I have taken the key point notes about marketing process at the previous post. There are 5 steps of marketing process, see below.
There are five-steps model of the marketing process, they are:
1. Understand the marketplace and customer needs and wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing program that delivers superior value
4. Build profitable relationships and create customer delight
5. Capture value from customers to create profits and customer equity
Now, I want to show you my personal note about point number 1 => understand customer needs, wants, and demand. I took a note from the Kotler and Armstrong's book, the title of the book is “Principle of Marketing”
Below are the key point summary.
Key Points Notes about Customer needs, wants, and demands
1. Human needs is the fundamental concept which underlies marketing strategy.
2. Want is the form human needs take as they are shaped by culture and individual personality.
3. Need is states of felt deprivation.
4. Demand is human wants that are backed by buying power.
5. Successful company is company who successfully learn about and understand its customer needs, wants, and demands.
6. Customer's need and want is fulfilled through market offerings.
7. Market offerings are some combination of products, services, information, and experiences offered to a market to satisfy a need or a want.
8. Marketing myopia is the mistake of paying more attention to specific products a company offers than to the benefits and experiences produced by these products.
9. Customer value and customer satisfaction are the fundamental things for developing and managing customer relationships.
See: https://marketingforbeginner.blogspot.com/2011/11/how-to-improve-customer-satisfaction-2.html
10. Satisfied customers buy again and tell others about their good experiences.
See : Word of mouth here => https://marketingforbeginner.blogspot.com/2011/12/word-of-mouth-marketing-1.html
11. Dissatisfied customers usually switch to competitors and disparage the product to others.
12. Marketing occurs when people/organization decide to satisfy needs and wants through exchange relationships.
13. Exchange at point 12 means the act of obtaining a desired object from someone by offering something in return.
14. The fundamental concept:
a. Marketing consists of actions taken to build and maintain desirable exchange relationships with target audiences involving a product/service, idea, etc.
b. Marketers must build strong relationships by persistently delivering superior customer value.
15. Market is the set of actual and potential buyers of a product or service.
16. The basic concept about marketing:
Marketing means managing markets to bring about profitable customer relationships.
17. Company must look for buyers, identify their needs, design good offerings include price and promote, deliver them.
18. Based on point 17, so the core marketing activities are consumer research, product development, communication, distribution, pricing, service, and so on.
