Marketing strategy | Marketing Process | Marketplace & Customer Needs | Lecture 3 Video Lecture | Understand Marketing Strategy: Grow your Business - Sales

come back friends whistling so after one
in this part of the first chapter I want
to talk to you about the marketing
process and let's briefly cover the
marketing process because I do not want
to spoil the you know operates I want to
actually lay down the foundations for
your upcoming chapters okay let's review
a little bit marketing is a process by
which companies create value for
customers and build strong customer
relationships to capture value from
customers in return we built values for
customers they built strong relationship
with customers and you capture values
for customers in return for example
Walmart which has become the world's
largest retailer and the world's largest
company just by delivering on its
promise save money live better okay
Disney we have all heard about Disney
theme parks Imagineers these are the
people who work wonders in their quest
to make dream come true today so you
know whatever the buyer line of the
company is if they work hard towards
achieving their buyer line you can
safely say that the company has
successfully created a value for the
customer okay Apple so it says thing
different with dazzling customer driven
innovation that captures customer
imaginations and loyalty it's widely
successful I porn even iPad grabs more
than 70% of the music player market its
iTunes music store captures nearly 90%
of the song download business that's
amazing okay and think of your local
companies around you that are
successfully giving the same kind of
values these international successful
businesses like Walmart Disney Apple do
you have any local company that is doing
the same think about them and think
about
value they are producing for the
community okay
the marketing process is understand the
marketing process and customer needs and
wants okay this is a simple model of the
marketing process design a customer
driven marketing strategy first
understand the market place and customer
needs then design customer driven
marketing strategy construct an
integrated marketing program that
delivers superior value then build
profitable relationships and create
customer delight I'm going to highlight
the word delight here because that's
exactly what you're trying to strive
with your product and service create
value for customers and build customer
relationships okay so and then capture
value form customers and return capture
value for customers to create profits
and customer equity this is an essence
the marketing process and this entire
course is going to spend the time
teaching you these steps in the
marketing process okay so basically you
understand the consumer then you create
the product for the consumer you ask the
consumer they're happy if they're not
happy you change the product according
to the way they want if they're happy
you further reward the customer for
being happy believe me that's how it
works and then this is how you create a
value for your brand and a value for the
customer each time they use your product
or service in their daily lives
okay understanding the marketplace and
customer needs customer needs wants and
demands remember we discussed that in
the early part of the chapter needs
wants and demands needs are states of
deprivation physical food clothing
warmth safety I was trying to explain to
you the mass loves hierarchy of needs
now this gets into a little bit more
detail social belonging in affection
these are all needs individual knowledge
and self-expression once is the form
that needs state as they are shaped by
culture and individual personality these
are the wants demands wants backed by
buying power we discussed all of these
with examples and this is a little bit
more detail now understanding the
marketplace and custom and means ok
market offerings product services and
experiences so if you offer something
that fulfills a need you need to just
like I mentioned in the beginning of the
chapter upon that if you're offering a
product or a service you first need to
identify what is it providing to the
customer is it a need a want or a demand
market offerings are some combination of
products services information or
experiences offer to a market to satisfy
its needs or wants marketing myopia is
focusing only on the existing warrants
and losing sight of underlying consumer
needs this is usually a problem with the
business sometimes you know when you
identify the problems why business is
not doing so well it's usually due to
marketing myopia okay and losing sight
of on the line consumer needs that's
what leads to failure for product we're
going to talk about case studies and
instances of marketing myopia to shed
some light into this concept in the
future okay understanding the
marketplace and customer needs
customer value and satisfaction market
is set the right level of expectations
not too high or low and customers value
and satisfaction so you need to keep
this value and satisfaction balance
somewhat straight okay think about this
why do market is not always understand
customers needs how can they better
identify customer needs marketers often
work in a
and they do not consider the customers
needs as much as they should
future chapters and this course will
talk about market research and marketing
information and important tools for
understanding customers needs students
might be familiar with Survey Research
or focus groups okay as techniques so
you must be thinking that you know I've
been talking to you about focus groups
and I've been talking to you about
surveys so people do surveys and focus
groups to understand what the customer
really wants okay you must be familiar
with Survey Research or you know again
focus groups for gathering information
or you must be asked for their you know
for example you when you are purchasing
something they might ask you for your
area code where you live just to try to
understand you know where the people are
coming from or sometimes when you make a
purchase at checkout they say give us
your email address will give you more
offers and you know special offers and
sale you know notices and then sometimes
they also take your mobile numbers and
cell phone numbers just to you know
analyze the consumer base so many many
strategies like these may help marketers
not perform in a vacuum and help them
design better marketing solutions for
the dynamic market out there up next we
have understanding the marketplace
understanding the marketplace and
customer needs exchange and
relationships exchange is the act of
obtaining a desired object from someone
by offering something in return
marketers aim at building strong
