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New and Old Members

In: Business and Management

Submitted By sabi2
Words 3621
Pages 15
Question 5 Marketing is the process in which advertisers attempt to create profitable relationships with consumers, while establishing a profit for their goods or services. In addition to generating new customers, marketers must also focus of customer retention.

The marketing process has five key steps that lead to a successful organization/ campaign. * Targeting Consumer Wants
The first step of the marketing process is analyzing and comprehending the current marketplace. Understanding what people want is essential to beginning a successful marketing campaign. After finding a potential niche for a product or service, marketers must conduct research about competitors and similar items currently available on the market. After identifying these factors, an overall plan must be established to launch the good or service. Sales methods, franchising, and partnerships are all aspects of the product launch that must be examined before production can take place. * Establishing a Consumer-Driven Sales Strategy
After finding a profitable niche, a unique strategy must be established to market to the intended target audience. This step of the marketing process is essential, as a method must be constructed that not only will be profitable for the company, but also for the consumers. Market segment analysis is often done to break down the population into smaller groups, so the target audience can be found. * Creating Consumer Value
The next step of the marketing process is finding a way to create a product that offers consumers value for their money. In this step, the four “P’s" of marketing come into play. The first “P" is the product itself; it needs to be something society wants. Additionally, it must be well made and fill a void present in the market. The next “P" in this step of the marketing process is the price of the good or service. Researchers must...

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