The marketing process involves the following five steps:
An evaluation of the marketplace to identify the consumers’ needs and wants. Consumers are rational; that is, they seek for products that will maximize their utility. Marketers need to conduct a market analysis to identify whether the consumer needs can be met through a new product or an advancement of the existing products. After sales services are also considered at this stage. Consumers would be influenced to purchase a product if the marketers offer significant after sales services.
After identifying the consumers’ needs and wants, marketers should design a consumer driven strategy. The strategy formulated ought to be in line with the identified customer needs and wants. A comprehensive strategy is one which is formulated in line with the customer needs and wants. Marketers may also decide to segment the customers. This will ensure that similar consumer needs are grouped together for better attention.
The third stage involves formulating a marketing mix, which matches the needs of the targeted market. The marketing mix involves; designing a perfect commodity, formulating favourable pricing decisions, distributing the products to the right places, and adopting the right promotional techniques: Products, place, price and promotions (4ps). These components of this stage will dictate the manner in which the company will penetrate the market; in terms of producing a product that matches the needs and wants of every consumer, charging a favourable price and adopting a suitable promotional strategy.
A company should ensure that it builds and manages a profitable consumer relationship. Relationship management is an important component of contemporary marketing. This step focuses on gaining customer loyalty. This is only achievable through creating a positive and profitable customer relationship; referred to ...