Market Management Philosophies : Concept Of Value

Better Essays

Introduction Section 1 Market Management Philosophies Concept of Value Value is considered to be an important constituent of marketing and the ability of a company to provide superior value to its customers. The essential idea of marketing is offering customers superior value (Doyle, 2008). By adding more value to commodity, companies seek to improve customer satisfaction so that bonds are strengthened in order to achieve customer loyalty. The most frequently used definition of value is that value is relationship between what one sacrifices and what one benefits (Ravald, Gronroos, & Annika, 2011). The set of the activities designed to inform, communicate with and motivate the target consumers about the company’s product or service. Consumption could be then seen as means of creating value as customers are not chiefly interested in what they buy and consume as such (Ravald, Gronroos, & Annika, 2011). They are more interested in entrenched positive impact in their possessions and their product activities use. Cook dinner for the family makes a nice meeting around the dining table the family, and conduct a Friend permitted by a reliable car allows for the driver to enjoy a beautiful past together with his friend evening. Value emerges from the opportunity for family and time spent with the friend, not the kitchen ingredients or the vehicle used in the process (Gronroos, Ravald, & Annika, 1996). The opportunities to interact with customers are limited for the supplier of

Get Access