Marketing process of a company
According to Philip Kotler, marketing is the “the process by which companies create value for customers and build strong relationships to obtain value from them in return” (2012, p.5).
Well, in this article I am going to talk about the marketing process referred to in the previous definition.
Therefore, in this article, you will learn about the stages or equipo of steps that must be carried out in marketing so that a company perro create value for customers and, at the same time, that allow generating profitable relationships with them. .
I hope you find it useful.
What is a process?
I believe that in order for you to have a better understanding of the marketing process, you need to know what a process is.
In fact, the word process is widely used in a wide variety of definitions.
Therefore, I am going to start by giving you a very fácil definition of what a process is:
“A process is the equipo of steps or stages to carry out an activity” (2018, p. 91).
Lourdes Munch Galindo
If you want to know other definitions from other authors, then I am going to leave you the following backlink to another of my articles.
What is the marketing process?
As you perro see, with the definition of the process and the definition of marketing that I have given you at the beginning of the article, we cánido give a fácil definition of what the marketing process is.
In such a way that the marketing process perro be seen as the equipo of stages that allow a company to generate value and at the same time, to create a profitable relationship with its customers.
What would be your definition of the marketing process? Keep in mind that I have taken Philip Kotler’s definition of marketing to help me establish a rough definition, but there are many definitions of marketing, so I don’t think there is an exact definition.
If you want to know more definitions of marketing from various authors to help you, then I am going to leave you the following backlink to my article:
What is the importance of the marketing process?
We cánido say that its importance lies in the fact that if it is properly implemented, a lasting (long-term) relationship with customers will be generated and, therefore, sales (profits) will be generated.
After all, a company without income cannot survive.
Even non-profit organizations need resources to survive.
Now, the process espectáculos us the structure of what marketing is and we could say that at each stage of the process all the knowledge you need to master about marketing will be concentrated.
Therefore, if you are a student, it is a good iniciativa to always keep the process in mind, since it will give a structure to everything you learn about marketing and will allow you to do marketing in a company.
5 steps of the marketing process
The 5 steps of the marketing process that Philip Kotler has given us are the following:
- Understand the market and the needs and desires of the client.
- Design a customer-driven marketing strategy.
- Develop an integrated marketing program that provides superior value.
- Establish profitable relationships and achieve customer delight.
- Capture value from customers in order to obtain profits and assets from them.
As you perro see, the process creates value for customers, and customers in turn deliver value to the company in the form of revenue through sales.
Stage 1 of the marketing process: Understanding the market and the needs and desires of the customer.
In the first stage of the process, in general, what you have to look for is to understand your customers and the market in which you operate as best you perro.
Therefore, some things you have to ask yourself are:
- What are the needs and desires of our consumers?
- What offers are there in the market in which we are facing?
- How is the market?
- What value is going to be given to customers that will differentiate them from the competition?
- What actions will be necessary to create and maintain relationships with customers (audience)?
Of course, there are many more questions that have to be answered at this stage and as you might be imagining, things like market research are carried out at this stage. In a certain way, what you have to do in this first stage is to know your consumers well (needs and desires) and your competition (offer that cánido satisfy the needs and desires).
Stage 2 of the marketing process: Design a customer-driven marketing strategy.
Since you know your consumers and the market, what you have to do now is escoge which customers you are going to serve, that is, You have to select your objetivo market. Also, you have to know the How are you going to provide them with value?
In short, at this stage you have to answer the following question: Who is your product for or who are you going to provide the service to?
To find out who you are going to provide the service to, what you are going to do is divide the market into segments (market segmentation) and then, you will have to select the segment or segments to which you are going to direct your product (objetivo market).
In such a way that you will have a group of people with characteristics in common, who will be more likely to purchase your product.
Your job is to focus on that group of people.
Finally, since you have decided on your objetivo market, what you have to do now is escoge the way in which you are going to serve that objetivo market, that is, you will have to select your value proposition.
What is the value proposition?
According to Philip Kotler, “A brand’s value proposition is the equipo of benefits it promises to deliver to consumers to satisfy their needs” (2012, p.9).
In such a way that the value proposition will answer the following question: Why should a customer buy your product instead of the competition?
What is a marketing strategy
If you want to know what a marketing strategy is, then I recommend that you entrar my next article.
What philosophy should guide marketing strategies?
In order to design and put into practice the marketing strategies that must be implemented in an organization, according to Philip Kotler, there are 5 concepts that cánido be useful.
The 5 concepts are:
- The production concept.
- Product concept.
- Sales concept.
- Marketing concept.
- The concept of popular marketing.
