Marketing Process for Customer Relationships
• Figure 1.1 presents a simple, five-step model of the marketing process for creating and capturing customer value. In the first four steps, companies work to understand consumers, create customer value, and build strong customer relationships. In the final step, companies reap the rewards of creating superior customer value.
By creating value for consumers, they in turn capture value from consumers in the form of sales, profits, and long-term customer equity. throughout its marketing system. Thus, beyond practicing good customer relationship management and customer-engagement marketing, firms must also practice good partner relationship management.
The first four steps in the marketing process create value for customers. In the final step, the company reaps the rewards of its strong customer relationships by capturing value from customers. Delivering superior customer value creates highly satisfied customers who will buy more and buy again. This helps the company capture customer lifetime value and a greater share of customers. The result is increased long-term customer equity for the firm.
Finally, in the face of today's changing marketing landscape, companies must take into account three additional factors. In building customer and partner relationships, they must harness marketing technologies in the new digital age, take advantage of global opportunities, and ensure that they act sustainably in an environmentally and socially responsible way.
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CREATE VALUE FOR CUSTOMER AND BUILD CUSTOMER RELATIONSHIPS
AN EXPANDED MODEL OF THE MARKETTING PROCESS
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