Marketing Process: 5 Steps of Marketing ProcessMarketing is how companies create value for customers and build strong customer relationships to capture value from customers in return.Steps of the marketing process:Step 1: Understanding The Marketplace And Customer:It is important to understand customer needs, wants, and demands to build want- satisfying market offerings and building value-laden customer relationships.This increases long-term customer equity for the firm.Step 2: Designing A Customer-Driven Marketing Strategy: Selecting customers to serve -defining the target marketDeciding how to serve customers in the best way “ choosing a value propositionStep 3: Constructing an integrated marketing plan that delivers superior valueThe companys marketing strategy outlines which customers the company will serve and how it will create value. Then the marketer develops integrated marketing plans that will the intended value to target customers.It consists of the firms marketing mix (4Ps), the set of marketing tools the firm uses to implement its marketing strategy.Step 4: Build Profitable RelationshipsCustomer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.Step 5: Capturing Value From CustomersCustomer relationship managements ultimate aim is to produce high Customer equity “ total combined lifetime values of all of the companys current and potential customers.Therefore, the most important and first step in the marketing process is understanding customer needs and requirements.Download Solution PDFShare on Whatsapp