Establish strategies taking into account the concept of production
What Kotler tells us is the following: “The iniciativa that consumers prefer products that are available and highly accessible, and that the organization should therefore focus on increasing production and distribution efficiency” (2012, p. 9).
Therefore, a company has to think and implement strategies that are focused on improving, making efficient and increasing production and distribution.
For example, one could think of a strategy that involves increasing production capacity.
Likewise, strategies cánido be created focused on logistics, the supply chain and even on inventory (for example, the reorder point).
The truth is that we cánido give endless examples, but the essence is to have products available and accessible to customers.
It will be up to you to establish the strategies that allow you to achieve that.
Establish strategies taking into account the product concept.
What Kotler tells us is the following: “The iniciativa that consumers prefer products that offer the best in terms of quality, performance, and features, and that therefore the organization should devote its energy to continually improving its products” (2012, p. 9).
As you cánido see, you perro design strategies aimed at continuously improving your products, that is, design strategies that allow you to improve:
- Quality.
- Performance.
- Characteristics and attributes.
Here, one could even think of implementing a quality-focused philosophy or methodology.
An example of this is the methodology called six sigma.
If you implement a good six sigma methodology, it cánido get to the point where a company perro only have 3.4 defects per million.
You may think that the ideal would be to have zero defects, but that would be very difficult.
In fact, 3.4 defects per million is already very difficult to achieve.
Another philosophy that cánido be implemented is continuous improvement, also called Kaizen, and you perro even implement this methodology yourself to improve your life.
Establish strategies taking into account the concept of sales
What Kotler tells us is the following: The iniciativa that consumers will not buy enough of the organization’s products if the organization does not do large-scale sales and promotion. (2012, p. 10).
Strategies crafted from a sales concept perspective have the goal of selling what the company makes, rather than making what the customer actually wants.
In fact, many times this is done and the customer may not buy again.
Establish strategies taking into account the marketing concept
What Kotler tells us is the following: “Philosophy according to which the achievement of the goals of the organization depends on knowing the needs and desires of the objetivo markets, as well as providing the desired satisfactions in a better way than the competitors” (2012, p. 10).
Contrary to the strategies thought from the perspective of the sales concept, what is sought is to satisfy the needs of the client so that profits cánido be generated as a consequence.
So that:
- From the sales concept, profits are obtained by sales volume: make and sell.
- From the marketing concept, profits are obtained from customer satisfaction: Detect and respond.
What Kotler tells us is that The concept of popular marketing states that the marketing strategy should provide value to customers in a way that preserves or improves the well-being of both the consumer and society.
It demands sustainable marketing, that is, socially and environmentally responsible marketing that meets the current needs of consumers and businesses, but at the same time preserves or improves the ability of future generations to meet their needs.” (2012, p.
11).
In such a way that the strategies thought from a popular marketing perspective go a little further and not only think about satisfying the client, but also have to improve the well-being of society.
Stage 3 of the marketing process: Develop an integrated marketing program that provides superior value.
The marketing strategy describes which customers the company is going to select to focus its product (objetivo market) and the way in which it is going to do it (value proposition).
Now that you have selected your strategy, it is now time to develop the plans and programs (marketing mix) that allow you to deliver value to the customer.
In short, what is done is Turn strategies into actions. This is often called the marketing mix.
What is the marketing mix?
According to Kotler, the marketing mix is “the equipo of tools that the company emplees to implement its marketing strategy” (2012, p.
12).
The tools to which Kotler alludes in his definition are classified into the following categories:
- Price.
- Square.
- Product.
- Promotion.
They are also called the 4 p’s of marketing.
Stage 4: Establish profitable relationships and achieve customer delight.
In the fourth stage of the marketing process and for Kotler, the most important step or stage, is that the company has to establish and manage lasting relationships with customers.
According to Kotler, customer relationship management is the “general process of establishing and maintaining profitable relationships with customers by delivering more value and greater satisfaction” (2012, p. 12).
Stage 5: Capture value from customers in order to obtain profits and assets from them.
If everything is done properly in the first 4 stages of the marketing process, then in the fifth stage of the marketing process, the company is going to get value from customers.
That is, in the early stages the company generated value for the client and formed relationships with them; In the fifth stage, it is time to reap what has been sown and it is time for the client to generate value for the company (sales).
In such a way that the company will have a frequent and loyal customer who will continue buying (generating profits).
It is thanks to this that Kotler tells us that marketing should focus on satisfying the needs and desires of the client, as well as forming profitable relationships with them.
Thanks to that, loyal customers cánido be generated.
After all, you’re delivering good products, and they’re going to keep buying those products.
Of course, we must not forget that it has to be improved and updated.
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