INTRODUCTION
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
Marketing is a very unique process that enables limitless methods or variations for an entity to appeal to a particular target market as well as to deter from a particular market. Marketing is used in more than just business; The kinds of clothes an individual wears and the attitude a person portrays can be used to market him or herself to the public for many reasons: Maybe to attract a woman a man is attracted to, possibly to impress the president of a company a person is interviewing for, and even to just create a base of his or her character in which other people will judge him or her by. Marketing is everywhere from the business side of the spectrum to relationships people have
In the paper of Dixon and Wilkinson (1982), the authors argue that marketing is a kind of exchange mechanism that results from buyers and sellers actions to satisfy their requirements. Furthermore, each person plays one or more specific roles of different social systems in which
Marketing is often thought of as advertising and selling, but marketing encompasses more than just selling a product or service and advertising it to entice customers to make a purchase. Perrault, Cannon, and McCarthy (2009) defined marketing as "the performance of activities that seek to accomplish an organization’s objectives by anticipating customer or client needs and directing a flow of need satisfying goods and services from producer to customer or client" (p. 6). However, Kotler and Keller (2009) stated one of the shortest definitions is "meeting needs profitably" (p. 5). The author's definition of marketing includes all of the activities a business
‘Marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.’ - Kotler
Concepts of marketing- marketing= a social and managerial process by which individual and groups obtain what they need and want through creating and exchanging products and value with others.
Customer Value is ‘the performance characteristics, features and attributes, and any other aspects of goods and which customers are willing to give up resources’ (Robbins, Bergman, Stagg and Coulter, 2012). This broad definition highlights the fact that there are multiple aspects that contribute to create a sense of value within the customer.
This report based on the study of “Customer Value Marketing” starts with introduction section. We have mentioned the contents of the study in objectives of the report section.
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
Zeithaml (1988, as cited in Smith & Colgate, 2007, p. 8) defined customer value as
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).
Marketing is a social and managerial process by which individuals and organizations obtain what they need and want through creating and exchanging value with others. (Kotler & Armstrong, 2012)
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others.(Kotler, Armstrong, Saunders, Wong page 5)
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.
Marketing is the process by which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Marketing is one of the key measurement indicator for the success in a competitive business atmosphere but not just about promoting commodities . Shelby (cited in Ayuba, 2009) defined marketing as “ the behavioral Science that needs to explain exchange relationships’, he went explain that the study of marketing needs to understand the buyer behaviour directed at its associated consequences on society and consummation of exchange.
The birth of ‘Marketing’ happened centuries ago where vendors in ancient times tried to seduce the oncoming customer by chanting in loud noises and catering to the customer needs by negotiation of price or assumption of what they might need aside from what they were actually looking for. Over the years, this process has been refined, given a