Introduction to Marketing Week 2 Tutorial Marketing process.

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Presentation transcript:

Introduction to Marketing Week 2 Tutorial Marketing process

Agenda Revision and discussion Case study on NASCAR(L1B3) Presentation (L1B1+L1B2)

MARKETING PROCESS 1.Understand the market place and customer needs and wants 2.Design a customer driven marketing strategy (target market, value proposition) 3.Construct an integrated marketing program that delivers superior value 4.Build profitable relationships and create customer delight (customer perceived value and customer satisfaction) 5.Capture value from customer to create profits and customer equity

1. Understand the market place and customer needs Customer needs, wants and demands Market offerings- products, services and experiences. Customer value and satisfaction (set the right level of expectation) Exchanges and relationships Market

Concepts for developing marketing strategies Production concept (focus on efficient production and distribution) Product concept (continuous product improvements) Selling concept (selling and promotion effort) Marketing concept (sense and respond) Societal marketing concept (society’s long run interest)

Steps in strategic planning Defining the company mission Setting company objectives and goal Designing the business portfolio Planning marketing and other functional strategies corporate level Business unit, product and market level

Analysing the current business portfolio- BCG growth share matrix

The product/market expansion grid

Value chain analysis Series of departments that carry out value creating activities to design, produce, market, deliver and support the firms product.

Marketing strategy and the marketing mix

Case study of NASCAR Managing Profitable Customer Relationship Critically analyse how NASCAR has evolved from a past time for beer drinkers into a national marketing Phenomena.