Customer Relationships And Value Of Marketing - 1782 Words

Organizations can build strong customer relationships and value through marketing, and the success of marketing relies on satisfying the customers’ wants and needs by providing them with the best price, product, or service. The American Marketing Association defines marketing as, â€Å"The activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large.† This exchange between customers and a business forms a relationship; a healthy consumer/marketer relationship improves value for both the marketer and consumer (Babin, pg 322). So what exactly is the definition of value? â€Å"Value is the relationship of a firm’s market offering and price weighed by the consumer against its competitor’s market offering and price† (Kothandaraman, 2001). Value is in the eye of the customer, which ultimately makes them the value source. Customers want s and needs determines the features and characteristics of products and their value. With business markets, the interdependent relationship between the buyer and the seller can be seen as the source of value creation (Ehret, 2004). Value Creation is â€Å"The evolution of cooperative buyer– seller relationships in the realm of business-to-business markets, In business markets, it became apparent early on that cooperative buyer – seller relationships can be the source of value creation† (Ehret, 2004) Value Creation is based off of customerShow MoreRelatedRelationship Between Marketing And Customer Value1525 Words   |  7 PagesThis 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 ofRead MoreRelationship Between Customer Value And Marketing1801 Words   |  8 PagesMarketing improves people’s living standard, according to a statistic state that the GDP of Australian has a growth rate from 2010 (2.25%) to 2014 (2.73%), and it is forecasting to increase in 2016 (Australia - Gross domestic product (GDP) growth rate 2020 | Statistic, 2016). A growing trend of marketing creates more work opportunities for people. Based on that, more people operating marketing activities successfully for a business, and the total output of the business tend to increase significantlyRead MoreMarketing, customer value and the relationship between the two1717 Words   |  7 Pagesï » ¿ Marketing, Customer Value, And The Relationship Between The Two, With Regards to Smiggle Marketing Theory and Practice- MKF1120 Lecturer- Peter Wagstaff Due Date- 30 March, 2012 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 customerRead MoreIs Marketing Ethical And Ethical?1158 Words   |  5 PagesIs Marketing Ethical? The purpose of this paper is to discuss whether or not Marketing is ethical. The flow of this paper will present a brief discussion on the definition of marketing, a brief discussion on the definition of ethics, and overview of the marketing process, and finally a narrative that discusses my view on whether or not marketing is ethical. WHAT IS MARKETING? According to the Kotler text, marketing is the process by which companies create value for customers and build strong customerRead MorePrinciples of Marketing Chapter 11178 Words   |  5 PagesChapter 1 1 †¢ Define marketing and outline the steps in the marketing process †¢ Explain the importance of understanding customers and the marketplace, and identify the five core marketplace concepts †¢ Identify the key elements of a customer-driven market strategy and discuss the marketing management orientations that guide marketing strategy. †¢ Discuss customer relationship management and identify strategies for creating value for customers and captures value from customers in return. †¢ DescribeRead MoreDesigning A Customer Value Driven Marketing Strategy1066 Words   |  5 Pagesand introduction to marketing. This included what marketing is, how marketing is conducted, how marketing decisions are made, advantages and disadvantages to marketing styles, and how marketing is changing. This has given me a basic knowledge to begin to understand the world of marketing. Marketing is the foundation a company builds to have and keep relationships with customers. Marketing is built around the need to understand customers, provide for their needs, and produce value that consumers willRead MoreS-D Logic1742 Words   |  7 Pagestraditional product-orientated marketing perspective to a more service-orientated one which focuses on â€Å"intangible resources, the co-creation of value and relationships† (Vargo and Lusch, 2004). Merz, He Vargo (2009) commented that goods were a â€Å"vehicle for service†, and whilst the provision of goods was still an important part of a transaction, there will always be some element of intangible service attached to each product, which develops relationships and delivers value to the consumer (BallantyneRead MoreService Marketing1113 Words   |  5 PagesIntroduction Lusch et al. (2007) describe as marketing emerged in the beginning of the 20th century, it embraced the goods-dominant (G-D) logic. The concept of the Four Ps of marketing mix – product, price, place and promotion became treated as the basic model at that time. (Grà ¶nroos, 1989) Today, this paradigm is beginning to lose its position. Service marketing is one leading new approach to marketing. Four main characteristics of services defined by Kotler et al. (2009) are intangible, perishableRead MoreThe Importance of Marketing1341 Words   |  5 PagesMarketing helps the business to develop a strong brand, inform the customers about new products or services, influence consumers in some way to buy specific products, assist with sales and provide up-selling services. American Marketing Association (AMA) describes marketing as the set of actions and processes within the company that generate, communicate and deliver offers that have some sort of value for the customers and the general public (link to source). Dr. Philip Kotler provides another descriptionRead MoreThe 2201 Principles Of Marketing Essay902 Words   |  4 PagesTITLE:THE FIVE â€Å"I†S OF ONE-TO-ONE MARKETING AUTHOR: STUDENT: BUS 2201-PRINCIPLES OF MARKETING Introduction This paper discusses the key elements of the Five â€Å"I†s of One- to- One Marketing which is essential in today’s rapidly changing and highly competitive world. Changing lifestyles, preferences and more demand for value by consumers in this highly competitive world advanced by technological innovations, demands marketers to craft marketing strategies that will keep their