Kotler and Armstrong listed five main steps for marketers to follow in their marketing processes as below:

• Understanding the market place and customer needs and wants,
• Designing a customer-driven marketing strategy,
• Developing an integrated marketing program that delivers superior value,
• Building profitable relationships and creating customer satisfaction,
• Capturing value from customers to create profits and customer equity.

As can be undwerstood from the information given, the correct answer is E. All steps in the answer choices are among the main steps listed by Kotler and Armstron for marketers to follow their marketing processes.

Understanding the market place and customer needs and want is the very first step of a marketing process. Firms firstly need to examine the main characteristics of the market(s) they serve and determine the basic needs and want of the customers.

The starting point for establishing a customerdriven marketing strategy is understanding the main customer groups (segments) and selecting target group(s) from these segments. Since the companies cannot serve all customers in every market, such efforts in segmenting the customers and choosing the target market(s) facilitate the development of customer-driven strategy.

Preparation of a marketing program that aims to deliver superior value to the customers requires hardwork. Such hardwork mainly includes the preparation of company’s marketing mix which consists of product/service decisions, promotion activities, place decisions, and activities.

Customer relationship management can be considered as the initial step in building profitable relationships with the customers. In today’s competitive marketing environment, where long-term relationships are important for achieving success, more is needed in order to satisfy customers over a long period of time.

Capturing value from customers to create profits and customer equity is the final step of a marketing process. This final step is about capturing value in return in the form of current and future sales, market share and profits.