Marketing Process

Question 1

Define the ‘Marketing Process’

Answer 1

Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably (CIM, 2001)

Question 2

Define the ‘Marketing Process’

Answer 2

Marketing is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods, and services to create, exchange and satisfy individual and organisational objectives” (AMA, 1985)

Question 3

What happens in the first four steps?
1. Understand the marketplace and customer needs and wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing programme that delivers superior values
4. Build profitable relationships and create customer delight
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5. Capture value from customers to create profits and customer equity

Answer 3

Companies build to understand consumers, create customer value and build strong relationships

Question 4

What happens in the final step?
1. Understand the marketplace and customer needs and wants
2. Design a customer-driven marketing strategy
3. Construct an integrated marketing programme that delivers superior values
4. Build profitable relationships and create customer delight
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5. Capture value from customers to create profits and customer equity

Answer 4

Companies reap rewards for creating strong customer value.