Marketing, more than any other part of the business involves dealing with customers. Marketing is the management of profitable relationships with customers. The primary objective of marketing would be to entice new customers by promising them superior value, while also retaining and growing existing customers by providing satisfaction. Marketing is the process through which businesses create value for their customers and develop strong relationships with customers to gain value from their customers.
Five-step model for the marketing process
Know the market and understand what customers need and want.
- Design a customer-driven marketing strategy
- Develop a marketing plan integrated that is the best value
- Establish profitable relationships and increase customer satisfaction
- Capture the value of customers’ purchases to earn profits and build equity in the customer
In the initial four phases, companies strive to understand their customers, develop a value for customers, and establish strong relationships with customers. In the final stage, businesses reap the benefits of delivering superior value for customers. Through creating value for consumers and capturing value from their customers through profits, sales as well as long-term equity for customers.
Five key customer and market concepts:
(1) Needs (States of deprivation felt) and Needs (The shape that human needs take depending on personal and cultural factors) and Demands (Human desires that are supported by purchasing power);
(2) Market Offers (Some combination of goods or services, information or experiences that are offered to a market to fulfill a need or desire);
(3) Value and Satisfaction;
(4) Exchanging (The practice of getting the desired item from someone in exchange for something in exchange) and relationships;
(5) Markets (The collection of all the actual and possible customers of a product/service).
Creating Customer Value and Relationships
Top marketers from top firms share a common goal of placing the customer at the center of marketing. Modern marketing focuses on creating value for the customer and creating successful customer relationships. So, it starts by understanding consumers’ desires and needs in determining which markets the company can best serve. And then putting together an attractive value proposition through which the company can draw and retain valued customers. If an organization can do these things effectively then it will reap benefits in terms of market share, profit, and equity in the customer.
Five Major Value Themes
An innovative customer-value and customer-relationships framework that captures the essence of today’s marketing. It is built on five main themes of value:
In addition, they must create value for their customers so that they can get the value customers. Marketing professionals today need to be proficient at creating value for their customers and managing relationships with their customers. So, excellent these firms understand the demands of the marketplace and customers. Thus, they devise strategies to create value for their customers create integrated marketing plans that create value for customers. As well as satisfaction, and establish solid customer relationships. They also extract the value of their customers in the way of profits, sales, and loyalty to customers.
The process of building and managing powerful, value-creating brands. Brands with solid positioning and solid brand equity are the foundation to create value for customers and build profitable relationships with customers. Marketers today must create powerful brands and effectively manage them. Thus, they must establish strong relations with their customers and build strong relationships with their customers.
Monitoring and managing the ROI on marketing. Marketing managers must make sure that the its budgets they invest in are well-invested. In the past, marketers were able to spend their money on huge and expensive marketing programs. However, often did not think about the financial benefits of their investment. However, the landscape has changed quickly. Its accountability is measuring and managing return on marketing investments. Thus it has now become an important part of strategic marketing decision-making.
Harnessing new marketing technologies. Digital and other advanced marketing technologies are drastically altering how marketers and consumers relate to each other.
Sustainable marketing throughout the world. Thus, as technology advances make the world smaller and less secure area, marketers must be proficient in promoting their brands internationally and with a sustainable approach.