The Marketing Process Step 2 Explained – 5 steps Marketing Process Explained
hello everybody and welcome to keep up educational
i hope you're ready to learn something new today because in this video we talk about the second
step in the marketing process which is creating a customer value-driven marketing strategy if you
don't know what the marketing process is you might want to check the link down in the description
where is a video explaining that of course today in this video we talk about the marketing
management about segmentation about targeting about marketing management orientation and many
others so let's go remember that in the marketing process there are five steps in the first four
steps you have to create value for your customer and only in the last step you get it back so for
example i had to get school on this topic i had to be trained i had to learn all these information
then i'm presenting it nice and only on the fifth step i am asking you to like this video and to
subscribe to my channel to capture that value back going on you have to talk about marketing
management so marketing management it's literally the art and science of deciding which segment of
your market you will have to serve you decide to serve you can never serve all the market because
there are more segments so to give you an example there will be a segment that wants very high value
uh products there will be a segment that wants medium value products and of course a segment
that wants low value products and that's because the value of the production will be
reflected in the price and you can never sell the entire market if you don't know what the
market is already check the description there is a link with a video explaining that when we talk
about marketing management you have to answer two questions the first question you have to answer
is which segment in our market will we serve and you will decide that in two steps the first
step is market segmenting and the second step is targeting market i will explain you in
a second what those are the second question that you have to answer is how can we serve best
our customers so going back to the first question the market segmentation as i told you there will
be more segments within the market and the art in marketing management is exactly identifying these
segments or segmenting them yourself and deciding which one you will serve and how to do that best
cutting the fancy words it is who we want to serve and why and why has to be answered because we
can serve them the best go into target marketing that is exactly selecting the segment you will
serve and going for it and you want to serve that segment because a you will build profitable
relationships with them and b because you can serve them the best the value proposition is
literally the core of your company it is that set of values that makes you better than your
competitors that will help you to satisfy the need or the want of your customer the best let's
take some examples to understand it better for example in the automotive industry let's take
bmw they promise you the best driving machine while in the same time nissan leaf also in the
industry they say it's 100 electric zero gas zero pipeline that's exactly the difference they
make they don't say we are the best but we are the best at what we do let's go into social media
facebook helps you to connect and share with your friends your experiences while youtube for example
provides a platform for the people to connect inform and inspire each other they are quite
accurate right and you would want to follow these models because these companies these
corporations have invested a fortune in making their company straightforward and this is what you
want you want to have your customers perceive you in the same way always you want the same message
you want coherence going to marketing management orientation this is the philosophy or the concept
that your company will decide to undertake to sell your product of course you can also see
it as the strategy that you choose as a company to engage best with your customers to provide
them the value that satisfies their need and want and there are five such philosophies or
concepts the way you want to call them quick break from the video hey guys this is
annette to support my channel i just wanted to let you know that before making this video i invested
hours and hours in doing research and gathering information on the topic so i can deliver the
best video for you guys well in order to do so i created a powerpoint presentation for myself
as a supporting material while filming this video you can get the exact same presentation
in the link down in the description it has all the information on the back of the slides really
great graphics thank you for supporting my channel thank you for checking it out back to the video
the first concept we're going to look at is the production concept and it says that it has as
a main core idea that the consumers will favor products that are highly available and highly
affordable and therefore your organization should focus on improving production and distribution
efficiency you have to take care when we talk about this concept because most of the companies
do they focus too much on their production because you want to cut costs you want to provide the best
experience and to do that sometimes you forget about your main real objective which is always
serving some value that will satisfy the needs and wants of your customers the second concept we're
going to talk about is the product concept and it says that the consumers will favor products that
offer the best quality performance and features therefore the organization should
focus on making product improvements the risk for that is marketing myopia and if you
don't know what marketing myopia is of course you already know there is a link in the description
go check that video you should also take care that for applying such a concept you will need big
budgets to be invested in research and development just think as a company that promises you the
best the best experience the best products you may guess that they already invested a lot
of money and that's right the third concept is the selling concept and you apply that when the
consumers will not buy enough products without a large scale sailing and promotion to give you
an example to understand it better think about blood donations or life insurance okay this
is usually a service it can be a product but without a huge promotion your consumers will
not know about its existence or maybe they know that it exists but they don't think they need it
nobody thinks hey let's get a life insurance today no that's why you need to promote it and that's
why you need to sell it and if you need to sell it and you're aggressive in selling then there is
the risk that you will not have the relationship with the consumer but that's not the target
when you have such a concept your target becomes just selling in short run and not creating that
relationship which is a typical for marketing indeed the fourth concept is the marketing concept
and it says that for achieving your organizational goals it depends on knowing the needs and wants
of the target market and delivering the desired satisfaction better than the competitors to give
you a better understanding this concept says that you don't have to find the right customer
for your product but to find the right product for your customer this means that you need big
budgets you need to be ahead of your competitors the marketing concept is usually used by big
corporations who can afford investing in research and development the problem is also that consumers
don't know what they want yeah so when you want to provide something that satisfies their need or
their want you also need to think in the future and consumers don't know what they want now you
will need to anticipate what they will want in the future to help you understand it i will give
you an example from henry ford yeah you guessed that was the creator of ford automotive he said
that if i'd asked consumers what they wanted they would have said a faster horse because in
that time people could not think about cars and the last selling concept is the social marketing
concept and this says that the company marketing decisions should consider consumers wants the
company needs and societal long-term interest this is where all the sustainable story comes in you
can check examples like ibm google nestle unilever walmart they are all reorganizing their
company to make it more sustainable and it comes with their pressure mostly because
that is usually window dressing if you don't know what that is google it i don't have a video out
yet for that i will have one but it's basically just doing it for the appearances most of the
times these companies are not really sustainable but some of them are don't judge me for that but
most of the times they are not the reason why you would apply such a concept is because it has to
be in your core values you want to save the planet you also want to make a profit and you also want
to satisfy your consumers for example there is a company i won't name it i'm sorry i'm not naming
companies without sponsorships it's marketing hey they provide for example a carpet that is made
with recycled materials so they make profit they satisfy your need and they also think
about the long run for the societal interests this is how you have to think about when you
choose your concept for applying it in your marketing management and you need to remember
that choosing a concept is a decision you have to remember that there is no best strategy you choose
this strategy based on your resources based on the philosophy of your company the core what you want
to be known of what you want to achieve and you know what else is a decision it is a decision
to like this video and subscribe to my channel and i hope you will take that because it helps
me keep going because i just explained you in a video the second step of the marketing process
if you want to see the next one check the link down in the description there will be a link with
a video for that i will see you at the next video
