Marketing begins with strategy and relies on creating and delivering value to customers. The marketing mix—product, price, place, and promotion—has traditionally comprised the marketer’s toolbelt.

It is crucial for marketers to understand exactly what customers value and determine how to deliver the value while also meeting company goals

customer value — the ratio of the perceived benefits relative to the costs incurred by the customer in acquiring the product or service. value — the difference between a customer’s evaluation of the benefits and costs of one product when compared with others. marketing — the activities a company undertakes to promote the buying or selling of a product or service. customer — a person who purchases a product or service.