According to the five-step model of the marketing process, a company should ________ before designing a customer-driven marketing strategy.
A) determine how to deliver superior value to customers
B) build profitable relationships with customers
C) use customer relationship management to create full partnerships with key customers
D) understand the marketplace and customer needs and wants
E) construct an integrated marketing program

Question

Quizplus · Accepted Answer

The five-step model of the marketing process includes the following steps:
Understanding the marketplace and customer needs and wants
Designing a customer-driven marketing strategy
Constructing an integrated marketing program
Building customer relationships
Capturing value from customers
The first step in the process is to understand the marketplace and customer needs and wants. This involves conducting market research, analyzing customer behavior and preferences, and identifying trends in the industry. Only after this step can a company design a customer-driven marketing strategy that meets the needs and wants of their target audience. Therefore, option D is the correct choice.
Option A is incorrect because determining how to deliver superior value to customers is a part of designing a customer-driven marketing strategy, which is step 2. Option B is incorrect because building profitable relationships with customers is step 4, after the marketing strategy has been designed. Option C is incorrect because customer relationship management (CRM) is a tool used to build and maintain customer relationships, which is step 4 in the marketing process. Option E is incorrect because constructing an integrated marketing program is step 3, which comes after designing a customer-driven marketing strategy.

According to the Five-Step Model of the Marketing Process, a Company