MARKETING AND CUSTOMER VALUE
Creating and delivering better customer value is the only route by which firms implement the marketing concept. Customer satisfaction is the central theme of the marketing concept and it is practising the marketing concept consistency maximize the customer value in their efforts offer. In fact, one can say that the creation and the delivery of customer value is the essence of the marketing.
The marketing concept gets executed through value delivery: as we know that the marketing concept aims at the satisfaction of the customer. We have now seen that the satisfaction emanates directory from the value that the firm delivers to the customer. It will thus be clear that the marketing concept gets executed through the value of the delivery process. The firm searches and finds out what benefits are sought by the customer and build them into its that the satisfaction emanates directory from the value that the firm delivers to the customer. It will thus be clear that the marketing concept gets executed through the value delivery process. it means that the customer feels his expectations concept of value have been met at the end of the purchase process. In other words, the marketing concept gets implemented when a firm searches for the benefits sought from it by the customer and builds then into its offer. To put it more a succinctly, the marketing concept is in operation when a firm satisfies the customer by offering superior value compared to competing offers. The customer's expectations are the clues to the value to be offered. The firm conducts detailed analysis of the market, the customer and competitions. Buyer analysis, market research and marketing planning are the tools through which the firm acquires these insights.
The firm builds benefits value into the market offer: the firm has incorporates the benefits that it wants to provide to the customer into the market offer. The firm has a value creating and value delivering system. it includes the firm's production facilities, processes, organization, expertise, etc. suffice to say here through its value creating and value competing offer from a competitor is another such bundle.
By adjusting any element of the mix, value can be enhanced: the firm can enhance value by adjusting any of the elements of the marketing mix. For example, it can enhance value through.
1. Increasing the functionality of the product
2. Reducing the price
3. Giving better service support
4. Giving the customer easy access to the product
5. Offering beneficial communication
When the firm ingeniously uses all the elements of the marketing mix for providing more value to the customer, it becomes a winner in the market. And, offering such value is the essence of a winning marketing strategy.