Monday, July 18, 2005

Steps in the marketing process

Marketing is a social and managerial process whereby individuals and groups obtain what they need and want to creating and exchanging products in value with others. More simply, its managing profitable customer relationships.

The marketing process involves five steps. The first four steps in the marketing process create value for customers. First, marketers need to understand the marketplace and customer needs and wants. Next, marketers design a customer driven marketing strategy with the goal of getting, keeping, and growing target customers. In the third step, marketers construct a marketing program that actually delivers superior value. All of the steps form the basis for the fourth step, building profitable customer relationships and create customer polite. In the final step, the company reaps the rewards of the strong customer relationships by capturing value from customers.