Value-Based Marketing: Creation, Delivery, and Evaluation
Introduction
Marketing principles made a fast swift from the conventional methods to the modern marketing. From the literature, we can marked the shift from product centric view to customer centric view .i.e. from” inside-out to outside-in”. This made an outstanding shift from Mc Carty’s 4p concept to value based marketing. Emphasising this shift the Piercy(2009)imprint that marketing is a set of management activities that define ,create and deliver value to the customers.
The essay is divided into 3 section ,firstly about the creation and delivery of value ,in the second section deals with the case study of the Ritz Carlton and Abad group of hotels service orientation and recommendations and finally the critical evaluation of the concepts.
Defining Of Value
According to kotter and keller(2006) value is the central marketing concepts and can been seen as the identification ,creation ,communication ,delivery and monitoring of customer value. Value reflect the perceived tangible and intangible benefits and cost of the customer(zeithamal,1988). In the view peck.etal(1999) customer value is the perceived benefits a customer believe they receive from the owner ship or consumption of a product or service relative to the ‘total ownership’. Some authors argued that value dwells in the balance between functional solution and sacrifice by the customers(Ravald&Gronoss,1996;Christopher,1996).
Wooddruff(1997) noted that the value concept varies according to the circumstances of the customer’s.
Moreover in the view of kotler (2009)the value creation and delivery has three phases first value choosing. i.e. STP(segmentation, targeting, positioning).Secondly value providing through product development, offering and distributing and serving. Finally to value communicating through sales force ,advertising .Coming to 3vs approach of marketing( London’s business school) value is defining process like research on markets ,value is developing process like new
Marketing principles made a fast swift from the conventional methods to the modern marketing. From the literature, we can marked the shift from product centric view to customer centric view .i.e. from” inside-out to outside-in”. This made an outstanding shift from Mc Carty’s 4p concept to value based marketing. Emphasising this shift the Piercy(2009)imprint that marketing is a set of management activities that define ,create and deliver value to the customers.
The essay is divided into 3 section ,firstly about the creation and delivery of value ,in the second section deals with the case study of the Ritz Carlton and Abad group of hotels service orientation and recommendations and finally the critical evaluation of the concepts.
Defining Of Value
According to kotter and keller(2006) value is the central marketing concepts and can been seen as the identification ,creation ,communication ,delivery and monitoring of customer value. Value reflect the perceived tangible and intangible benefits and cost of the customer(zeithamal,1988). In the view peck.etal(1999) customer value is the perceived benefits a customer believe they receive from the owner ship or consumption of a product or service relative to the ‘total ownership’. Some authors argued that value dwells in the balance between functional solution and sacrifice by the customers(Ravald&Gronoss,1996;Christopher,1996).
Wooddruff(1997) noted that the value concept varies according to the circumstances of the customer’s.
Moreover in the view of kotler (2009)the value creation and delivery has three phases first value choosing. i.e. STP(segmentation, targeting, positioning).Secondly value providing through product development, offering and distributing and serving. Finally to value communicating through sales force ,advertising .Coming to 3vs approach of marketing( London’s business school) value is defining process like research on markets ,value is developing process like new
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