Summary
Summary Marketing: Creating and Capturing Customer Value
- Institution
- Ashford University
Marketing: Creating and Capturing Customer Value
[Show more]
Seller
Follow
Content preview
stuvia.com Marketing: Creating and Capturing Customer Value Marketing and the Marketing Process: Marketing is a crucial business activity that involves creating and delivering value to customers in order to satisfy their needs and wants. It plays a key role in attracting, retaining, and satisfying customers, ultimately leading to the success of a company. In this discussion, we will explore the various aspects of marketing and its importance in generating value for both customers and businesses. At its core, mar keting is about understanding the target market. This involves conducting market research to gather information about customer preferences, demographics, and behavior. By analyzing this data, a company can identify specific needs and wants of its target au dience. This understanding is crucial as it forms the basis for designing an effective marketing strategy. A customer -driven marketing strategy is crucial for businesses as it focuses on meeting the needs and wants of customers. This involves designing pro ducts or services that align with customer preferences and developing marketing campaigns that communicate the value proposition effectively. A marketing strategy must also consider competition and market trends to ensure that the company stands out from i ts competitors. Once a marketing strategy is developed, it needs to be implemented and managed effectively. This involves various activities such as product development, pricing, distribution, and promotion. Through product development, companies create of ferings that not only fulfill customer needs but also differentiate themselves from competitors. Pricing strategies aim to strike a balance between value for customers and profitability for the company. Distribution ensures that products are available to c ustomers when and where they need them. Promotion stuvia.com activities such as advertising, sales promotion, and public relations are used to communicate the value proposition of a product or service to the target audience. Marketing programs are designed to capture value from customers. This involves creating customer value through various marketing activities and capturing that value in terms of sales and customer loyalty. The goal is to create a strong brand image and build long -term relationships with customers. Customer satisfaction and loyalty are crucial for businesses as they lead to repeat purchases, positive word -of-mouth, and increased customer lifetime value. The importance of marketing can be seen in its ability to create and deliver value to customers. Value is created through offering products or services that cater to customer needs and wants. By understanding the target market, companies can design offerings that provide unique benefits and solve customer problems. Value is delivered through effective marketing programs that communicate the value proposition and make the product or service easily accessible to customers. This results in customer satisfaction and loyalty, which in turn generates revenue and contributes to the success of a business. The i mportance of understanding customers and the five core marketplace concepts Understanding customers is a crucial aspect of effective marketing. It enables companies to identify and anticipate their customers' needs and wants, thus allowing them to develop and market products or services that meet those needs. By gaining insights into their customers, companies can tailor their marketing strategies to deliver value and satisfaction, ultimately driving customer loyalty and profitability. The five core marketp lace concepts that play a significant role in understanding customers are needs, wants, demands, market offerings, and value and satisfaction. Each component isThe benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller elphan482. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
53340 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now