Five Step Model of Marketing

This document discusses the five step model of marketing and how it is implemented in Missguided. It explains the process of selecting target customers and delivering value to the market. The document also explores the levels of product selling, promotional budgeting, and promotional mix strategy. Finally, it evaluates the success of a marketing campaign launched by Missguided.

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TABLE OF CONTENTS
1.Five step model of marketing...................................................................................................3
2. Levels of product selling .........................................................................................................3
3. Promotional budget .................................................................................................................4
4. Promotional mix strategy ........................................................................................................6
5. Was the Campaign successful..................................................................................................6
REFERENCES ...............................................................................................................................8
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1.Five step model of marketing
Missguided have been followed designing A customer-driven marketing strategy as an
organizational policy. The concept of designing a customer driven marketing strategy is to
focuses on selecting customer base to serve in the target market and how the customer is fully
satisfied with the service of the company (Edalatkhah ,2019). This is further elaborate as:
Selecting target customer: the company decide the target market into various segments
of customer choices. It shows only specific section of customer who are target by the company to
engage with it. This target customer are based on timing, level and nature of demand of the
product in the market. Missguided chooses the marketing through tapping the influencers in the
company. Influencers marketing can generate high engagement for the company. New
influencers are been endorse by the Missguided to whom have high volume of reach i8n social
media and effective marketing can brings loyal customers in the company. In 2018, Missguided
have been partnership with musician and Instagram inferencer to promote the brand and to
promote the new collection (Fargnoli ,Haber, Sakao, 2019).
Selecting customer to serve: It shows, how company will serve their customer to make
different from other competitor in the market . The brand value and proposition include the value
and benefit that will be provide by company to their customers. Missguided have been created
through engaging their customer through online social platforms (Sitinjak.et.al., 2020).
Characteristic:
 It identifies the target market and customers for the brand to serve the market.
 It help company to know the needs and wants of the customer they are looking in the
market.
 Fulfil the needs and deliver value for the product in the market.
2. Levels of product selling
Selling of product is going through three different stages which are denoted as pre stage
of product selling, during the sale and the post-sale level of product. All these are directly
interlinked with the overall sale process of the product in respective market. Misguided
Company is associated with selling beauty products of women. All the sales stages that
company’s products required to go through can be justify in the following points.
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Pre-sale stage
This is the prior stage of selling the respective products. Under this stage company try to
channelizes an effective marketing and promotion campaign that can engaged with the potential
customers to buy the product (Hu and et.al., 2020). Misguided Company keep its promoting
budget high which keep the customers motivated towards making buying decision in respect to
the product offer by company. This stager is very crucial as it directly attract to both new and old
customers towards buying products offer by company.
During sale level
This is the level of sale involve at the time sale process in entertained by Misguided
Company. In this company try to give effective offers like discounts over lipstick product and on
other products offer by company. The discount always attracts customer’s decision making
journey in respect to the entity. This stage is very crucial as this denote the success of prior stage
of sale where company promote its products.
Post sale level
This is the level of sale involved post the sale transaction is entertained in between
customers and company. This stage involves delivering attractive services to customers so that
they can sustain to buy more products offer by company (Chowdhury and Miah, 2019). Post sale
stage always influenced with the level of services entertained by the business organization. The
level of customer satisfaction always influences relationship of company and customers.
3. Promotional budget
Particulars Amount
Market research 150
Media owned (website) 100
Social media profile(Facebook) 50
Communication expenses(telecalling) 70
Others (pemplates, etc.) 30
Total 400
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There are four different ways commonly used by companies to determine communication
budget. These are as follows:
 affordable method: under this method firm seeks to take out promotional budget by
considering the affordability of the concern. This method gives least priority to avertising
activity where they firstly determine sales then deduct expenses and whatever remains
after that will be utilised for promotional activity.
 Percentage of sales method: under this companies set their budget as a percentage of
actual or expected sales, which indicates relationship between sales, price and profit
(Senthilkumar, 2019).
 Competitive parity method: here companies seeks to watch out their competitors and on
the basis of industry' s average they determine their own budget.
 The objective and task method: under this method, companies set their budget on the
basis of its goals and objectives that it wants to achieved through such promotional
activities.
There are four methods of preparing budget, they are:
 Incremental budget: here budget is prepared by increasing or decreasing some
percentage from previous budget and on the basis of that only present budget is prepared.
This is most common method due to its simplicity in preparation (Klein and Falk-
Krzesinski, 2017). This may lead to overstating of figures.
 Activity based budgeting: such budgeting method involves determing budgets for each
and every activities in terms of its resource requirement to reach at the targeted level. It
provides efficiency but quite time consuming method.
 Value preposition budgeting: here budget includes and ensures all those activities are
included which are meant for creating and building brand value. Advantage is it avoids
unnecessary spendings but regarded as less precise one.
