The first step of the marketing process is to ___________________.
A. understand the marketplace, which includes customer needs and wants.
B. design a customer-driven marketing strategy
C. construct an integrated marketing program that delivers superior value
D. capture value from customers to create profits and customer equity
E. build profitable relationships
Correct Answer: A. Understand the marketplace, which includes customer needs and wants.
The first step of marketing process can be describe as to understand the market place which includes customer needs and wants. Market place can be referred as a place in which goods and services are offered. Market place can be defined based upon your target audience, your marketing strategies and your business line. These marketing strategies can be based upon your goods and service.
If you are going to start a business, first define what are customers needs and want. Then, Analyze market wither these goods and services are offered by someone else. After finalizing what you are going to offer, next step is to define which group of people you are going to target. Your target groups can be based on demographic, geographic, age gender etc.
Once you have decided your target audience, you will have to develop a marketing strategy to promote your business. Most famous and known strategy is 4 P’s. In this strategy, you define your product, fix a price of your good and service. Define a place of your good and service where you want to position it. In last you, develop an advertising campaign through which you attract your customers. It can be in any of the following:
Which includes pamphlet, brochures, leaflets, banner and booklets etc
It includes Television commercials, sponsorship to television programs documentaries etc.
Person to person