Relationship Between Marketing And Customer Value

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This paper aims to explain the relationship between marketing and customer value and their relevance when promoting and ensuring customer satisfaction. It will discuss marketing as a business philosophy and its importance in organisations. The concept of customer value will also be examined and its significance to the success of a product. Throughout the paper, the Apple Watch will be drawn on to further explore the concepts and to put them into context.

Marketing has been defined in a number of ways. Kotler (1983,p.7) defined marketing as a “human activity directed at satisfying needs and wants through exchange processes.” He felt this encapsulated the fundamentals of marketing and went on to present the basic concepts of needs, a state of felt deprivation, that are plentiful and complex, they include basics such as food or clothing, wants which he described as an “expression of human needs, shaped by a person’s culture or individual development” (Kotler, 1972, p. 8), demands, wants that are backed by buyer power, exchanges, “the act of obtaining a desired object from someone by offering something in return.” (Kotler, 1972, p. 10), an exchange can also occur between a person and a television program (Bagozzi, 1975) and transactions, a trade of values between any two parties. The main aim of Kotler’s definition was to highlight the importance of customer satisfaction, and the significance of needs and wants.

Businesses need marketing in order to reach

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