Marketing and Customer Value Essay

Submitted By sgerloff
Words: 2273
Pages: 10
Open Document
Study Guide
Marketing: the activity for creating and delivering offerings that benefit the organization, its stakeholders, and society For marketing to occur you need: two or more parties with unsatisfied needs, a desire and ability on their part to be satisfied, a way for parties to communicate, and something to exchange TO SERVE BOTH BUYERS AND SELLERS, and achieving the marketing objectives EXCHANGE must happen: trade of things of value b/w a buyer and a seller so that each is better off (bi-directional: exchanges of things w. value) Marketing Objectives: 1. Discovering Consumer Needs
a. Consumer needs and consumer wants: (effective marketing can shape a person’s wants) - Need occurs when a person feels deprived of basic necessities such as food, clothing and shelter - Want is a need that is shaped by a person’s knowledge, culture, and personality b. Market: people with both the ability and the desire to buy a specific offering: “buy” an idea like if your marketing someone to save energy 2. Satisfy Consumer Needs a. After you discover consumer needs, you cant stop there because an organization can not possibly satisfy all consumer needs so it needs to concentrate its efforts on a specific group or groups of potential consumers, this is the Target Market b. After choosing target market you must satisfy their needs by creating a Marketing Mix, the 4 P’s, and all CONTROLLABLE factors Product: a good, service or idea to satisfy consumer’s needs Price: what is exchanged for the product Promotion: means of communication b/w seller and buyer Place: means of getting the product to the consumer c. An effective marketing mix conveys a clean customer value proposition: cluster of benefits that an organization promises its customers to satisfy their needs: ex- Wal-Mart’s quote, “everyday low prices for a broad range of products that are always in stock in convenient locations” d. Environmental Forces: UNCONTROLLABLE social, economic, technological, competitive, and regulatory forces that affect the results of a marketing decision

Customer Relationships
Customer Value: buyer’s benefits, including quality, convenience, on-time delivery, and before and after sale service at a specific price
Loyal, satisfied customers are likely to repurchase more over time
Loyalty and satisfaction are not always linked: if you are the only company that sells that products then consumers will continue to buy your product even though that are not satisfied
Noncompetitive zone: where you’re the monopoly and have to buy from you/ Competitive zone:
Marketing Relationship: linking the organization to its individual customers, employees, suppliers, and other partners for their mutual long-term benefit: connection with customers using the 4 P’s
Evolution of Marketing Orientation:
1. Production Orientation: bought anything really because there were not a lot of good available and they were scarce
2. Sales Orientation: manufacturers could produce more goods than buyers could consumer, competition grew, salespeople hired
3. Marketing orientation:
Marketing Concept: the idea that an organization should strive to satisfy the needs of consumers while also trying to achieve the organizations goals (understood the objectives of marketing in this era)
Market Orientation: focusing organizational efforts to collect and use information about customer needs to create customer value
4. Customer Relationship Orientation:
Focus on customers led to Customer Relationship Management (CRM): process of identifying prospective buyers, understanding them intimately, and developing favorable long-term perceptions of the organization and its offerings so that buyers will choose them in the marketplace
Foundation of CRM: customer experience: the internal response customers have to all aspects of an organization and its offering
The internal response includes direct and indirect contacts
Life
Show More

Related Documents: Marketing and Customer Value Essay

Marketing: Marketing and Customer Value Essay

It is agreed by many scholars that the concept of marketing was originally brought up around the time when industrial revolution took place. (Elvy, 1991; Evans & Berman, 1994) However, the definitions of marketing varied from time to time. ) People still get confused by the term “marketing” nowadays thinking it is only about advertising and selling the product, however it is actually a broad term that involves not only advertisement but also many other activities for instance, market research, media…

Words 697 - Pages 3

Customer Value Marketing Essay

based on the study of “Customer Value Marketing” starts with introduction section. We have mentioned the contents of the study in objectives of the report section. The methodology section deals with the means of preparation of this report and the processes that we have followed. Then the report describes the theoretical aspects of the study in the literature review. This section mainly consists of brief description about different important topics about customer value marketing. Finally in the last…

