• Home
  • Finance
    • Financial Management
    • Strategic Management
    • Investment Analysis and Portfolio Management
    • Project Management
    • Islamic Banking & Finance
    • Auditing
  • Marketing
    • Principle of Marketing
    • Marketing Management
    • International Marketing
    • Advertising & Promotion
    • Commercial Challenges
  • HRM
    • Human Resource Management
    • Principles of Management
    • Training & Development
    • Employee Performance Management
  • Others
    • Introduction to Business
    • Business Communication
    • Banking & Finance
    • Entrepreneurship
    • Economics
  • Personal Skills
  • Tips & Tricks
  • About Us
    • Contact US

Business Study Notes

B.Com, M.Com. BBA & MBA Exam Study Online

  • Home
  • Finance
    • Financial Management
    • Strategic Management
    • Investment Analysis and Portfolio Management
    • Project Management
    • Islamic Banking & Finance
    • Auditing
  • Marketing
    • Principle of Marketing
    • Marketing Management
    • International Marketing
    • Advertising & Promotion
    • Commercial Challenges
  • HRM
    • Human Resource Management
    • Principles of Management
    • Training & Development
    • Employee Performance Management
  • Others
    • Introduction to Business
    • Business Communication
    • Banking & Finance
    • Entrepreneurship
    • Economics
  • Personal Skills
  • Tips & Tricks
  • About Us
    • Contact US
Home » What Is Marketing Process? 5 Steps Of Marketing Process

Marketing Process | Steps Of Marketing Process

By Richard Daniels Reading Time: 4 mins
Updated August 1, 2021

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
Author at Business Study Notes
Richard DanielsAuthor at Business Study Notes

Hello everyone! This is Richard Daniels, a full-time passionate researcher & blogger. He holds a Ph.D. degree in Economics. He loves to write about economics, e-commerce, and business-related topics for students to assist them in their studies. That's the sole purpose of Business Study Notes.
Love my efforts? Don't forget to share this blog.

Related Posts:

  • Consumer and Producer Surplus - Graph and Example
    Consumer and Producer Surplus - Graph and Example
  • What is the Process of Motivation? Explain in detail
    What is the Process of Motivation? Explain in detail
  • Communication Strategies Definition | Types of Communication…
    Communication Strategies Definition | Types of Communication Strategies
  • Process of MBO (Management by Objectives) - Explained with…
    Process of MBO (Management by Objectives) - Explained with Examples
  • Risk Management: Definition, Types, Model, Process,…
    Risk Management: Definition, Types, Model, Process, Strategies, Practices

Filed Under: Marketing, Principle of Marketing Tagged With: 5 steps of marketing process, marketing planning process, marketing process steps, steps in the marketing process

Related Posts

System-Views-of-Management-image

System Views of Management

System Views System views of management associates with the Management division of the organization and it assumes that all of the organizations are … [Read More...]

Leadership Theories

Situational Leadership Theories

Situational Leadership Theories Situational model of leadership is a factor that emphasizes the behavior of the leaders regarding different situations. … [Read More...]

Behavioral Leadership Model

Behavioral Leadership Model

Leadership  Leadership is the most critical and complex responsibility across any organization. It is because the leadership requires to be realistic, … [Read More...]

career development process in hrm

Career Development Process

Career Development Process Today's career development process has become a threat for students, especially a question that may stun many students who have … [Read More...]

Strategic leadership

Strategic Leadership Model

Strategic Leadership Model The strategic leadership model is basically the study of the leadership style. It describes the ways of modernizing an … [Read More...]

Types of Managerial Decision Making

Types of Managerial Decision Making

Managerial Decision Making Decision Making is an art of selection of one feasible alternative decision from many. Therefore types of managerial decision … [Read More...]

Quantitative-management-approach

Quantitative Management Approach

Quantitative Management Approach The quantitative management approach is used to enhance decision making power by using quantitative tools. As well as … [Read More...]

Effective-business-messages-image

Effective Business Messages

Effective Business Messages The process through which business messages are effectively prepared that have the potential to create desired results from … [Read More...]

Search the Site

ADVERTISEMENT

Business Study Notes

Business Study Notes is all about business studies or business education. Visit us to find here free business notes of all the subjects of B.com, M.com, BBA & MBA online.

Disclaimer

All the images and videos present on the Business Study Notes are not owned by us, if you found anything under copyrights, please Contact Us, we will remove it ASAP.

Categories

© Copyright 2023 Business Study Notes. All rights reserved. Privacy Policy, Sitemap.  
DMCA
PROTECTED