The Marketing Process and the 4Ps PDF

Prepared by: Ms. Perla Cruzada LESSON 2:THE MARKETING PROCESS AND THE 4PS At the end of the lesson, the students will be able to: Discuss how marketing has evolve as a discipline Identify the advantages of each marketing approach...

Prepared by: Ms. Perla Cruzada LESSON 2:THE MARKETING PROCESS AND THE 4PS At the end of the lesson, the students will be able to: Discuss how marketing has evolve as a discipline Identify the advantages of each marketing approach Describe how marketing has been practiced in the Philippines THE MARKETING PROCESS AND THE 4PS  Marketing is a process that involves creating, pricing, distributing and communicating goods, services, and ideas to facilitate a satisfying relationship with customers and develop and maintain favorable relationships with stakeholders in a dynamic setting.  THE MARKETING PROCESS AND THE 4PS  The marketing is implemented by identifying the basic marketing mix elements that determine the needs of the customers as well as the expected benefits they can get from patronizing the product or service of the business. PRODUCT PRICE PLACE PROMOTION These marketing elements are product, price, place and promotion, which are also know as the 4Ps. PRODUCT  The marketing process starts which creating a product that satisfies the needs and preferences of customers.  What are the customers’ preferences in terms of taste, color, taste, texture, design, and size, among others?  What features should be included in the design of the product?  Does the product meet the needs and wants of the customers for them to be satisfied? PRICE  With the right product, finding the right price is another challenge.  What is the most affordable price for customers? What is their capacity to pay?  How much are their willing to pay?  Will they benefit from some form of cost savings because they do not have to pay more compared to other brands on the market? PLACE  Once the price is determined, the next issue to address is the distribution or the place  Where do customers prefer to buy the product?  Can the customers buy the product at the same time they need it?  The stores that can be conveniently accessed by the customers should be identified.  There are various means which the producers are able to deliver their products to consumers. PLACE  These include physical retail stores such as department stores (e.g., SM, Robinson’s); company-owned stores situated in malls (Penshoppe, Adidas); distributors (e.g., Natasha, Toyota); and virtual retail stores ( e.g., Lazada, Zalora, OLX). PROMOTION  Having created the right product, determined the right price for it, and identified the right place and means of distribution, the marketer should now determine the means of communicating the product message, or a certain message about the product or service that the company wants to communicate to its customers. PROMOTION  What should be told to the customers to get their attention and convince them that this product is for them?  How can be the product message more be noticeable to the customers?  How often should the product message be communicated? Is the message communicated properly?  The message sets the customer’s expectations for the product and service.  All this can be achieved through promotion.  THE MARKETING PROCESS AND THE 4PS The Marketing Mix The Marketing Elements (4Ps) Activities Creating A product with useful and attractive features for the customers Pricing A price affordable to the customers Distributing A place where customers can conveniently buy the product Communicating A promotion that will capture the attention of customers THE MARKETING PROCESS AND THE 4PS  When customers enjoy their buying and consumption experience with the product, then the company has made them happy and satisfied. Consequently, these customers will likely buy the product again.  On the contrary, if they are not happy and satisfied, they may consider buying the product of the competitors to satisfy their needs. Click “reply” and post your questions in the text box provided. Reply and give answers to at least 2 of your classmates' postings to earn extra points. Enjoy learning!