Bacha log, in this module we are going to see marketing process, now it is the process of
analyzing market opportunities, selecting target markets, developing the marketing mix the
best possible, and managing the marketing effort. Targeting customers is the centre point
of the marketing process, right, because business without customers is not possible.
Connecting with consumers. To succeed in today’s competitive market, companies must be
customer oriented. They need to know what consumers want. They must win consumers
or customers from competitors and keep them by delivering greater value. Since
companies cannot satisfy all consumers in a given market, they must divide the total market
that is called as, right, market segmentation. You can see how Maggie is doing it, or, right,
you can take the example of Parle Biscuits, how they segmented, they have biscuits for each
and every class, right, right from Rs.2/- to Rs.25/- and even you can take Cadburys for the
same example, we have Rs.5/- chocolate also and chocolate worth of Rs.150/- also like
Bourneville. So choose the best segments, market targeting and design strategies for
profitably serving chosen segments better than the competitors. That should be the aim of
the company, right. And accordingly they will position in the market.
Developing the marketing mix, that is 4 P’s. You have already learnt this. Let’s see again,
once the company has decided on it’s overall marketing strategy, it is ready to plan the
details of the marketing mix, that is four P’s, right. The set of controlling marketable
variables that the firm uses to produce the response it wants in the target market. What do
they want accordingly they can get it by going for proper, yes, proper marketing mix. These
variables are often regarded or referred to as the 4 P’s. Let’s take up the first P, that is
Product, stands for the good or the service…..