Marketing Process

 Process of Marketing-

1  Understand the Marketplace and your customers
2  Creating Customer Driven Marketing Strategy
3  Deliver High Customer Value
4 Grow Profitable Customer Relations
5 Capturing Value from Customers

Understanding Marketplace and your Customer

The first step is to understand customer wants and needs. Marketer should know basic things about their customer like who they are,  their income, their purchasing power and how they like to spend it. A marketer should fulfil customers demand and ensure that good or service creates customer value.

Creating Customer Driven Marketing Strategy

Creating a marketing strategy involves market segmentation, targeting and positioning. The STP model helps marketers decide which customers to target and how. Customer’s needs are the prime focus and creating market strategy to satisfy those needs.

Deliver High Customer Value

Customer value is the ratio between perceived benefit and the cost incurred by the customer in acquiring your goods or services.  A customer will only buy your product if it gives him value more than the price of product. Value can be increased by boosting the benefits or minimising the price. 

Grow Profitable Customer Relations

In this process, marketers acquire keep and grow customer relations. A company wants permanent buyers for their product instead of one time sale so marketers needs to remind customers about company’s goods and services so they make repeat purchases. Satisfied customers are also more likely to be interested in buying additional products or services from your company.

Capturing Value from Customers

Increasing customer equity- the potential benefits a company earns  from its current and potential customers, is the goal of marketers because it's important for financial success.  Higher the company’s customer equity, more the profit company earns, and more valuable that company becomes in the market.