Marketing Process | Steps Of Marketing Process

Marketing Process

A process that involves the customer’s satisfaction towards their requirements created in terms of value is called the marketing process. It is a string of actions and their reactions performed by the companies and the customers in order to satisfy the customers. 

 

Principles of Marketing, Scandinavian Edition (2nd Ed.) defines the marketing process as: “The process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.”

You see how the process goes from company to customer. When you deliver something only then you can ask for money from them. Now, let’s dive into the steps that are involved in the marketing process.

Steps Of Marketing Process

The first step is to analyze the condition in order to identify the problems or needs of the customer. Then a basic strategy is made upon those identifications to propose a value. As a result of this step, a tactical decision is made to handle the value. After that, a plan is executed and lastly, the results are gathered. 

Here are the five major steps of the marketing process:

1. Understand the customer needs
2. Develop a basic strategy
3. Make a decision
4. Execute a plan
5. Deliver the results

Now, we will discuss each one of them in detail. Let’s see starting from the initial step and going towards the result, what we basically achieve. 

1. Understand The Customer’s Needs

Understanding is the key to a successful business. To understand the needs of the customer, you must have an insight into a few things. You should:

• Understand the local area
• Understand the country you are targeting
• Know the interest of your customers 
• Know how much they can spend on that

You must also keep in mind the budget of both company and customer. You cannot just bring out a product with extremely high prices and expect your customers to buy it. Keep variations in your products and their prices. 

For instance, if we look into the business of Volkswagen Group, we come to know that they sell cars at different prices. Not all cars are of the same price. Their products like VW, Seat, Porsche, Audi, etc all have different prices, obviously, as they differ in their functionality or specifications. 

Audi is high priced whereas Seat is the lowest priced. It is not necessary for the brand to sell all the products in the same price range. In this case, the brand will have to suffer as only a certain class of people will buy the product. 

Once you know about the needs and requirements of the customer then you can move on to the next step.

2. Develop A Basic Strategy

 In order to start a business, you must know:

• What is trending in your area?
• What do they really want to buy?
• Who is your targeted customer? 
• What is the level of need for that product? 

To get the answers to these queries, you may perform a survey in that area. You cannot satisfy everyone, there is NO such way. But, you can satisfy a great number of people if they have the same perception towards a particular product.

After you have had a successful survey, now you have multiple options. Either you can target what your customer wants or either you can target their budget and so on. Pick your goal from this and make a strategy. 

Start by focusing on one product. Do not overload yourself with multiple products at a time. Pick a product and start working on that. Search the related products in that area. Hence, you must know your competitors, what they already have in the market and how your product differentiates from theirs. 

Related To This: Intensive Strategies

3. Make A Decision

Once you know who you are targeting, now you can make a marketing plan. At this point, you have to make a decision by drafting:

• Budget (see Business Finance)
• Product specifications (also read Feasibility Study)
• Product development (in future)
• Ways and mediums for promoting your product 
• The expected date for launching the product

When you draft everything, now you exactly know what you have to do. This is important because elaborated tactical decisions are made for the controllable parameters of the marketing mix. As a result, this will give you a clear view of what you want to develop. 

Moreover, delivering superior quality, what your customer wants is worth striving for mostly in saturated markets, which are successfully developed for a while now. 

4. Execute A Plan

Execute your plan now. You have a draft of your plan, now work on it. To execute the best plan focus on three things:

• Sharpen your interest
• Create your competence
• Light up your passion

However, you need to keep your plans simple and easy to execute. Identify what you are doing and focus on bringing the best out of it. Execution literally depends upon the process of development. Trust your talents, be confident about what you want to develop.

On the other hand, broaden your view about the product and explore the market. Don’t just think you have done all the research. The doors of improvement are always open for everyone. Produce something that your customers need. Do what you want to do, do not focus or copy anyone else. 

Once you have executed your plan successfully, now its time to launch your product.

5. Deliver The Results

Your product is ready to be launched. Now you can successfully deliver it in the market and wait for the feedback. Do not expect to have 100% positive reviews about your product. Let the critics tell you what you are lacking. Also, let yourself get excited by the positive reviews. 

Once you deliver the results in the market you should be prepared for every type of response. But do not get disheartened by the negative reviews, they can also help you improve your product in the future.

Bottom Line For Marketing Process

To be successful in your business, keep your customers in focus and their needs and wants. What they need is more important for you than what you want. A successful business is all about focusing on the requirements of your customer.

FAQs About Marketing Process

1. What is the first step in the marketing process?

The first step in the marketing process is “Understand The Customer’s Needs”.

2. What are the five steps of the marketing research process in their correct sequence?

1. Understand the customer needs
2. Develop a basic strategy
3. Make a decision
4. Execute a plan
5. Deliver the results