It is an overstatement to say many people know marketing only as selling and advertising.
However, it is more than that. Marketing can be said to be a process by which companies create values for customer relationship in other to capture value from customer innovation.
In marketing, there is a market; this doesn't particularly mean a place for buyers and sellers but generally everyone who is interested in a particular kind of product (perishable or non-perishable).
Marketing a product requires the company to know the process by which to create value for customers and build strong customer relationship in other to capture value from customer in action.
In doing this, they need to understand the market place and customer needs and wants, design a marketing strategy for the customer, construct marketing programme that is most effective and build strong relationship with the customer which benefits them.
In other to build a strong customer relationship, Companies needs to follow these steps;
1) Manage customer relationship: This is a difficult task to handle, it deals with all aspect of acquiring and growing customers. This requires the company to have wide knowledge of its customer and what they want and need, in other to maximize customer relationship to yield profitability.
2) Altering nature of customer relationship: Companies need to understand that change is in everything. Customer are most likely to switch to another related product when they notice more favorable quality in other products. This would require any company who wants to retain and grow their customers to create attractive offer in other to earn their customers loyalty.
3) Company partnership relationship: The world is a vast place with lots of people and lots of different needs and wants. Companies needs to work together in other to know, create and provide the desired wants of their customers which would in return yield profit.
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