Answered: List the five step model of marketing?

Contemporary Marketing

18th Edition

ISBN:9780357033777

Author:Louis E. Boone, David L. Kurtz

Publisher:Louis E. Boone, David L. Kurtz

Chapter1: Marketing: The Art And Science Of Satisfying Customers

Section1.2: Elements Of Marketing Strategy

Problem 1LO

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List the five step model of marketing?

Expert Solution

Step 1

Marketing has great suggestions on what to look for and tactics to help ease the way. To implement a marketing plan, the company needs to build a marketing organization.

Step 2

The five steps of the marketing process are as follows:

Understand the marketplace and customers: It is essential to know the requirements to meet the customer's needs, desires, aspirations, what the market is offering, and how to create value and customer relationships. This increases the long-term customer equity for the firm.
Develop a customer drive marketing strategy: Focus on customer selection and marketing strategy design to define the target market, choose a value proposition and decide how best to serve customers.
Provide high customer value: The company’s marketing strategy explains which customers the company will serve and how it will create value. The marketer develops value-added integrated marketing plans aimed at targeting customers. It includes the marketing mix of the company and the set of marketing tools that the company applies to implement its marketing strategy.
Develop profitable customer relationships: Creating the best customer value and satisfaction is the key to building lasting relationships. Today’s companies want to create profitable relationships and build relationships that will increase the share of customers that a company buys from its product categories.
Capture value from customers to create profits and higher consumer equity: The more loyal the company is to profitable customers, the higher the customer equity. Customer equity may be a better course of action to measure its performance than market share and current sales. Marketers cannot create customer value and create customer relationships themselves. They need to work closely with other company departments and partners outside the organization.

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