Market Management Philosophies : Concept Of Value

The essence of marketing is value creation, where the goal is a long-term satisfaction by building relationships and attracting new customers by offering better value than the competition. Because marketing is based on exchanges where the objective is for all parties in the exchange to feel satisfied and gain some kind of value (Jobber and Ellis-Chadwick, 2013).

In conclusion, consumption plays a vital role in not only the world state society but also the western industrialized society. Even though one society uses sleep teaching and the other uses repetition on billboards and commercials. Consumption impacts things from the leaders you choose to whether your economy prospers or dies. Without consumption a society wouldn’t be able to

- The third form of customer value is expressive value (Smith and Colgate, 2007); the personal or larger social meaning that the product holds with the customer

Marketing has become more and more important, especially as the purposes of marketing expanded into performing marketing researches. Through marketing researches, it is asserted that marketing starts with a real customer need. Classic marketing, has, nonetheless, focused on making the need that will draw customers, and this stresses the advertising power of marketing (Woodall 2007, p.1284). This is also called the sales concept of marketing (Woodall 2007, p.1285). An example is how advertising lures people into buying a brand, because of the

Customer value can be defined as what the customer obtains or benefits from the purchase and use of a product versus what they pay for or sacrifice (Gale 1994; Heard 1993-94; Zeithaml 1988). There are four types of customer values, for instance the functional or instrumental value, experiential or hedonic value, symbolic or expressive value and cost or sacrifice value (Smith & Colgate, 2007).

Marketing is a management function which involves creating, communicating and delivering value for an organisation’s customers (Kotler, Brown, Burton, Deans & Armstrong (2010). Although many earlier academics define marketing as merely a process of satisfying customer needs in order to gain profits, more recent developments of the definition include its inherent connection with delivering superior value to customers in order to maintain ongoing relationships (Webster, 1992).

Consumption, we describe as the act of meeting basic needs with material goods and the practice of consuming as a way of life is ‘consumerism’ ( Kennedy 173). The ideology that the meaning of life is found in buying things has really caused majority to spend almost their monthly salary on goods and services in search of utility. This excessive recreational spending also plays a part in increase of inflation, also has made more money in circulation.

This report aims to find out the relationship between customer value and marketing. In particular, it focuses on the necessity of marketing and the composition of customer value, research on the connection between these two concepts. In particular, it indicates four elements of a market, which are price, place, products, and promotion (4Ps). The other vital part of a market is customer value, it has been divided into instrumental value, hedonic value, expressive value and cost value. Customer value and marketing connect to each other through the supplier help people do better- buying decision and improve products through the customer value.

It is so important for a company to decide what type of approach they want to take when they are marketing their product/services. It is first important to understand the different approaches that make up the 4-P approach to marketing versus the value approach. When using the 4-P style the company will most likely be concerned with the price, product, promotion, and place. The price will be a major focus point because it is important that you can compete with any competition that may be selling the same type of product you are offering. Likewise, it is important to know whether if in the future a price hike may be needed, will your product survive the inflation, or will customers choose a different brand. When thinking of promoting your product, where is the best venue is going to be the key question. Is the product geared towards teens/young adult or middle aged individuals are common questions? If it is for teens and younger adults where do they like to spend their time? Areas such as skate parks, movie theaters, or advertising on television during programs geared towards this age range would be appropriate venues. Alternately advertising for the middle aged demographic could be during sporting events such as hockey or football, or places like popular restaurants. The product aspect of the 4-P approach deals with the physical product or service you are providing. This is a similar aspect for both companies that use 4-P style and also with companies that take the

ANSWER:MARKETING AND CUSTOMER VALUE Marketing involves satisfying consumers’ needs and wants. The task of any business is to deliver customer value at a profit.

Marketing is perhaps the most important activity in a business because it forms the communication bond between the customers and the company, and it’s a key aspect of communicating the value of the product.

The process of communicating the value of a product or service to customers, for the main purpose of selling that product or service is known as marketing. The science of choosing target markets through market segmentation and analysis, and understanding consumer behavior while providing superior customer value to the customers is termed as Marketing Management. It can be looked at as one of the most important of the organizational functions and a set of processes for creating, communicating and delivering the value to their customers or potential customers, and a customer relationship management that benefits the organization in a variety of ways.

According to David Marcer marketing in general can be defined as a procedure that must be employed to understand, anticipate and satisfy the needs of the customer in a profitable way. The main purpose of marketing is to create a public awareness among the people about a product or service which will help a company to promote its product sales and reputation. (Mercer 1996). For this essay, I will be looking at the concept of perceived value and the importance to consumer behaviourism and how marketing plays a big role in this. I will also be discussing this theory and will link them with practical examples on how consumers perceive these various brands and how this will then impact their behaviour on purchasing.

Today, people consume for pleasure. The act of consuming goods may allow one to fit in, feel confident, or participate socially in shopping culture. Consumerism has become a universal behaviour amongst most people and groups. According to Sharon Boden, consumption is affected by both external and internal constraints and expectations (150). I argue that consumerism and consumption is no longer an accurate indicator of a person’s actual status and wealth. As a society, we have increased accessibility to commodities and experiences. For example, driving a Mercedes-Benz is no longer a symbol of being wealthy or belonging to the upper class. Leases or loans have brought such luxuries to a broader spectrum of social

HOW A PRODUCT OR SERVICE CAN DELIVER VALUE TO CUSTOMERS THROUGH THE 4P’S OF MARKETING