cashier. The salon offers many services such as styling hair, men haircuts, colouring, perming. The marketing process consists of four elements Situation Analysis, Marketing Strategy, Marketing Mix Decisions and Implementation & Control. Situation analysis is when through an analysis the company finds the customer needs but in order to do this the company must recognise its own potential and the environment in which it is managing. Situation analysis should look at all the factors of the company such as the past where the company is now and where it should be in future. This analysis provides problems there are frameworks which help the situation analysis such as SWOT and PEST...
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