The most crucial and first step in marketing process is?
Correct answer: D. Understanding customer needs and wants
- A. Designing a marketing strategy
- B. Create customer delight
- C. Capturing value from customers
- D. Understanding customer needs and wants
Explanation
Marketing begins by understanding customer needs and wants, because these guide the marketing strategy, product offering, and value proposition. Creating delight and capturing value come later in the process.
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Marketing covers how organisations identify customer needs, create value and exchange products or services through suitable markets. Key concepts include market segmentation, targeting, positioning, consumer behaviour, the marketing mix of product, price, place and promotion, branding, product life cycle and differences between marketing and selling.
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