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MARKETING MANAGEMENT - Marketing Process

Schematic of Marketing Process

   Posted On :  17.06.2018 11:32 pm

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:

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Customer needs

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What needs do we seek to satisfy?

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Company skills

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What special competencies do we possess to

 

 

 

meet those needs?

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Competition

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Who competes with us in meeting these

 

 

 

needs?

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Collaborators

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Who should we enlist to help us and how do

 

 

 

we motivate them?

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Context

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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 

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