The marketing process involves five steps. First, marketers need to understand the cutomers’ needs and wants through marketing research and database management. Next, the marketers must create a marketing strategy that uses a customer-driven approach and decide which customers to attract, and differentiate the product from others in the market. In the third step, marketers create a marketing plan that outlines the product and/or service. In this process, the marketers must build a brand name, decide on a price, determine the distribution channels, and advertise. The first three steps will form the basis for the fourth step, which involves building relationships with the target customers. Satisfied customers will spread word about the company, hence compounding the value that is returned to the company. In the final step, the company earns the rewards of strong customer relationships by capturing value from the customers for which their product and marketing brand captures.
1) Relate the steps to a local healthcare organization - determine each of the elements of the marketing process for your chosen healthcare provider.
2) Compare and contrast the healthcare provider steps in the marketing process with that of your favorite brand. Example: Nike - Product, Price, Place and Promotion.