1. Define marketing and outline the steps in the marketing process.

Marketing has two facets. First, it is a philosophy, an attitude, a perspective, or a management orientation
that focuses on the satisfaction of the customers. Second, marketing is an organization set to function and
create a process to meet the philosophy stated in number one, which is to give satisfaction to the
customers.

Marketing is not about telling and selling, but it is about the customers' needs. It is about creating a
process that would create value for the customers that establish value and trust from the customers to
capture value from customers in return.

Marketing Process Outline

I. Understanding the marketplace and customer needs and wants
• It is about full understanding consumers and the marketplace in which it operates. • It has five core
customers and marketplace concept: (1) Needs, wants and demands ;(2) market offerings (product,
services, and experiences); (3) value and
satisfaction; (4) exchanges and relationships; and (5) markets

II. Design a customer- driven marketing strategy

• Outlines which customers it will serve and how it will create value to these
customers.
• The step, in which marketing strategy is made.

III. Construct an integrated marketing program that delivers superior value

• The step in which the company develops marketing mix that will actually deliver the intended customer
value.
• The marketing program builds customer relationship with the use of marketing strategy and putting it
into action.

IV. Build profitable relationships and create customer delight

• The most important step in marketing process: building profitable relationships and create customer
delight.
• In this step it focuses on building and managing lasting relationship with the customers.

V. Capture value from customers to create profits and customers equity

• The final step involves the capturing value in return in the form of current and future sales, market
share, and profits.
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Marketing process is important to understand because it is the way in which firms can
have a better approach on the target market, provide suitable services, and to build a long-term
relationship with their customers that extends their business profit.

2. Explain the importance of understanding the marketplace and customers and identify
the five core marketplace concepts.
Marketing is all about creating value for customers. Therefore, the company needs to
know and understand the marketplace and its customers. That is why it is the first step in
the marketing process. Because when the company fully understands its marketplace and
customers, they can make a marketing strategy that would attract, keep and grow the
target customers then create ways on how they can deliver and communicate to them. In
marketing, there are five core marketplace concepts. The needs, wants and demands,
market offerings, customer value, exchange and relationships, markets.
First, the Needs, Wants, and Demands. Needs are the necessities for humans to live
like water, clothing, and food. Need is not something the marketer made. Need is
considered as part of the human makeup. Wants are the products that are shaped by
one’s culture and way of living that can satisfy one’s needs. Demand is related to
customers buying power. Given the wants and the resources of the buyer, marketers
create products that will live up to those demands to ensure customers value. Knowing
those three gives insights to the company on ways they can improve their customer’s
life and provide satisfaction to the customers.
Second, market offerings. In marketing offerings, the needs and wants of the customers
are satisfied. It is a combination of products, services, information, or experiences to
fulfill the needs and wants. Marketing myopia is a common mistake in market offerings
because the company tends to focus on the product itself rather than the value and
experience it would give to the customers.
Third, Customer value and satisfaction are about marketers setting the right
expectations for their products. Customer Value and Satisfaction are the foundation for
developing and managing customer relationships.
Fourth, Exchange and relationships. In this core concept, it talks about marketers
wanting to build strong and consistent relationship towards the customers, and that is
fulfilled by having an “exchange.” An exchange is an act of obtaining your needs or
wants by offering something in return. Marketers move to create and maintain desirable
exchange relationships with the customers. It can be in the way of service, ideas, or
products.
Lastly, Markets are the set of the current and potential buyers of the product. These
buyers are the people who share the same needs and wants that can be satisfied with
the exchange relationships.

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Market research provides a detailed insight on the customers preference and dislikes,
latest market trends, consumer buying patterns, economic shifts, and demographics.
Therefore, understanding it gives the company a startup to fully understand their
product and their customer.