MARKETING MANAGEMENT - Marketing Process
Schematic of Marketing Process
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Figure 1.3.2 represents a schematic describing a general process of marketing strategy development.
Schematic of Marketing Process
Figure 1.3.2 represents a schematic describing a general process of marketing strategy development. As shown, five major areas of analysis (5 Cs) underlie marketing decision making – customers, company, competitors, collaborators and context. The questions to raise in each of these areas are:
Note: 1 – Creating value; 2 – Capturing value; 3 – Sustaining value
Figure 1.3.2 represents a schematic describing a general process of marketing strategy development. As shown, five major areas of analysis (5 Cs) underlie marketing decision making – customers, company, competitors, collaborators and context. The questions to raise in each of these areas are:
§ | Customer
needs | - | What
needs do we seek to satisfy? |
§ | Company
skills | - | What
special competencies do we possess to |
meet
those needs? | |||
§ | Competition | - | Who
competes with us in meeting these |
needs? | |||
§ | Collaborators | - | Who
should we enlist to help us and how do |
we
motivate them? | |||
§ | Context | - | What environmental (say,
cultural, |
technological
or legal) | |||
factors
limit what is possible? |
This leads first to specification
of a target market and desired positioning and then to the marketing mix (4
Ps). This results in customer acquisition and retention strategies driving the
firm’s profitability. In this schematic, value creation happens by
identifying target segment, establishing a product/service positioning and
developing the suitable product, place (distribution) and promotion for the
chosen market segment. The pricing decision helps to capture value – for the
company and for the customer. Value is sustained by acquiring and retaining the
customers at a profit for the firm.
Note: 1 – Creating value; 2 – Capturing value; 3 – Sustaining value
Tags : MARKETING MANAGEMENT - Marketing Process
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