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2.3
Marketing Process
The marketing process involves 5 steps, the first four steps is for creating the
value
for
customers
and
final
steps
is
for
capturing
value
from customers.
The
marketing process can be summaries as follows:
Create value for customers and build customer relationships
Capture value from
customers in return
Understand the
marketplace and
customer needs and
wants
Design a customer-
driven marketing
strategy
Construct a marketing
program that delivers
superior value
Build profitable
relationships and create
customer delight
Capture value fro,
customers to create
profits and customer
equity
Research customers
and the marketplace
Manage marketing
information and
customer data
Select customers to
serve: market
segmentation and
targeting
Decide on a value
proposition: differential
and positioning
Product and service
design: build storng
brands
Pricing: create real
value
Distribution: manage
demand and supply
chains
Promotion: comunicate
the value proposition
Customer relationship
management: build
strong relationships
with chosen customers
Partner
relationship
management:
build
strong relationships
with marketing partners
Create satified, loyal
customers
Capture customer
lifetime value
Increase share of
market and share of
customer
Harness marketing technology
Manage global market
Ensure ethical and social
responsibility
Source: Armstrong and Kotler, Marketing: an introduction 7th
editition (New Jersey:
Prentice Hal, 2005), p. 33.
2.3.1
Core Marketplace Concept
The
company
should
have
the
understanding
of
its
customers’
needs,
wants
and
demands
to
helps
them
to
design
want-satisfying
marketing
offers
and
build
value-laden customer relationship
by which
they can capture customer lifetime value
and
greater share of customer. The result
is
increased
the
long-term customer equity
for the firm. Identifying the core marketplace concept can do all of these.
The core marketplace concepts involves:
1. Needs refer to the human needs that is states of felt deprivation
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