[MUSIC] Hi again, in the previous video, we spoke about positioning and now it's time to review the entire marketing process and cover the different elements you can find in it. I can advice to you, it's very, very common to get started in one of the different elements with pricing, promotion, distribution, depends on your job function, right? In this perspective about the entire process. This is something critical and something that should not happen to you because you have to be aware that everything is interconnected. Let's move now into the marketing process. The first thing we have to do is we have to understand pretty well what's going on with the market, where are we to compete or what's the landscape where we are planning to compete in the future. How do we go ahead with the market assessment? Well, the first thing we have to do is we have to speak about the five Cs. The five Cs stand for customers, company, competitors, collaborators and of course, the context. And specifically within the context we usually speak about political factors, economic factors, social factors and technological factors. and once we are done, with this, with the five C analysis, it is time to define our strategy, which is very closely linked to what we call positioning. In the positioning phase, what we do is we define two things, the first thing we do is, we define very very clearly, who is the target group we want to go for, and once we have defined that It's time to define the value of proposition. In other words, we are doing two things. We are defining who we want to go for. Second thing we want to define is, what are we going to offer to them? I guess it looks very, very easy, right? Well, this is the basis for a successful commercial plan. So we have defined the who, we have defined the what, and now it's time to move into the how. And for defining how, we will jump into the famous four piece from McCarthy. The product, price, promotion, and place. If the positioning has been properly defined, jumping into the how, into the marketing mix, it's going to be a very, very easy job. Think about for instance, selling an exclusive Rolex. The target group, the people who want to go for is going to be an exclusive one, we're speaking about very high income level people that appreciate the brand image surrounding the Rolex. Once we have defined that which is our positioning, it's time to jump into the marketing mix for our Rolex. And this marketing mix, it's very very vital, and is consistent with the positioning we have defined. So if this is the case, what we are going to do, is we are going to launch a very high quality, top notch product. This is going to come with a very, very premium price. It's going to be sold through exclusive retailers and the last piece it's going to be sold through promotional campaigns that are going to be very selective, very exclusive, and this is going to help us to reach out those customers. Another thing we might want to consider when selling our Rolex is, well, do we want to go for a new customers or do we want to build brand loyalty and do a kind of cross-selling into our existing customers? Another way of viewing all this marketing process, I'm speaking about this taking a value perspective. From this point of view, the first thing we have to do is a value assessment. And this is exactly what we do with the 5 C analysis. The next step, the second step, would be value creation and this has to do with the positioning phase. And the last phase here which is delivery and capture of that value. This is going to come through the marketing mix. This is entire the marketing process and, again, this is something you cannot lose out of perspective. Because it doesn't matter which position you hold in the organization. All the variables are to be connected and need to be aligned. So that's going to be it for this video. In the next session, what we are going to do is we are going to deepen on each one of these elements I have just introduced to you. Thank you. [MUSIC]