Marketing Is All About Creating Value.
MARKETING IS ALL ABOUT CREATING VALUE. USING BOTH CRITICAL ANALYSIS AND PRACTICAL EXAMPLES, EXAMINE THE EXTENT TO WHICH CREATING VALUE TO CUSTOMERS AND TO THE FIRM ARE AN INTRINSIC PART OF MARKETING TODAY.
Different people have defined marketing differently. On the face of it, it may be thought of as the process by which an organisation reaches out to the consumers with the products or services that it has to offer in order to make profits. If we dwell deeper, it 's worth mentioning that marketing strategies have evolved immensely over decades. The organisations in the present day care as much for creating value for customers as they do for increasing their profits. In fact, it has been largely accepted that both these things are interlinked. Modern age marketers are realizing and understanding the importance of creating value for their consumers so as to reap the benefits out of a strong buyer-seller relationship. Gary Armstrong who quotes that “creating customer value and satisfaction are at the very heart of modern marketing thinking and practice” supports this. (Kotler and Armstrong 2000)
The need and importance of creating value has been discussed in the following paragraphs. The ways in which organisations create value for their consumers as well as themselves has also been highlighted with examples from the products and services we use and see in our everyday lives. Also, the role of value creation in today 's market and the extent to which it is important have been illustrated with examples from the telecommunications sector, fashion retail sector and the likes.
What exactly does creating value for the customer mean? To understand this better, let us go back to the role of marketing. Marketing strategies basically aim to cater to a particular set of people who are most likely to buy the product or service being offered. This knowledge helps the marketer device ways in which to position the product in the minds of the target audience so as to
Different people have defined marketing differently. On the face of it, it may be thought of as the process by which an organisation reaches out to the consumers with the products or services that it has to offer in order to make profits. If we dwell deeper, it 's worth mentioning that marketing strategies have evolved immensely over decades. The organisations in the present day care as much for creating value for customers as they do for increasing their profits. In fact, it has been largely accepted that both these things are interlinked. Modern age marketers are realizing and understanding the importance of creating value for their consumers so as to reap the benefits out of a strong buyer-seller relationship. Gary Armstrong who quotes that “creating customer value and satisfaction are at the very heart of modern marketing thinking and practice” supports this. (Kotler and Armstrong 2000)
The need and importance of creating value has been discussed in the following paragraphs. The ways in which organisations create value for their consumers as well as themselves has also been highlighted with examples from the products and services we use and see in our everyday lives. Also, the role of value creation in today 's market and the extent to which it is important have been illustrated with examples from the telecommunications sector, fashion retail sector and the likes.
What exactly does creating value for the customer mean? To understand this better, let us go back to the role of marketing. Marketing strategies basically aim to cater to a particular set of people who are most likely to buy the product or service being offered. This knowledge helps the marketer device ways in which to position the product in the minds of the target audience so as to
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