Market Positioning of New Product
What is Marketing :
The word Marketing in narrow sense is used as the sum up of selling process. Now a days marketing is considered as managing profitable customer relationships. Hence, we define marketing as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Here the figure 1.1 presents a simple five step model of the marketing process. In the first four steps companies work to understand consumers, create customer value and build strong customer relationships. In the final step companies reach the reward of creating superior customer value. By creating value for customers , they in turn capture value from customers in the form of sales, profits, and long term customer equity.
In the face of today’s changing business , to success , this expand model of marketing is very much helpful. All steps of this marketing process is important. As a first step, marketers need to understand customers needs and wants and the market place within which they operate.
Once its fully understood , consumers and marketplace, Marketing management design a customer driven marketing strategy. In the next steps, marketers construct a marketing program that actually deliver superior value through building profitable customer relationships by capturing value from customers. Here we will focus on customer driven marketing strategy of launching a product or service.
Customer – driven marketing strategy and marketing management orientations that guide marketing strategy:
To design a winning marketing strategy , the company must first decide who it will serve. It does this by dividing the market into segments of customers(market segmentation) and selecting which segments it will cultivate(target marketing). Next , the company must decide how it will serve targeted customers(how it will differentiate and position itself in the marketplace).
Marketing management wants to
The word Marketing in narrow sense is used as the sum up of selling process. Now a days marketing is considered as managing profitable customer relationships. Hence, we define marketing as the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.
Here the figure 1.1 presents a simple five step model of the marketing process. In the first four steps companies work to understand consumers, create customer value and build strong customer relationships. In the final step companies reach the reward of creating superior customer value. By creating value for customers , they in turn capture value from customers in the form of sales, profits, and long term customer equity.
In the face of today’s changing business , to success , this expand model of marketing is very much helpful. All steps of this marketing process is important. As a first step, marketers need to understand customers needs and wants and the market place within which they operate.
Once its fully understood , consumers and marketplace, Marketing management design a customer driven marketing strategy. In the next steps, marketers construct a marketing program that actually deliver superior value through building profitable customer relationships by capturing value from customers. Here we will focus on customer driven marketing strategy of launching a product or service.
Customer – driven marketing strategy and marketing management orientations that guide marketing strategy:
To design a winning marketing strategy , the company must first decide who it will serve. It does this by dividing the market into segments of customers(market segmentation) and selecting which segments it will cultivate(target marketing). Next , the company must decide how it will serve targeted customers(how it will differentiate and position itself in the marketplace).
Marketing management wants to