Unveiling the Strategic Marketing Process - Free Essay Sample

Introduction

Marketing is a process by which companies or organizations build strong customer relations to capture customer value in return. Marketing covers anything that is involved in the production of goods and services. The strategic marketing process guarantees that a company reaches the target audience and provides a watchful eye to the goals and objectives of the company. Before venturing into any business, every company has a marketing process. The marketing process gives an overview of the market.

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The first marketing process is recognizing a marketplace and its customers. How does the marketplace look like? A marketplace can either be the local area, country, or the whole world. How much money will you be willing to spend in this business and whether the commodities are readily available or scarce to the customers? The second step is developing a customer-driven marketing strategy. To be successful in any business, you need to know your customers and how best can you serve them. The third step is delivering high customer value (Wemla,2020).

Innovations

The Consumer Technology Association (CTA) is an organization that has dealt with innovation for over 50 years. As the new competitor of the Geek Squad market space, the company must identify its own market space (CTA,2020). The CTA needs to enroll in the product online marketplace. This is an e-commerce market space that requires people to purchase and sell products. The platforms is convenient and bring all sellers together for consumers to check prices and the best deals under one electronic roof. However, this kind of marketplace is possesssed by an operator who allows third parties to sell similar products alongside. In the market, Geek Squad provides the best computer experts and delivery services that every customer must enjoy. The consumer technology association should raise its awareness in the market by showcasing its services to compete with Geek Squad.

Demand of Services

An environmental scan determines the demand of services in the Geek squad. Social factors provide suitable information for Geek Squad. For example, the need to have the latest technology. Due to evolving technology, people will keep on buying new products. The continuous change in technology proves that Geek Squad provides a valuable service; therefore, it is an asset in future. In economic factors, Geek Squad will be influenced by other businesses. For example, it can be influenced by microeconomics trends such as the disposable and discretionary of income. Technological forces have the highest influence on Geek Squad in the future. The Internet is an integral part of our lives; there is always a new product on the market for consumers to learn. The availability of new products will create more business in the future for companies like Geek Squad. Competitive forces challenge business to remain on top of the game as far as it meets consumer needs (Frue,2017). If the consumers’ needs are not met, they can look elsewhere. Geek Squad is faced with new competitors every day by other companies with similar services. Regulatory forces are enforced to ensure fair practices for businesses. Geek Squad's responsibility is studying these changes and ensure it meets the current regulatory laws.

Conclusion

Thus, if you know who to attract, it is easier to decide what to sells and at what price. Another process is growing a profitable customer relationship. Most of the companies do not prioritize customers deals. Any company needs to know what their customers want. The Final process is capturing the value of customers to create profits and customer loyalty. The diverse factors influencing marketing activities are environmental forces, society, and organization itself.

References

Consumer Technology Association. (2020). CES, 2021 Is All-Digital.
https://www.ces.tech/planning-for-ces-2021.aspx

Frue, K. (2017). PESTLE Analysis of Best Buy.
https://pestleanalysis.com/pestle-analysis-of-best-buy/

Wemla. (2020). Marketing Basics: The Marketing Process in Five Steps. https://www.wemla.co/five-step-marketing-process/.