 Zero based budgeting: here whatever expenses are included is first justified in terms of
its necessity and budget are prepared from zero level (Watabe and et.al., 2017). It avoids
unnecessary activities but is not always advisable due to its ineffectiveness.
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4. Promotional mix strategy
Promotion is important part of business as it helps in attracting maximum number of
individual to be select specific firm as compared to other for satisfaction of their respective
needs. Promotional mix is blend of different promotional tool that are used by firm in order to
attract more and more customers so that end objectives can be achieved. Right promotional mix
element in marketing strategies will help Missguided in driving its sales volume and gaining
competitive advantages in industry (Antczak and Sypniewska, 2017). Two elements of
promotional mix that needs to be used by Missguided in order to expand its brand image can be
illustrated as follow:
Advertisement: Company needs to focused more on different digital channel which could be
used for advertisement of products and services so that maximum number of individual are
motivated to be part of it for satisfaction of their respective needs. The main purpose of
advertisement is to create aware of firm and its products so that Missguided can enjoy maximum
sales. Like it can make use of social media, email and content marketing in order to build and
maintained strong relationship with end customer’s. Therefore all these method will be used by
company in order to advertise its products and services to large number of people that are
residing in different parts of the world.
Public relationship: Moreover, organisation needs to emphasis on building strong relationship
with customer’s so that they are motivated to be part of Missguided for longer time frame.
Company by focusing on maintaining strong relationship with people can enjoy customer’s
loyalty and competitive advantages in fashionable industry (Garabinovic and Papic, 2018). So
Missguided through public relationship is able to create its strong brand image and enhance its
market share in limited time frame. It will build public relationship by understanding their needs
in best possible ways thereby deciding appropriate steps that could be taken in order to make
them happy and satisfied.
5. Was the Campaign successful
The marketing campaign launched by marketing agency campfire for Missguided “ could
break through the noise of Black friday# MakeMyFriday. It was successful as the quiz question
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has immediately received almost 4000 entries, moreover 6 minutes hashtags were trending.
Moreover, by 11 am # MakeMyFriday was trending globally and it was above over other brand
therefore it clearly state that the campaign launched by company was much more successful.
Four elements which illustrate that the content was effective are it has respect the platform and
adhere to the policies which has helped in inducing maximum number of individual to take
participate. At the same time user or individual has get clear picture about the motivate behind
organise the quiz which has also helped in making content more effective. Attracting or
magnetic headline, use of hashtags has also contributed in grabbing attention of more and more
people of UK to take participation (Thielsch and Hirschfeld, 2019). Moreover, the content has
included less than 50 characteristic that has contributed in gaining attention of maximum number
of individual and making the campaign more successful. So, all these elements has contributed in
making content effectively thereby inducing maximum number of individual within organisation.
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REFERENCES
Books and journals
Antczak, A. and Sypniewska, B. A., 2017. Personal Selling in the Service Sector as One
Marketing Promotional Tool. In Cross-Cultural Personal Selling (pp. 35-56). Palgrave
Macmillan, Cham.
Chowdhury, T. A. and Miah, M. K., 2019. Perceptions of students and employers regarding
employability skills for entry-level positions in marketing and sales. Australian
Journal of Career Development. 28(1). pp.3-13.
Edalatkhah, S., 2019. CUSTOMER-DRIVEN B2B MARKETING STRATEGIES FOR A
SOFTWARE COMPANY: Case: Statzon.
Fargnoli, M., Haber, N. and Sakao, T., 2019. PSS modularisation: A customer-driven integrated
approach. International Journal of Production Research, 57(13), pp.4061-4077.
Garabinovic, D. and Papic, M., 2018. Analysis of attitudes about the use of information
technologies and Internet marketing within different promotional strategies. Successful
implementation of information technology: IT, marketing, education and business
working together for business success, pp.51-82.
Hu, H. and et.al., 2020. Coordination of dual-channel supply chain with perfect product
considering sales effort. Advances in Production Engineering & Management. 15(2).
Klein, J. T. and Falk-Krzesinski, H. J., 2017. Interdisciplinary and collaborative work: Framing
promotion and tenure practices and policies. Research Policy. 46(6). pp.1055-1061.
Senthilkumar, M. P., 2019. Role of budget hotels metropolitan cities with special reference to
Chennai City. Research Review International Journal of Multidisciplinary. 4(6).
pp.147-152.
Sitinjak, M.F., Triagung, H., Sarjono, H., Putra, O.B.W. and Ariani, V., 2020, August.
Implementing of Customer-driven Approach to Develop A Web-based e-CRM in
Rural Tourism. In 2020 International Conference on Information Management and
Technology (ICIMTech) (pp. 654-659). IEEE.
Thielsch, M. T. and Hirschfeld, G., 2019. Facets of website content. Human–Computer
Interaction, 34(4). pp.279-327.
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Watabe, A. and et.al., 2017. Analysis of health promotion and prevention financing mechanisms
in Thailand. Health promotion international. 32(4). pp.702-710.
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