Business Planning: Marketing Basics

By Steven D. Peterson, Peter E. Jaret, and Barbara Findlay Schenck from Business Plans Kit For Dummies, 3rd Edition

You’re not alone if you’re wondering, “What is marketing, anyway?” In a sentence, marketing is the process through which you get and keep customers. The image shows a bird’s-eye view of the marketing cycle, which includes

Customer, product, and competitive research: The marketing process begins with research that enables you to understand your customers and your market environment.
Development of marketing strategies: Following market research, the marketing process involves the development of product, pricing, packaging, and distribution strategies designed to the meet the interests of your customers and the realities of your market environment.
Promotional efforts: Promotional efforts include advertising, public relations, and other communications that grab attention, inspire interest, and invite product purchases.
Sales programs: Consumer interest converts into purchases through flawless sales programs backed by outstanding delivery systems.
Customer service: Customer service builds satisfaction, prompts repeat purchases and positive word of mouth, and inspires customer loyalty to your company.

Marketing doesn’t end when you make the sale. After-the-sale service is the key to achieving customer satisfaction, earning repeat business, achieving good word of mouth, and building a valuable, loyal clientele. Create a customer-service strategy that includes service standards, service objectives, and ways that you’ll continuously monitor and enhance the service you provide customers.