Marketing a value proposition, Marketing Management

Marketing a value proposition: In a marketing endeavour, what the firm offers to the customer is not a mere physical product, it offers a value proposition. The product offer consisting the best possible benefits or value is put forward as a value proposition, explaining how the offer matches the customer's requirements and how it works out to be the best among all the competing offers.

Communicating the value proposition: the firm then, communicating the value proposition to the customer. It explains the uniqueness of its offer through a well formulated marketing communication mix. The customer's exercise of assessing the value of the offer actually starts from its stage.

Value enhancement: the firm also continuously and protectively enhance the value. It collects feedback from the consumer about his level of the satisfaction with the product and upgrades the value. It actually is a non -stop job for the firm to search for the customer's satisfaction level and augment the offer. Competing products, including substitute products, keep attacking the value proposition of the firm. Expectations of the customers to keep changing. The firm has to search for the new expectations of the customers, locate product gaps or benefit gaps and keep making new and better to the customer to stray ahead of the competition in the value ranking. What is needed is a sustained and ongoing effort, not short lived big bangs. Sales production gimmicks do not normally serve the purpose of sustained value addition. Sales promotion measures like consumer deals and trade deals result in just a temporary shift in the value cost equation in favour of the consumer. When the deals are with draw consumers turn away from the product. What is needed is lasting value addition, which normally accrues only through factors like enchantment of the functional utility or the convenience of the product. 

Posted Date: 9/19/2012 3:44:55 AM | Location : United States







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