Product & Marketing Processes

6 Cs

Customer

Company

Channels

Competitors

Collaborators

Context

PESTEL framework for context -> big question: What is the implications of these context on the product?

•  Political context
•  Economic context
•  social & cultural context
•  Technological context
•  Ecological context
•  Legal & judicial context

Marketing Process (Marketing view of the product)

Step 1: 6C Analysis

Step 2: S-T-P Marketing  -> Segmentation, Targeting, Positions

Step 3: 4P Marketing plan

  Product -> solution to the customer problem

  Price -> Customer cost

  Promotion -> communication -> message via ads etc

  Place -> convenience

Product

Product is any offering by a company to a market (for attention, acquisition, use or consumption) that aims to meet customer aspirations.

Consumer looks as at a product with perspective whether product can solve the particular problem or not.

E,g. mechanic do not buy a drill but buy a ability to create same size holes.

E.g. don't sell me insurance.. peace of mind and future of family

Don't sell me things... fulfill my need for comfort, security, pride, good feelings, happy memories

Customer Value (process view of the product)

1. Understanding customer value -> Psychological, Functional, Economic

2. creating customer value

3. Capturing customer value

4. Delivering customer value

Customer delight

  Exceeding customer expectation again & again...

  A forever moving goalpost..

"Prodice"

  Product + service together.. tangible and intangible are combined together

Brand is a second vehicle to sustain the product and take it to next level..