FIGURE 1.6 An Expanded Model of the Marketing Process Understand the marketplace and customer needs and wants Create value for customers and build customer relationships Design a customer value- driven marketing strategy Construct an integrated marketing program that delivers superior value Engage customers, build profitable relationships, and create customer delight Capture value from customers in return Capture value from customers to create profits and customer equity Research customers and the marketplace Manage marketing information and customer data Select customers to serve: market segmentation and targeting Decide on a value proposition: differentiation and positioning Product and service design: build strong brands Pricing: create real value Distribution: manage demand and supply chains Customer relationship management: build engagement and strong relationships with chosen customers Partner relationship management: build strong relationships with marketing partners Create satisfied, loyal customers Capture customer lifetime value Increase share of market and share of customer Promotion: communicate the value proposition Harness marketing technology Manage global markets Ensure environmental and social responsibility