Process mix
Transcript of Process mix
PROCESS MIX Tanuja:-roll.no.66Mitixa:-roll.no.37Sthitpragya:-roll.no.64Harshit:-roll.no.18Himika:-roll.no.19Rohit:-roll.no.50 . Guided by:-Rakesh Sir
The marketing process is a way to discover
unfulfilled customer needs and bring to
market products that satisfy those needs.it
is 7’th p of the marketing mix.
What is Process?
A thorough analysis of the situation in which the firm finds itself serves as the basis for identifying opportunities to satisfy unfulfilled customer needs. In addition to identifying the customer needs, the firm must understand its own capabilities and the environment in which it is operating.
Situation Analysis
Market size and growth
Market segments
Benefits that consumer is seeking, tangible and
intangible.
Retail channel - where does the consumer actually
purchase the product?
CUSTOMERS
Consumer information sources - where
does the customer obtain information
about the product?
Frequency of purchase, seasonal factors
CUSTOMERS
. Political & regulatory environment -
governmental policies and regulations that affect
the market
CLIMATE( political)
Economic environment - business cycle,
inflation rate, interest rates, and other
macroeconomic issues.
CLIMATE(economical)
new knowledge that makes possible new
ways of satisfying needs; the impact of
technology on the demand for existing
product.
For ex: LED tvs
CLIMATE(technological)
Government type and stability
Social and employment legislation
Tax policy, and trade and tariff controls
Environmental and consumer-protection legislation
Likely changes in the political environment
Political
Current and project economic growth, inflation and
interest rates
Unemployment and labour supply
Labour costs
Impact of globalization
Likely changes in the economic environment
Economic
• Population employment patterns, job market freedom and
attitudes
to work
• Press attitudes, public opinion, social attitudes and social
taboos
• Lifestyle choices and attitudes to these
• Socio-Cultural changes
SOCIO-CULTURAL
Impact of emerging technologies
Impact of Internet, reduction in communications costs
and
increased remote working
Research and Development activity
Impact of technology transfer
Technological
Apple phone
One of the most established brand with a loyal set of enthusiastic customers
Requires frequent repairing.
STRENGHT WEAKNESS
Opportunity to develop its i-tunes & music player technologies.
A high competition in technology market & short lifecycles of technology.
Opportunities
Threats
Once the best opportunity to satisfy
unfulfilled customer needs is identified,
a strategic plan for pursuing the
opportunity can be developed.
Strategic formation
It is a strategy which involves dividing a
broad market into small sections
heaving similar needs. & thus the
heterogenous market is converted into
homogenous one.
SEGMENTATION
1. Single segment concentration
2. Selective specialization
3. Product specialisation
4. Market specilisation
5. Full market coverage.
TARGETING
It includes positioning the product in
consumer’s mind so that it is perceived by
the customers as satisfying his needs better
than the other competitive offerings.
POSITIONING
It includes: Product development - specifying, designing, and producing the first units of the product.
Pricing decisions Distribution contracts Promotional campaign development
Marketing Mix Decisions
At this point in the process, the
marketing plan has been developed
and the product has been launched.
Given that few environments are
static, the results of the marketing
effort should be monitored closely.
IV. Implementation and Control
. As the market changes, the marketing
mix can be adjusted to accomodate the
changes. Often, small changes in
consumer wants can addressed by
changing the advertising message.
As the changes become more significant, a
product redesign or an entirely new product may
be needed. The marketing process does not end
with implementation - continual monitoring and
adaptation is needed to fulfill customer needs
consistently over the long-term.