Words 1790 - Pages 8

Essay on Customer Lifetime Value and Return on Marketing

Case Study: Conroy’s Acura: Customer Lifetime Value and Return on Marketing Case Summary: Conroy’s Acura was founded in November 1986 by Ross Conroy, a veteran of the car industry who also owned a General Motors dealership to open in Toronto and one of the first in North America. Located in downtown Toronto, Conroy’s Acura sold both new and pre-owned vehicles, and its service department was dedicated to Acura Products. Conroy’s Acura was an independently owned dealership that held a franchise…

Words 1475 - Pages 6

Customer Driven Marketing Strategy: Creating Value for Target Customers Essay

Chapter 7 Customer-Driven Marketing Strategy: Creating Value for Target Customers 1) When a company identifies the parts of the market it can serve best and most profitably, it is practicing ________. A) concentrated marketing B) mass marketing C) market targeting D) segmenting E) differentiation Answer: C Diff: 2 Page Ref: 191 Skill: Concept Objective: 7-1 2) What are the four steps, in order, to designing a customer-driven marketing strategy? A) market segmentation, differentiation…

Words 7987 - Pages 32

Chapter 1: Marketing: Creating and Capturing Customer Value Essay

Principles of Marketing, 14e (Kotler) Chapter 1 Marketing: Creating and Capturing Customer Value 1) All of the following are accurate descriptions of modern marketing EXCEPT which one? A) Marketing is the creation of value for customers. B) Marketing is managing profitable customer relationships. C) Selling and advertising are synonymous with marketing. D) Marketing involves satisfying customers' needs. E) Marketing is used by for-profit and not-for-profit organizations. Answer: C Diff:…

Words 9743 - Pages 39

Essay on Strategic Planning, Product Positioning and Customer Value Marketing Theories Applications at Qantas Group

Strategic Planning, Product Positioning and Customer Value Marketing Theories Applications at Qantas Group A Report By Amit Singh ID: c3099441 FM– Assign 2 Page I Amit Singh ID: c3099441 Executive Summary Qantas was founded in Queensland in 1920 as Queensland and Northern Territory Aerial Services. It is twelfth largest and second oldest airline in the world. Since Qantas was privatised in 1993, it has operated profitably in international and domestic air services and a range of…

Words 6444 - Pages 26

Principles of Marketing Essay

Marketing 2100 Notes Lecture 1 - Value 1. Define marketing, employing key elements such as value, products, markets, customer relationships, needs, wants and demands. Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Needs are states of felt deprivation. Wants are the form human needs take as shaped by culture and individual personality. Demands are human wants that are backed by…

Words 843 - Pages 4

Marketing and Customer Essay

is marketing: Marketing is managing profitable customer relationship. The twofold goal of marketing is to attract new customer by promising superior value and to keep and grow current customers by delivering satisfaction. Marketing is the process by which companies create value for customer and build strong customer relationship in order to capture value from customer in return. The Marketing Process 1) Understand the marketplace and customer needs and wants. 2) Design a customer driven…

Words 824 - Pages 4

Brand Management Essay

What is customer relationship management? And discuss how each of the elements of the QCi Customer Management Model can be used to understand how well customers are being managed? Reference: HANDBOOK OF CRM: ACHIEVING EXCELLENCE IN CUSTOMER MANAGEMENT (2006) BY ADRIAN PAYNE Customer relationship management has got the importance in less than a decade as a major topic. The customer relationship management or customer management is not so old topic to study as it came into use in late 1990’s…

Words 2213 - Pages 9

Essay on Foundations of Marketing: Through the Prism of the Apple Watch

MKF1120 Marketing Essay Sali Miftari Sali Miftari Marketing Theory and Practice Sali Miftari ID: 26948842 Tutors: Peter Wagstaff and Kristel Proctor This essay considers the foundations of marketing through the prism of the Apple Watch. !1 MKF1120 Marketing Essay Sali Miftari Sali Miftari A Brief Introduction to Marketing Marketing as an academic discipline is relatively new concept a little over 100 years old, with associated theories that now form the core of marketing created by the numerous…

Words 2232 - Pages 9