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What is Marketing Process? Discuss Five Steps of Marketing Process.

What is Marketing Process? Discuss Five Steps of Marketing Process.

Marketing process refers to the set of activities that a business undertakes to create, communicate, deliver, and exchange value with its customers. It involves identifying customer needs and wants, developing products or services to meet those needs, promoting and communicating the value of those offerings, and ultimately delivering them to customers.
The five key steps of the marketing process are:

  1. Understanding the marketplace and customer needs and wants: This involves researching and analyzing the market, including customer needs, preferences, and behavior's.
  2. Designing a customer-driven marketing strategy: Based on the market research findings, businesses create a marketing strategy that is tailored to the needs and preferences of their target customers.
  3. Constructing an integrated marketing plan that delivers superior value: This step involves developing a comprehensive marketing plan that includes product or service design, pricing, promotion, and distribution.
  4. Building profitable relationships: Businesses aim to build strong, long-lasting relationships with their customers by delivering superior value and customer satisfaction.
  5. Capturing value from customers: Finally, businesses must capture value from their customers by generating revenue through sales and creating loyal customers who will continue to purchase from them in the future.
  6. Copyright @Anisur Rahman

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