[Solved] Which is the most important and first step in the marketing (2024)

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 market
• Deciding how to serve customers in the best way – choosing a value proposition

Step 3:Constructing an integrated marketing plan that delivers superior value

• The company’s 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 firm’smarketing mix (4Ps), the set of marketing tools the firm uses to implement its marketing strategy.

Step 4:Build Profitable Relationships

• Customer 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 Customers

• Customer relationship management’s ultimate aim is to produce high Customer equity – total combined lifetime values of all of the company’s current and potential customers.

Therefore,the most important and first step in the marketing process is understanding customer needs and requirements.