- Diagram representing the above concept in a circular flow form-Diagramatic approach.
- Theoretical approach,
1.Understanding the market place and customer needs.this includes;understanding customer needs,wants and demands,market offerings,customer value and satisfaction,exchange relationships and the market.
2.Designing a customer driven marketing strategy.once it fully understands consumers and the market place,marketing management can design a customer driven marketing strategy.the general strategies/generic strategies/competitive forces strategies as proposed Micheal porter are adopted world wide all marketers namely;
- Cost leadership strategy-this is where a firm incurs the lowest costs in production as opposed to other businesses in the same line of production.
- Differentiation-this involves offering a product that is unique .
- Market Focus/target-this involves targeting the innovators as opposed to laggards in a market.
3.Preparing an integrated marketing plan and programme-this is where the marketer will outline the consumers and the company that will be served and create value to consumers.next,the marketer develops an integrated marketing mix ie 8 ps of marketing ranging from product,price,place,promotion,people,process,probe and process.
4. Ensuring customer relationship management-this is the overall process of building and maintaining profitable customer relationship delivering superior customer value satisfaction.this is achieved mainly through;
- Customers perceived value which involves evaluation of the differences between all the benefits and all the costs of a market offering relative to those of competing offers.
- Customer satisfaction:product performance match buyers expectations.
5.Capturing value from customers.this is in return in the form of current and future sales,marketing share and profits.