Marketing is a process by which the company used to create value for the customers and to maintain long term relationship in order to extract that value in the terms of profit. The firm needs to satisfy the customers with the value and to maintain a long term relationship in order to make profit. The process of doing so can be modeled in a sequence of steps: the situation is analyzed to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are made, the plan is implemented and the results are monitored. It is a careful observation and the assessment of the needs and the wants of the customers in order to develop the product/services as per the market demand which can help the firm to create a superior value for the customers. Strategic marketing is a planning process that seeks to establish a clear direction and unified purpose for all marketing efforts. That is what the marketing is all about.
The process of marketing consists of 5 steps which are explained below:
- Understanding the needs and wants: The needs and wants of the customers in the market have to be analysed before providing the value. To access the needs and wants of the consumers who form the market place, the firms need to go for the market research, intelligence or the information to get insight of the customers and the market place.
- Designing of the Customer-driven strategy: Customer driven strategy can be designed with the help of segmentation of the market, targeting the selected audience and after that position the product/services in the mind of the consumers to have the competitive advantage.
- Construction of the integrated marketing program: marketing program consist of the 4 P’s of marketing. Product, price, place and promotion. Effective planning is required in order to provide superior value
- Building of the profitable relationship: Building of the relationships with the customers for the long term basis is very much essential, Customer relationship management can help to manage and build relation with the prospective clients of the firm.
- Capturing value: The value that is provided to the target audience needs to capture in the terms of profit which will create a combined lifetime value of the current and the potential customers i.e., Customer’s equity for the firm and it will indicate the firm’s market share.
What’s your strategy?
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