Which steps of the five step marketing process is about understanding customers creating customer value and building strong customer relationships?

Marketing process Marketing is about the dealing with customers. When there is a need or demand, marketing occurs as there will have an exchange between the buyers and sellers. Marketing recognized the target customers before advertising to them. According to Kerin, Hartley, Rudelius and Lau (2009), marketing satisfy the need of prospective customers after realizing the need and demand of them. There are five important steps in marketing process namely understanding marketplace and customer needs, designing a marketing strategy, preparing marketing planning and program, establishing profitable customer relationship and capturing value from customers (refer to figure 1 in appendix 1).
The first step in marketing process is to understand marketplace…show more content…
In order to transfer proposed value to customers, an integrated marketing program is launched by marketers after the step of designing marketing strategy. Formal planning can produce many benefits for all kinds of organizations (Kolter, Armstrong, Brown, Adam & Chandler, 1998). The marketing program establish relationship between organization and customers when the marketing strategy is transformed to action successfully. When the marketers have many decisions to make in order to find out the best way to present their products or services, marketing mix is used as a strategic tool for marketers to introduce their products or services (Solomon & Stuart, 2000). Marketing mix, a set of marketing tools is used by the firms to implement the marketing strategy. Marketing mix assorted into four bored groups, known as four Ps, which are price, place, product, and promotion. Firms create a product to satisfy its targeted customers. Marketers then decide how much to be charged to the product andalso consider will it be available for targeted customers. Lastly, promotion is the way marketers communicate with targeted customers to persuade them to purchase their products. To deliver intended value to the customers, firms must merge the marketing mix into marketing…show more content…
Kolter et al.(1998) claimed that marketers must study its customer markets intently. In order to develop a long term relationship with buyers, marketers need to satisfy the arrangement on how much value both consumers and sellers can obtain from the relationship. There are two vital relationships influence the organizations which are customer relationship management and partner relationship management. Customer relationship management is a comprehensive process of establishing and maintaining profitable customer relationships by contributing advanced customer value and satisfaction. When the customers’ satisfaction is fulfilled, the delighted customer will repurchase and promote the particular products of company and thus result in better company’s performance. During this step, marketers cooperate closely with partners outside the company in order to create customer value and develop formidable customer relationship. Moreover, marketers representing the customer need to different departments and delivering the customer value by linking these

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Which steps of the five step marketing process are about understanding customers creating customer value and building strong customer relationships *?
What are the 5 steps in the marketing process that aims to create value for customers and capture value from them?
What are the 5 major steps in a marketing process?
What step of marketing process creates customer value?

CHAPTER 1:Which steps of the five-step marketing process are about understanding customers,creating customer value, and building strong customer relationships?