Question

Name and explain the steps in the marketing process?

Answer 1

Answer :

Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return.

There are mainly five steps involves in the marketing process.

(1) Understand the marketplace and customer needs and wants: Wants are shaped by one's society and are described in terms of objects that will satisfy those needs. Include physical needs for food, clothing, warmth, and safety

(2) Design a customer-driven marketing strategy : Strategy like, what customers will we serve (what's our target market), How can we serve these customers best (what's our value proposition.

(3) Construct an integrated marketing program that delivers superior value: The firm must blend each marketing mix tool into a comprehensive integrated marketing program that communicates and delivers the intended value to chosen customers.

(4) Build profitable relationships and create customer delight: The key to building lasting customer relationships is to create superior customer value and satisfaction. Satisfied customers are more likely to be loyal customers and give the company a lager share of their business.

(5) Capture value from customers to create profits and customer equity : Customer equity is the total combined customer lifetime values of all of the company's current and potential customers.

Customer Value (Customer-Perceived Value)is the customer's evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers.Customers often do not judge values and costs "accurately" or "objectively." They act on perceived value.