Five-Step Model Marketing Process

UPDATED: 
July 6, 2021
Five-Step Model Marketing Process

Marketing is the process of creating value for customers and building strong customer relationships to capture that value in return. The 5 step marketing framework has a set direction where marketers create something valuable for their customers and capture some of it back from them. Anyhow, let’s take a look at the five-step model marketing process:

Understand The Customer's Needs

You have to understand your customers. To do this, you should understand a few things yourself:

  • Understand your local area
  • Understand the target country
  • Know your customer's interest
  • Know how much they can spend on that

You need to keep the budget of customers and the company in mind. You can't just bring out a product with high prices, expecting your customers to buy it. Keep variations for products and their price points!

Develop A Basic Strategy

 To start a business, you need to know:

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

There are several ways to get the answers you need for your research. You can do an in-depth survey, but that would take time and resources. Alternatively, you could focus on what your customers want or their budget - whichever is best for reaching the most people with similar opinions about something they love!

Make A Decision

Once you know you are targeting to whom, now it's time to make a marketing plan. At this point, draft potential strategies and tactics by considering:

As you draft everything, now you exactly know what to do. This is very important because complicated tactical decisions are made based on the controllable parameters of a marketing mix. As a result, it is going to give you a clear view of what you need to develop.

Execute A Plan

Execute your plan now. You have a draft of your plan, and it's time to execute! Focus on three things:

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

The key to executing any project is a simple and straightforward plan that anyone can follow, knowing how you want it executed. Be confident in your talents and trust the development process.

Deliver The Results

Your product is ready to be launched. Now you can successfully deliver it and wait for feedback from your customers, critics, and even yourself! Be prepared for all types of responses; positive reviews will make you feel good about what was accomplished but negative ones should not discourage or get in the way of future improvements.

FAQ’s

What is the marketing process model?

The marketing mix is often called the 4 P's: product, price, place, and promotion. The first two are about designing a desirable product or service for your customer base while promoting it at an attractive cost-per-sale range to make sure customers know who you are without having to search through all available options.

What is the first step in the marketing process?

The first step of the marketing process is understanding what customers want and need. The marketplace can be considered a place where goods are offered, but it also extends to services. It's important for marketers to consider all aspects of their target audience before they make any decisions about how best market themselves or offer products in order to get ahead in today’s competitive environment."

What are the three types of marketing?

  • Call to Action (CTA)
  • Top of Mind Awareness (TOMA)
  • Point of Purchase (PoP)

What are the 2 types of marketing?

The two types of marketing are sales promotion and brand marketing.

Author

  • Joseph was a fresh marketing graduate when he started working for ScoreLA and has been with the company ever since. This proves that the company has embraced the non-customary type of hiring, wherein we believe that if someone does not have the required experience for the job, then we equip them with the training needed to perform their tasks with excellence.

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