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5 Steps of marketing ProcessMarketing is a process by which the company used to create value for the customers and to maintain long term relationship in order to extract that value in the terms of profit. The process of doing so can be modeled in a sequence of steps: the situation is analyzed to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are made, the plan is implemented and the results are monitored. Marketing is a process by which the company used to create value for the customers and to maintain long term relationship in order to extract that value in the terms of profit. The firm needs to satisfy the customers with the value and to maintain a long term relationship in order to make profit. The process of doing so can be modeled in a sequence of steps: the situation is analyzed to identify opportunities, the strategy is formulated for a value proposition, tactical decisions are made, the plan is implemented and the results are monitored. It is a careful observation and the assessment of the needs and the wants of the customers in order to develop the product/services as per the market demand which can help the firm to create a superior value for the customers. Strategic marketing is a planning process that seeks to establish a clear direction and unified purpose for all marketing efforts. That is what the marketing is all about. The process of marketing consists of 5 steps which are explained below:
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