According to Breonna Bergstrom, a marketing process is:
“A series of steps that allow organizations to identify customer problems, analyze market opportunities, and create marketing materials to reach the desired audience.”
STEPS OF MARKETING PROCESS
1. Understand the customer needs.
2. Develop a basic strategy.
3. Make a decision.
4. Execute a plan.
5. Deliver the results.
The Marketing Mix is a concept established in 1960 by Jerome McCarthy while he was on a Ford Foundation Fellowship at Harvard Business School and MIT.
While the term marketing mix had been in use since the 40’s, it was McCarthy who distilled it to the four P’s (Product, Price, Place and Promotion).
The 4 Ps of Marketing Mix
Product
Price
Place
Promotion
3. According to Breonna
Bergstrom, a marketing
process is:
“A series of steps that
allow organizations to
identify customer
problems, analyze
market opportunities,
and create marketing
materials to reach the
desired audience.”
4. STEPS OF MARKETING PROCESS
4. Execute a plan.
2. Develop a basic strategy.
3. Make a decision.
1. Understand the customer needs.
5. Deliver the results.
5. 1. Understand the customer 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.
6. 2. Develop a basic strategy.
In order to start a business, you must know:
• What is trending in your area?
• What they really want to buy?
• Who is your targeted customer?
• What is the level of need for that product?
7. 3. Make a decision.
Once you know who you are targeting, now
you can make a marketing plan. At this point, you
must make a decision by drafting:
• Budget
• Product specifications
• Product development (in future)
• Ways and mediums for promoting your product.
• The expected date for launching the product.
8. 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.
9. 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.
11. The Marketing Mix is
a concept established in 1960
by Jerome McCarthy while
he was on a Ford Foundation
Fellowship at Harvard
Business School and MIT.
While the term marketing
mix had been in use since the
40’s, it was McCarthy who
distilled it to the four P’s
(Product, Price, Place and
Promotion).
Jerome McCarthy
12. 4 Ps of Marketing Mix
Product Price Place Promotion
13. Product
A product refers to any item that intends to satisfy the needs
and wants of a target customer. It can be a tangible good, such a
clothing item or piece of software, or intangible, like a service or
experience (think legal services or a cruise).
Some key questions that marketers need to answer include:
• What do customers want from your product/service? Does it
satisfy their needs?
• What features of your product/service work to meet your
customer’s needs? Have you missed out on any features?
• How and where will the customer use it?
• How will the customers experience it?
14. Price
Price not only refers to the monetary value of a
product, but also the time or effort the customer is willing to
expend to acquire it. Determining this will be a critical
factor in revenue for the brand as it will impact profit,
supply, demand, and how much marketers should spend on
a promotion or marketing strategy.
Some key questions that marketers need to answer include:
• What is the value of the product or service to the buyer?
• How will your price compare to competitors?
• Are there any possible established price points for the
product/service in this area?
15. Place
Place refers to providing customers access to the product, and
it also calls into play convenience for the customer. Marketing,
through digital means or otherwise, is about putting the right
product, in the right place, at the right price, at the right time, in front
of the customer.
Some key questions that marketers need to answer include:
• Where are target customers shopping?
• Are they using desktops or mobile devices?
• Are they shopping for similar products online, or in brick-and-
mortar stores?
• Where are they engaging on social media?
16. Promotion
Promotion is the area that has arguably seen the greatest
growth and change as a result of the digital age. With the exceptional
access offered by B2C marketing solutions, marketers can now
promote products easier, more effectively, and with more
personalization than ever before, thus leading to greater outcomes and
ever-increasing expectations.
Some key questions that marketers need to answer include:
• How will you reach your target audience?
• Where will you send your marketing messages to your target
audience?
• How does your competition promote their product? Does that
influence your own promotional activity?
• When is the best time to promote?
