Marketing Process

Running head: STEPS OF THE MARKETING PROCESS 1

Five Major Steps of the Marketing Process

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STEPS OF THE MARKETING PROCESS 2

Introduction

According to Kumar & Reinartz (2016), comprehending the marketing process is important

for anybody that is aiming to market goods or services. Marketing refers to the process where

sellers try to establish lucrative relations with customers while making a profit for their services

or goods. On top of creating new customers, the marketers need to emphasize on retaining them.

The paper ventures to address a market process that has five key steps which lead to an effective

marketing campaign.

Pursuing consumer wants

The first step of this marketing process comprises of comprehending and analyzing the

existing marketplace. Recognizing what the people want is important to begin an effective and

successful marketing campaign. Understanding the marketplace and the customer wants to enable

marketers to find a prospective niche for their commodities or services (Kumar & Reinartz, 2016).

Also, understanding of the marketplace and customer needs gives the marketers an opportunity to

carry out research pertaining similar items as well as contenders who are currently in the market.

On the other hand, understanding the marketplace and consumer needs enables the marketers to

establish an overall plan of launching their goods or services. Lastly, understanding the

marketplace as well as the customer wants, and needs gives the marketers limelight on the sales

methods such as partnerships, franchising that need examination before production takes place

(Kumar & Reinartz, 2016).

Creating a customer-driven sales method

STEPS OF THE MARKETING PROCESS 3

Gador, Vandehey & McConnell (2015) allege that after the company has found a lucrative

niche, an exclusive strategy needs to be created to advertise to the targeted group. Therefore, this

step is important because it enables the creation of a method that is profitable to both the customers

and the consumers (Gador, Vandehey & McConnell, 2015). Creating a consumer-driven sales

method enhances market segment assessment that aids the breakdown of the populace into small

groups so that the objective audience is easily found.

Creating customer value

The other step is coming up with a way of creating a commodity which offers customers

worth for their cash. Here, the four "Ps" of selling are applied (Kumar & Reinartz, 2016). The first

‘P' refers to the product and it ought to be what something that is needed by the society. The

product also needs to be effectively made, and it should fill a gap in the market. The other ‘P' is

the price of the services and goods. The price should be one that customers will pay minus feeling

cheated or ripped off. The other ‘P' is place. The marketers need to establish the place where the

services or products need to be launched (Kumar & Reinartz, 2016). Lastly, the marketers need to

establish methods of promotion which represent the services and goods accurately.

According to Andrews & Shimp (2017), integrated marketing refers to the comprehensive

plan which delivers and communicates the projected value to consumers. It comprises of a set of

marketing tools that an organization embraces to enact the marketing model to provide goods or

services on its value proposition. Integrated marketing model delivers value by cultivating

consumer loyalty, consumer relations and boosting returns by increasing returns. The approach

also ensures that a company's message is constant regardless of the channel that is embraced in

sharing the message (Andrews & Shimp 2017).

STEPS OF THE MARKETING PROCESS 4

Maintaining customer satisfaction

Ennew, Binks & Chiplin (2015) argue that after the company's commodity has been

launched officially, retaining the customers is important to the marketing process. To expand the

existing market portion of goods and services, new customers need to be acquired and be

convinced to buy from the organization. In case the organization's status is not properly

maintained, it can become hard to find other consumers who are interested in their services or

goods. Therefore, the company needs to embrace tactics such as appreciating their customers,

building relationships that add value to the customers' personal lives, appreciating the customers'

loyalty embracing the "wow" factor among others (Ennew, Binks & Chiplin, 2015).

Creating revenues for the company

The last step entails the conclusion of the fore stated steps. When all processes (that were

previously discussed) are smoothly running, the organization ought to be running lucratively. In

case the goods or services are marketed, retaining of customers is important for returns. In case

the customers understand that they are receiving value, they will automatically keep on being loyal

to the company’s brand what is extremely appreciated (Ennew, Binks & Chiplin, 2015). In a

nutshell, customers that have already bought from the company need to be properly treated since

mistreating them will end up in negative publicity that might impact on the company's opportunity

of having repeat transactions in the future.

References

STEPS OF THE MARKETING PROCESS 5

Andrews, J. C., & Shimp, T. A. (2017). Advertising, promotion, and other aspects of integrated

marketing communications. Nelson Education.

Ennew, C. T., Binks, M. R., & Chiplin, B. (2015). Customer satisfaction and customer retention:

An examination of small businesses and their banks in the UK. In Proceedings of the 1994

Academy of Marketing Science (AMS) Annual Conference (pp. 188-192). Springer,

Cham.

Gador, B., Vandehey, J., & McConnell, M. (2015). U.S. Patent No. 9,129,323. Washington, DC:

U.S. Patent and Trademark Office.

Kumar, V., & Reinartz, W. (2016). Creating enduring customer value. Journal of Marketing, 80(6),

36-68.

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