Summary THE MARKETING PROCESS;MARKETING STRATEGY & MANAGEMENT SUMMARISED 2022 EDITION
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Course
MARKETING
Institution
Havard University
Book
Marketing Management
SUMMARISED MARKETING PROCESS NOTES COVERING VAST TOPICS IN MARKETING MANAGEMENT WITH CASE EXAMPLES IN EACH SUBTOPICS.save your energy and enhance effeciency and conveniency when revising
,Let’s start this module by defining ‘marketing’. Marketing is essentially the process of engaging customers and
building profitable customer relationships by creating value for customers and capturing value in return. The two
parts:
● Creating value for the customers
● Capturing value in return
What creates value for your customer? If you, as a marketer can create a bundle of offerings that satisfies unmet
needs, that creates value, What creates value for the business? When more and more customers buy your product,
this adds to your topline and hence to your value.
This creation and capture of value is essentially a 4-step process –
, 1. First you understand the consumer and his needs - we studied this in the last module.
2. Then, you design a marketing strategy - here you select your target segment and then decide on a value
proposition that helps you create a strong and differentiated positioning.
3. The third step is constructing a marketing mix that delivers value to the customer. By marketing mix, I mean
the product strategy, the pricing strategy, the place or the distribution strategy and the promotional
strategy. Together all these are known as the four P’s of marketing.
4. The fourth step is building a strong relationship with chosen consumers that is pushing for consumer loyalty.
Through this process, you will achieve the two objectives of marketing we talked about:
● Delivering value and satisfaction to customers and
● Building a loyal base and gaining market and customer share for the business
In this module, you will learn about the marketing process and how to identify your customer through segmentation,
narrow down on the ideal customer through targeting and formulate a positioning strategy for him/her through
positioning. Post this, we will discuss about what a product is and a few decision areas for a marketer when it comes
to formulating the product strategy. Once you have better knowledge of the product, you will be better equipped to
understand how to price the product.
In the session, you will gain a deeper understanding of how the pricing of a product can be used to communicate the
quality of the product to the consumer. You will also learn about the relationship of pricing with brand
differentiation, brand positioning and attracting more consumers along with pricing tactics and strategies used by
brand managers for the same.
With the product and its pricing in place, a brand manager has to design a proper channel of distribution for his/her
product. This includes the types of channels partners, the various channel decisions and strategies that are involved
while placing a product.
Once you have understood how to get your product as close to the customers as possible, you will learn about the
various ways of attracting your customers to your product. You will learn this in the session on the 4th P - Promotion,
wherein you will learn about the various communication strategies, the different communication channels and
effective sales promotion strategies used by a manager to sell his/her product to his audience!
, This will enable you to craft a robust strategy for satisfying customer requirements in a profitable manner. So, let’s
get started!
Maggi was introduced in India in the year 1982, and has since grown exponentially since to become one of the
biggest, most iconic brands in India. It has 10 different varieties of pack noodles, 5 different variants of box noodles
Maggi sells noodles with the original masala flavour, special masala flavour and even flavours from different cities
around the world like the Maggi Asia-inspired noodles. Their Nutrilicious range includes variants such as Oats
noodles, Atta noodles, even baked sweetcorn noodles. Maggi offers variants ranging from Chicken noodles to
noodles with no garlic and no onion.
You can see that there are so many different varieties to the same basic product, why do you think Maggi has so
many different variants? Isn’t the Classic Masala 2-minute noodles good for everyone? This is because Maggi
understands that there’s no one noodle market.
There are kids who want their moms to pack noodles for them for lunch, there are young hostellers who will have a
couple of packs of Maggi as dinner and there are working professionals who will snack on Maggi noodles between
meals.
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