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

As found on YouTube

Tags: