ACTIVITY 1: ENUMERATE THE 5 PROCESS OF MARKETING.

Marketing is the process through which businesses create value for customers and establish strong
client relationships in order to obtain value from them. The marketing framework has five steps in which
value is created for customers and marketers capture value from them in return.

Step 1: Gain a thorough understanding of the market and the needs and desires of your customers.

To create want-satisfying market products and construct value-laden customer relationships, it’s critical
to understand client needs, desires, and expectations. This boosts the company’s long-term client
equity.

Needs are feelings of deprivation.

Physical needs for food, clothes, shelter, warmth, and safety are among them, as are individual wants
for knowledge and self-expression. These wants cannot be created by marketers because they are a
natural part of human life.

Wants – Culture and individual personality determine the forms of human needs.

Wants are shaped by one’s environment and expressed in terms of products that will meet those wants.

In Dhaka, for example, an American needs meals but prefers McDonald’s.

Demands are human desires backed by purchasing power.

People desire items with benefits that bring the most value and happiness, given their wants and
resources.

Step 2: Create A Customer-Oriented Marketing Strategy

Designing a marketing plan should focus on the following areas:

Choosing customers to serve – establishing a target market

Choosing a value proposition – deciding how to best serve customers

Choosing which clients to serve:

The corporation determines who it will service first and splits the market into customer segments.
Following that, it focuses on certain segments of the market or its target market.
Customers are targeted based on the amount, time, and character of their demand.

Choosing a value proposition is a difficult task.

They choose how it will benefit their client. That is how it will set itself out and gain market share. The
bundle of values and services that a brand promises to give to its customers is known as its value
proposition.

To gain a competitive advantage in their target markets, businesses must develop powerful value
propositions.

The following are five alternative principles for developing a customer-driven marketing strategy:

Consumers will prefer things that are readily available and reasonably priced. Management should
concentrate on increasing the efficiency of production and distribution.

Consumers will prefer products with the highest level of quality, performance, and unique features.
Concentrate on creating ongoing improvements to your product.

Consumers will not buy enough of the company’s items unless it makes a large-scale marketing and
selling effort. It’s usually done with unsold goods that the corporation has to sell, and it usually leads to
aggressive sales tactics. Rather than selling what the market wants, the corporation sells what it makes.

Marketing concept: Organizational goals are attained by understanding the requirements and wants of
target markets and providing the needed satisfactions more effectively than competitors.

Marketing strategy should give value to customers in a way that benefits both customers and society’s
overall well-being and long-term interests.

Step 3: Creating an integrated marketing strategy that provides exceptional value

The marketing plan of the organization describes which clients it will service and how it will add value.
The marketer then creates integrated marketing strategy that will provide the targeted value to the
target audience.

It is made up of the company’s marketing mix (4Ps), which is the set of marketing tools it employs to
carry out its marketing plan.
By putting the marketing strategy into action, the marketing program develops consumer relationships.

It must do it by combining all of these marketing methods into a holistic, integrated marketing program
that communicates and provides the promised value to customers.

Step 4: Form Profitable Partnerships

Customer relationship management (CRM) is the process of establishing and maintaining profitable
customer relationships by providing greater value and satisfaction.

Customer relationship management strives to increase customer equity, which is defined as the entire
cumulative lifetime worth of all of a company’s customers.

The provision of outstanding customer value and satisfaction is the key to establishing long-term
connections.

Companies today strive to develop profitable partnerships and build relationships that will enhance their
share of customer purchases in their product categories.

Step 5: Recovering Customer Value

The ultimate goal of customer relationship management is to increase customer equity, which is the
entire combined lifetime worth of all present and potential customers.

The larger the customer equity, the more loyal the company’s profitable customers are. Customer
equity may be a better indicator of success than market share or current sales.

Marketers are unable to create consumer value or establish customer relationships on their own. They
must collaborate extensively with other company departments as well as external partners.

They must be adept at customer and partner relationship management in addition to customer
relationship management.
Final Thoughts on Marketing Process Management

The final step in the marketing process is to gather the resources needed to carry out the marketing
strategy, put the strategy into action, and maintain control.

The corporation must establish a marketing organization in order to carry out the marketing strategy.

This type of company is made up of several specialists who are in charge of marketing research,
advertising, product development, and customer service, among other things.

In such an organization, a marketing department overseen by a Vice-President/Director/GM is required.

To begin, he coordinates the actions of many marketing department employees.

Second, he must collaborate closely with other key employees who are responsible for other aspects of
the business, such as personnel, finance, and so on.

Third, he must execute a variety of operational and technical tasks, such as hiring, training, guiding,
motivating, and evaluating his department’s staff in order to improve their performance.

When the strategy is put into action, management must ensure that everything is running smoothly. He
can do so by obtaining feedback and, if necessary, taking remedial action, i.e., controlling.
ACTIVITY 2: WHAT IS THE MOST IMPORTANT MARKETING PROCESS

Planning was the most important, Marketing plans and strategies are critical since they help any
business owner increase sales. When you better target your ideal consumer, you lower your marketing
expenditures and boost your chances of converting leads to sales. It assists us in precisely defining our
objectives. It forces us to define clearly and concretely what we need to accomplish in order to have the
desired impact on society. By incorporating everyone in the planning process, it ensures that we all
understand our goal and what we need to do to achieve it. In business, planning is critical to success.
Leaders are better positioned to prepare for the future when their firm has a planning process and a
plan to follow. A business strategy gives the organization direction and brings employees together to
achieve common goals. It's easier to manage time and resources and position the organization for
success when everyone works together. Leaders won't know where to focus their efforts if a company
doesn't know what it's aiming to achieve. According to Tim Berry of Bplans, when a business plan isn't in
place, a company wastes time on tasks that provide little or no value to the bottom line. Planning assists
a company to establish which tasks are the most important so that adequate time may be devoted to
them. Management may increase the firm with proper planning. When a plan is in place, management
can quickly assess the company's strengths and weaknesses. This enables business leaders to map out
areas where the company could grow successfully. Having a strategic plan makes it easier to spot fresh
company prospects. Remember to revisit your strategic plans as time passes, since a variety of events
can change what you had planned. Regardless of your objectives, the necessity of planning cannot be
overstated.

ACTIVITY 3: STRATEGIC MARKETING

Over the last few years, strategic marketing has become increasingly important in the corporate sector.
As a result, the Strategic Marketing Module (MK4S34) is designed to assist students in comprehending
the core principles of Strategic Marketing and evaluating how strategic marketing interacts with general
corporate strategy. This short essay aims to reflect on the events leading up to the completion of the
strategic marketing module’s first summative assignment. The reflection is organized around four
themes: what I intended to learn before and throughout the assignment, what I really learned during
and after the assignment, what I would do differently in the future, and my next actions and/or steps
after completing the Strategic Marketing Module. Strategic marketing is a comprehensive and practical
subject that encompasses concepts from prior semesters’ marketing courses, such as business
marketing. The study of this subject has enriched my marketing knowledge and improved my ability to
apply marketing concepts in a variety of ways. My understanding grew to the point where I could create
a comprehensive strategic marketing plan that included not just the marketing analysis or strategy of a
product or service, but also the entire company strategy. Analytical skills, coordination skills,
presentation skills, organization skills, and other abilities were developed and incorporated throughout
lectures and tutorials.
First, I was able to build and implement marketing/business plans in certain sectors from the beginning
of the classes. After that, I’m able to establish long-term, mutually beneficial trade relationships
between a company and the people that interact with it. Furthermore, the strategic marketing analysis
and planning process was presented in detail during sessions that combined my marketing expertise,
including internal and external scenario evaluation, strategy formulation, positioning, and marketing
mix. As a result, I became aware of a number of new marketing management issues, as well as
marketing approaches in particular, as a result of the product and branding strategy. This project’s
strategic marketing analysis and planning were more difficult for me.