Lecture 3 - The Marketing Process
A free video tutorial from Paulo Braga
MIS Officer, Entrepreneur, and Lecturer
4.0 instructor rating • 2 courses • 13,724 students
In this lecture, you will learn about the marketing process and how to apply it in the world.
Learn more from the full courseThe Ultimate Beginners Marketing Management Course
The Only Course You Need to Fundamentally Understand Marketing Strategy and Marketing Management.
02:07:11 of on-demand video • Updated July 2018
- Understand what marketing is really about.
- Market a product/service/brand.
- Create a valuable product/service.
- Use the environmental forces to enhance their marketing agenda.
English [Auto] Hi Guys welcome to this lecture about the marketing process game. So the content of this lecture. What are we going to cover. Well first are we going to look at the definition. All right. What is marketing what is marketing management going to look at the process the marketing process. And right after that we get a look at an example of the Mochrie marketing process. So it's it's a rudimentary example but it allows you to get the gist of what we go into what we're striving for. Okay. So first up the definitions are right marketing now marketing is the process in which a firm creates value for customers. Then they build relationships with customers and they do all of those in order to capture value from customers in return and talking about value from customers instead of talking about money or alternatively to money. We talk about referrals you know word of mouth. These are other ways that you can capture value from customers to hold your Dubos your organization. You can also capture value from them in order to get them willingly to do surveys for you to give reviews. Right. These are all ways that you can capture value from a customer. Now marketing management is the art and science of choosing the target market and building profitable relationships right which is marketing. OK. Now as you can see this entails far more than just advertising impersonal certainly much is a common perception of marketing right. Marketing is a lot deeper than just basically inadvertent just letting it be right. Marketing is your entire business. It's about satisfying customers in every different way possible. So let's look at the marketing process right. We've got four or four areas of the year. So the first one is you need to understand the marketplace and customers. All right you've got to understand it and then the second one is you need to construct a customer driven strategy that delivers superior value racist enough marketing right satisfied customers. It's all built upon superior value and you'll see more about this when we discuss the disconfirmation Parel paradigm in the upcoming lectures. So you made your strategy to give superior value then the third area is to build profitable relationships. Right. You don't just want to build relationships reasonable profitable relationships. So you want to focus on building strong relationships with those people who are eager and willing to spend blocks. Day. And the last one is to capture value from those customers in return. All right. Boatless profitable relationship with them. And they want to capture value and keep satisfying them. And you also want to get feedback from them. You want to get referrals from them and things like that. So let's have a look at an example. Remember Like I said this is a rudimentary example. So understand the marketplace. All right. We've looked around and there is only one spore in the vicinity and people have to wait at least two weeks to get a booking. Right now we understand the marketplace is on one small L we are understanding customers right the customers need to wait two weeks for them to get a booking at the spot. The next step is about that customer driven strategy. So here we will focus on making our offerings available to customers within a day's notice. All right that's our strategy to give superior value. No no waiting. You can get yo yo yo yo massagers in your aroma therapy and you will all those other therapies and all that kind of stuff. You can get it in a day's notice if you want to go tomorrow. Pick up the phone as we get it for you. All right that's our way of giving superior value then this the third the third area is about pogey profitable relationships. So we will offer a superior service by being friendly and regularly communicating with our customers through e-mails. OK. So this is how we're going to build a relationship with those customers. We're going to treat them almost like royalty. All right. And we're going to stay in touch with them through e-mails when we can get them promotions coupons. All of that kind of stuff. And the other one is capturing value from customers in return. And you know we will offer various payment options. You know we will. We will reward customers for referring a frame to our business. You know if you take take a frame if you give a friend to do business with your someone we're going to give you something you know for referring that person. So that's how we're going to capture value in return. We've got another customer which is likely to be a customer that comes from a profitable customer which means that they are likely to be a profitable customer. So you're looking to customers over here. Give some payback you know because of that person that you got to pay. So you want to satisfy the customer. So this this this is the marketing process right. This is what you have enrolled to learn about. OK. And I hope that you've seen that the ball is rolling now. OK. All right brilliant So let's move onto the next lecture.