Stages Five and Six: Implement, Evaluate, Review, and Revise

You may recall that earlier we said that marketing is a cyclical process. At any time in the cycle, the marketer can be forced to return to an earlier stage to remedy some kind of problem. If you are in the midst of pricing and determine that the product as it exists is not going to be affordable to your market segment, then you’ve got to step back and see what can be done.

In other instances, the product will be launched and will sell in greater volume than you could have imagined. Then, you will need to consult with production to make sure they can keep up with the demand. Then the competition may launch a generic version of your own masterfully created and marketed product, underpricing you and even taking a loss in order to gain part of your hard-won marketplace. It’s back to the marketing drawing board, and possibly even a review of the company’s strategic plan.