SUSTAGRI4.0 E-Course – M4 T2 L1 – The Marketing Mix
Welcome to Module 4 Storytelling Today we begin with topic two, which is about storytelling as a marketing tool In the lesson one delves into the marketing mix. In this lesson we will explore marketing and marketing strategy.
You will have a deeper insight in marketing mix with new skips, leading to increased customer trust, loyalty and sales.
The American Marketing Association’s perspective on marketing zeroes on its core essence.
Marketing entails a range of actions involving institutions and processes dedicated to crafting, conveying delivering and trading products or services that hold significance for customers, clients, partners and the broader society.
In a broader context, marketing can be viewed from two distinct angles, serving as both a fundamental technique and a managerial approach that places a strong emphasis on ensuring customer satisfaction.
The marketing process is centered around providing value to customers in return for their loyalty to the business.
When companies prioritize their products or profits over their customers, they often face challenges such as a decrease in repeat customers and negative word of mouth.
This concept, often referred to as marketing myopia by Theodor Levitt in 1975, highlights the error of giving more attention to a company specific products rather than addressing the desires of the customers In the business world.
Marketing stands out as a process that places a stronger emphasis on customers compared to any other business function.
Now let’s take a look at the marketing process steps. The five steps of the marketing process include understanding, customers and the market.
The first step of the strategist marketing process includes understanding, customers and markets.
The foundations of this step include understanding, customer wants and needs Customer wants and needs are what creates demand in the market.
The market is where customers and businesses can engage in exchange relationships and, in turn, demand is fulfilled by the market.
Specifically market offerings Market offerings are the different types of goods and services businesses create to satisfy customer demand.
The second step is creating a customer driven marketing strategy.
The following step involves creating a customer driven marketing strategy.
Now that we understand the basics of markets and customers, we must decide which customers and markets to serve.
Creating a marketing strategy involves market segmentation targeting and positioning STP.
The STP model helps marketeers decide which customers to target and how The third step is. Once a marketing strategy has been established, it is time to create a marketing plan.
The marketing plan outlines how the organization or brand will generate customer value through different mediums.
The marketing plan broadly relates to the four P’s of marketing product price promotion and place.
The brand can deliver value to its target customers through the different elements of the marketing mix.
The fourth process type is fostering long term sustainable customer relationships.
Once marketers have established an integrated marketing plan, they must focus on building customer relationships.
Every brand aims to foster long term customer relationships to sustain brand preference and customer loyalty.
The primary goals of customer relationship management are to increase customer value perception by highlighting the benefits and futures of products and services to increase customer satisfaction and mitigate customer dissatisfaction to engage customers through brand management and marketing communications on various channels and to promote customer generated marketing.
For example, a user generated content on social media, customer reviews, competitions, etc.
After the initial marketing steps, it is time for a company to capture value from its customers. This involves creating customer loyalty and brand preference known as customer equity.
By doing so, the brand can increase its market share revenue and profits, ensuring long term financial success.
In summary, the marketing process enables a mutual beneficial relationship where both customers and brands gain volume.
In addition to short term transactions, marketing managers should build lasting relationships with customers.
Distributors, agents and suppliers by pledging and consistently delivering top quality products combined with exceptional service and competitive pricing.
This entails researching marketing demands, creating compelling offers determining pricing strategies promoting products effectively and ensuring products are positioned and distributed appropriately.
The marketing strategy is like a detailed roadmap.
It involves choosing target markets, setting marketing goals and crafting a marketing mix for successful interaction with those markets.
The four P -‘s – product, price promotion and place represent the core elements of this strategy.
Let’s see the first P product The type of product a company offers is influenced by its core strengths and business nature. When launching a marketing campaign, it commences with understanding the product itself, grasping the needs and desires of the target audience and exploring the underlying reasons for these needs To advance the strategy.
We focus on the product’s distinct futures that set it apart from competitors, Its novel concepts, captivating design or functionality all designed to win over the customer.
When we talk about place in marketing, it means figuring out where and how customers can find our product.
This includes deciding whether to sell it in physical stores or online and planning how it’s presented and displayed.
Placement also involves advertising the product in the right places to catch the eye of the people.
We are trying to reach Price Price signifies the amount of money customers are willing to pay for a product Marketeers, create a link between price and the real and perceived value of the product, considering factors like production cost, seasonal promotions, competitor pricing and retail markups.
Additionally, they assess when and how to apply their tools to their product’s reach The process comes weighing the process of attracting more customers against the cons of potential diminished durability.
The marketing communications process often called marketing communications, is the most visible part of the marketing mix.
It covers all the actions a company or organization takes to interact with its intended audience and stakeholders with the aim of promoting its products or services.
The mix of the communication process consists of branding sponsorship, public relations, advertisement direct marketing and exhibitions. In conclusion, the versatility of the four P’s model allows for its application in various scenarios, be devising a strategy for a new product launch evaluating an existing product or aiming to boost the sales performance of a current product.
By conducting a comprehensive analysis of the four essential components, product price place and promotion, marketing professionals can craft a strategy that effectively introduces or reintroduces a product to its intended audience.
This strategic framework proves invaluable in navigating the dynamic landscape of product marketing and ensuring success in the ever evolving market.
Thank you for your time and attention.
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