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The chapter ‘Marketing: Providing Value to Customer’ explains the concept of marketing in a simple and effective manner as well as related terms and concepts which are aimed at creating superior value for the customers. A layman would think of marketing as similar to…
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The chapter ‘Marketing: Providing Value to explains the concept of marketing in a simple and effective manner as well as related terms and concepts which are aimed at creating superior value for the customers. A layman would think of marketing as similar to advertising or an activity that focuses only on buying and selling- in reality, it is about maintaining strong relationship to the customers by providing them value. The concept of marketing places the needs of the customers at the top and then satisfies their needs by providing desired products and services while ensuring the involvement of the entire organization. In order to implement this marketing concept, the target market is identified first and segmentation is carried out on the basis of psychographics, geography, behavior and finally the product mix is applied to satisfy and build long term customer relationships. Product mix is comprised of four P’s of marketing namely product, pricing, placement and promotion. A product could be any physical product or a service that meets the demands of the customers. Pricing is carried out on the techniques of marketing skimming or penetration so that market share is grabbed by the company by setting initially higher and lower prices respectively. Distribution of products to the customers involves a supply chain of activities where the raw materials are provided by the supplier, assembled at the manufacturer’s plant, stored in the warehousing and then sent to the retailer for making it available for customer’s purchase. In order to create awareness among the customers about the product/service the company offers, techniques of advertising, personal selling and maintaining public relations are regarded significant. Customer relationship management is considered vital for any organization’s success because satisfied customers yield more profits. Every product has to go through a cycle where is it first introduced in the market, then it sees a phase of growth where the focus is on generating sales, then the product stabilizes or becomes mature in the market and generates good profits. Lastly, when competition becomes intense or the marketing efforts to maintain the product’s image fails, it goes through the declining stage.
Collins, Karen. Exploring Business, v. 2.1. n.a.: Flat World Education, Inc, 2014. Print. Read More
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