relationships by consistently delivering
superior customer value marketing
consists of actions taken to build and
maintain desirable exchange
relationships with target audiences
involving a product service idea or
other object beyond simply attracting
new cursed
and creating transactions the goal is to
retain the customer and grow their
business with the company so exchanges
and relationships are carried out to
build a strong customer base we will
learn more about this in detail and
upcoming chapters okay
the few more things important in the
marketing process understanding the
marketplace and customer needs a market
is the set of actual and potential
buyers of product ok actual and
potential please try to understand
actual buyers and people who are not yet
your buyers okay but they are potential
buyers why because they also fall under
the target market so each party in the
system these are the suppliers and you
have the consumers a company have
competitors and marketing intermediaries
marketing intermediaries are people that
come in between the companies and the
consumers each party in the system adds
value to a retailer like gent ok this is
the local company here and you agent
it's like a supermarket a hyper market
cannot fulfill its promise of low prices
unless its suppliers provide low costs
so it has to make sure that it teams up
with suppliers that are already
providing services at lower costs a car
maker like Mercedes cannot deliver high
quality car to car buyers unless its
dealers provide outstanding service so
you need to be able to understand for
example if you go to a Mercedes
dealership store I mean the kind of
treatment you get in that store is
completely different from the kind of
experience you have at a mosque top
leadership store so you know this it's
an experience that they create leading
you to believe that you're really really
really buying something of a very high
quality okay up next we have designing a
customer driven marketing strategy
marketing management is the art
and science of choosing target markets
and building profitable relationships
with them what customers will be served
that's the target market and how can we
best serve these customers what is our
value proposition and keep talking about
value proposition I keep stressing on
this board here and I need you to think
about value that you're providing to the
community that will be remembered and
that will be the source of your brand
loyalty so these are the questions that
you answer in marketing management the
company must whatever a company that you
have decided to launch it must decide
who it will serve by dividing the market
into segments and by trying to serve all
customers marketers may not serve any
customer well so you should focus on a
particular age group particular gender
particular class and then try to market
accordingly then designing a customer
driven marketing strategy is select a
customer to serve ok are you targeting
customers i targeting unmarried single
people what is your target crop ok are
you targeting families or is it singles
make up your mind market segmentation
where my segmentation refers to dividing
the market into segments of customers
target marketing refers to which
segments to go after the marketing is
marketing to reduce demand temporarily
or permanently the aim is not to destroy
the demand but to reduce or shift it
we're going to explore more of these
later designing the customer driven
marketing strategy choosing a value
proposition so the value proposition is
a set of benefits or values a company
promises to deliver to customers to
satisfy the needs for example the car
Land Rover it proposes a valley that
says go beyond to get a taste of
adventure wherever you taste ok so
choosing a value proposition is it means
that VP is
the set of benefits of values it
promises to deliver to consumers to
satisfy the needs
BMW is the ultimate driving machine Land
Rover go beyond such value propositions
differentiate one brand from another
okay from an ultimate driving experience
to it an adventure experience these are
two different experiences so when you
think of driving experience I think BMW
when you think of mountains and valleys
and you know smell of the forests and
all of these you think of Land Rover so
this is how they want you to associate
their brands with okay and then why
should I buy your brand rather than your
competitors should be the question that
you should be able to answer okay
designing a customer driven marketing
strategy these are all the topics that
we are touching right now and in the
future we're gonna elaborate them
designing a customer driven marketing
strategy marketing management
orientation production concept product
concept selling concept marketing
concept in society concept we just
covered that ok production concept we
talked about it is the idea that
consumers will favor products that are
available and highly affordable
companies will focus on improving
production and distribution for that
concept we talked about is that the idea
that consumers will favor products that
offer the most quality performance
features and an organization should
therefore devote its energy to making
continuous and product improvements
Selleck concept is the idea that
consumers will not buy enough of the
fonz products unless it is and it takes
a large scale
selling and promotion effort ok that the
push buying a push selling that we
talked about marketing concept is the
idea that achieving organizational goals
depends on knowing the needs and wants
of their target market and delivering
the desired satisfactions better than
the competitors in this one we talked
about the selling and marketing concepts
so this is silicon
cept a marketing concept starting point
is factory your starting point is the
market itself focus existing products
focus customer needs means selling and
promoting integrated marketing profits
through sales volume profits through
customer satisfaction we're going to
discuss this whole thing in the form of
a case study and examples in the feature
societal marketing concept is the idea
that a company's marketing decisions
should consider consumers wants the
company's requirements consumers
long-term interests and society's
long-term interests so this is how we
explain a grain the societal marketing
is consumers wants and satisfaction
company's profits and human welfare or
community benefits by environmental
benefits digital age okay major
developments digital age rapid
globalization ethics and social
responsibility not-for-profit marketing
all right with this I am going to end my
chapter one and up next we are going to
talk about chapter two so stay tuned
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