NEW Three Phases of Marketing
by Ron Kurtus (revised 17 February 2016)
Marketing is the business activity that leads a product or service to the paying customer. There are three phases in the marketing process: defining, preparing and selling.
A company does market research to help define new products or services to offer. This also helps define the potential customers and check the competition. From this information, they decide to offer new products or services or look into new markets or areas.
Manufacturing takes over to make the new product.
To effectively pursue the goal of selling your product, you need to first define your circumstances, such as what your core business is and who your customers are. Then you must make preparations for getting your customers to buy your product. Preparations include getting an appealing product, setting a good price and providing a place for them to buy.
Finally, you go into action, trying to reach your customers, letting them know about your product and telling how good it is. Once you can get them in the showroom, you can convince them to buy.
Questions you may have include:
- What is the definition phase of marketing?
- What is the preparation phase of marketing?
- What is the sales phase of marketing?
This lesson will answer those questions.
Definition phase of marketing
The purpose of the definition phase of marketing is to study the needs of customers and define a product to sell along with its features.
In your business, you may get a great idea of a product or service to sell. This idea usually comes as a result of observation, research, and analysis.
You get a great idea of a product to sell. This often is a result of market research, where you study:
- Groups of potential customers
- What their needs are
- Which of those needs you can meet
- How you should meet them
The next step is analyzing the competition to determine a the demand for the product as well as the supply.
Then you seek to position your new product or service by finding your market niche.
Preparation phase of marketing
Once you have defined your business or a new aspect of it, you need to make preparations for selling your product or service.
You do this by:
- Determining exactly what to offer (product)
- Setting competitive prices
- Establishing a place to make the sales and means to deliver the goods.
(Note: These are three items of the Marketing Mix.)
You can then obtain or manufacture the items you want to sell. You go into production.
Sales phase of marketing
Once you have obtained or manufactured your products, you enter the sales phase of marketing. This is where you let potential customers know what you have to offer to entice them to shop and buy.
Promotion involves making potential customers aware of what you have to offer and where they can purchase it, as well as how much it costs. You can also promote your store as compared to your competition in advertisements or other means to tell your superior quality and prices.
Sometimes packaging is part of promotion, especially if it draws attention to the product display.
Prominent signs outside your grocer store should attract attention, tell what type of store it is and include hours of business.
You can advertise in the local newspapers about what you have available, as well as specials you may have. Advertising also should include your address and hours of business.
Customers must be able to easily select items and purchase them at the checkout counter.
There are three phases in the marketing process. The first phase is define your circumstances, such as what your core business is and who your customers are. Then you must make preparations for getting your customers to buy your product, including setting a good price and providing a place for them to buy. Finally, you go into action, trying to reach your customers, letting them know about your product and telling how good it is. Once you can get them in the showroom, you can convince them to buy.
Get to the core of the matter
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Three Phases of Marketing