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The Marketing Process
- 1. Who’s Presenting? Wea Mae Mercurio Camille Parchamento Clarissie Joyce Taba Patricia maeh Valenzuela
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- 4. What is Marketing? Marketing is the process of communicating the value of a product to costumers, for the purpose of selling that product (goods or services). Another simple definition of “marketing” is “managing profitable customer relationships”.
- 5. Marketing Process Marketing Process involves ways that value can be created for the customers to satisfy their needs. Marketing process is continual series of actions and reactions between the customers and the organizations. In marketing process the situation is analyzed to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are taken, plan is implemented, and results are monitored.
- 6. Steps in Marketing Process Situation Analysis Marketing Strategy Marketing Mix Decision Implementation and Control
- 7. Situation Analysis Situational and Environmental analysis is done to identify the marketing opportunities, to understand forms own capabilities, and to understand the environment in which the firm is operating. 5-C Aanalysis (Company, Customers,Competitors, Collaborators,Climate) PEST Analysis SWOT Analysis (Strength, Weaknesses, Opportunities, and Threats)
- 8. Marketing Strategy After identifying the marketing opportunities a strategic plan is developed to pursue the identified opportunities. It involves segmentation and target marketing.
- 9. Concepts in Marketing Production Concept Marketing Concept Societal Concept Product Concept Selling Concept
- 10. Production concept: Consumers will favor products that are available and highly affordable. Management should focus on improving production and distribution efficiency. Product concept: Consumers will favor products that offer the most quality, performance, and innovative features. Focus on making continuous product improvements. Selling concept: Consumers will not buy enough of the firm’s products unless it undertakes a large-scale selling and promotion effort. It is typically practiced with unsought goods that the company needs to sell and generally results in aggressive selling practices Marketing concept: Organization al goals are achieved by knowing the target markets’ needs and wants and delivering the desired satisfactions better than competitors do. Societal concept: Marketing strategy should deliver value to customers in such a way that improves both customers as wells as society’s well being and long-run interests.
- 11. Marketing Mix Decisions Marketing Mix Strategies are controlled able strategies which gives you the result of your chosen market. At this step detailed tactical decisions are made for the controllable parameters of the marketing mix. It includes 4p’s – Product development decisions – Pricing decisions – Placement decisions – Promotional decisions.
- 12. 4P’s of Marketing Mix Product Promotion Price Place
- 13. Product in Marketing Mix The product is something like good, service, information, etc. that satisfies the wants of a company’s target market.
- 14. Price in Marketing Mix Price means the number of dollar customers or consumers must pay to obtain/use the product. It is the amount paid by the customer to a business.
- 15. Place in Marketing Mix Place indicates the company activities that ensure a product or service available to target consumers.
- 16. Promotion in Marketing Mix Promotion refers to the activities that communicate the merits of the product to target customers and influence to buy it. One of the major factors of promotion for products or services is advertising.
- 17. Implementation and Control The marketing plan is implemented and the results of marketing efforts are monitored to adjust the marketing mix according to the market changes.
- 18. Bottom Line For Marketing Process To be successful in your business, keep your customers in focus and their needs and wants. What they need is more important for you than what you want. A successful business is all about focusing on the requirements of your customer.
Editor's Notes
- Microfinance services are provided to unemployed or low-income individuals because most of those trapped in poverty, or who have limited financial resources, do not have enough income to do business with traditional financial institutions. Microfinance support educates entrepreneurs. Microfinancing organizations support a large number of activities that range from providing the basics—like bank checking and savings accounts—to startup capital for small business entrepreneurs and educational programs that teach the principles of investing. These programs can focus on such skills as bookkeeping, cash-flow management, and technical or professional skills, like accounting. customers may apply for loans. Just as one would find at a traditional bank, a loan officer helps borrowers with applications, oversees the lending process, and approves loans. The typical loan, sometimes as little as 5000 pesos , may not seem like much to some people in the developed world, but for many impoverished people, this figure often is enough to start a business or engage in other profitable activities.