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It means the marketers have to understand the customers’ need and want first, then combination the products, services, information or experiences that can be make customers satisfaction.
Design a marketing strategy
Once the marketers fully understand the marketplace and the consumers, they can design a marketing strategy to find, attract, keep and grow target customers by creating, delivering and communication superior customers’ value.
Construct an integrated marketing mix that delivers superior value
To delivers value to customer, the enterprise must use a tool to face the superior value. Thus, the enterprise must create a need-satisfying market offering (good or service), and must decide how much will charge for the offering (price), and how it will communicate with target customers about the offering and inform them of its value (promotion), finally, it must make the offering available to target consumer (place).
Build profitable relationships and create customer delight
Loyalty and retention programs build relationships and may feature: Financial benefits, Social benefits, and structural ties. Focus is on relating directly to profitable customers, for the Long term.
Capture value from customers to create profits and customer equity
In the first part of the marketing process, the company creates value for target customers and builds strong relationships with them. If it does that well, it can capture value from customers in return in the form of loyal customers who buy and continue to buy the company’s brand. This, in turn, means greater long-run profit for the firm.
f) Why – in your view – is value – that is, the concept of value – so important in marketing?
To create value for customer or enterprise, the enterprise must to make right value to customers, and then let them understand the value for them. At last firm can get the benefit from customers. Thus, the every steps of marketing progress is very important for meet the final goal.
At first, the firm has to design a marketing strategy for their further action. But to decide what the marketing strategy firm has to use, the firm has to fully understand the customer needs and wants. Like the hungry people wants to eat noodles or something else. Thus, once the firm understand what is the customer really want that they can decide a right strategy for their future marketing action. And the marketing mix is a tool to make sure firm can really deliver value to customer. The firm must create a need-satisfying market offering, and must decide how much charge for the offering, and how it will communicate with will target customers about the offering and inform them of its value, finally, it must make the offering available to target consumer. Then firm can build a profitable relationships with customers, Armstrong emphasizes the importance of developing strong relationships with your customers. “These days, in fact, marketing is all about relationships, especially when you are dealing with value-added and premium-priced products,” he stated. “You really have to care about your customers.” At last, if all thing you doing at right way that you can capture the benefit from your loyalty customers. This is why the concept of value is so important in marketing. Because of really understand the concept of value that can make firm to create right value to the right people at the right time.
Customer value and associated core concepts.
What is the customer value and give an example?
In the normal business world, customer value is the amount of benefit that a customer will get from a service or product relative to its cost.On the other hand, the means of customer value is to meet customer’s needs and achieve customer satisfaction for the target customers. And the product or service is able to represent the corporate personality, including the product and service to economic value of customers, functional value and psychological value.
Before really understand customer value, we must fully understand what is customer really needs and wants. No matter how good your product if not really customer wants, the value is not existence. But the enterprise cannot make all customer satisfaction for their product. Thus, enterprise has to provide difference product or service for their customer needs and wants.
For example, the China Mobile has three brands for difference group of customers, like GoTone, Mzone, and Easyown.
GoTone for the group of customers not really care about the calls price, they ask for high quality of service.
Mzone most for the student, because the calls price lower, more discount for SMS.
Easyown for some customer look for the cost-effective and practical, they very sensitive about the price, and may not usually use the number.
Thus, China Mobile provided three difference services for three difference group of customer that is the way to create customer value.
What is the concept of value exchange and give an example?
The concept of value exchange is the heart of marketing and customer theory that occur between two parties. This is compared with the intrinsic value that lies at the heart of a product, service, relationship, etc. Karl Marx was the first people who recognize this concept in his 1859 Contribution to the critique of Political Economy. It is the exchangeability of ‘value’ that contributes to economic interactions in society. But value has the annoying habit of changing over time.æœ-è¯»
For example, assume that the exchange value of money equals 10 hours per Peso and that the exchange value of a commodity (bread) is 20 hours per kilogram. In that case, the price of the bread equals 20/10 = 2 Pesos per kilogram. This example assumes that the organic composition of capital or level of productivity in making bread and making money are identical.æ˜¾ç¤ºå¯¹åº”çš„æ‹‰ä¸å-ç¬¦çš„æ‹¼éŸ³
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What is a market and give an example?
Market on the narrowly means that is a place to do product exchange for buyers and seller. Market on the broad sense means that some peoples or groups make connect with other peoples or groups for buy and sell product.
Basic on the definition of Jerome McCarthy, the market is the groups of potential customers have same needs and wants; they love to exchange the product or service from seller by some thing has same value.
Thus, according to the definition of market from Jerome McCarthy “Basic Marketing”, there is a simple example of market, when some peoples want buy some sports shoes, and some supplier can supply sports shoes to satisfactory their want. Like there some brand for sport shoes, such as, Nike, Adidas, and Puma. And the customer can choose those brands from their wants.
What does the term value proposition mean and give an example?
Value proposition is the value can create from enterprise by their products and services. Value proposition affirm that the practical of enterprise for customers.
The brand value proposition not only provides benefit to customer through their products or services, but also including the attitude and standpoint of brand for social and peoples. The benefit of customers can be finding by investigation. And the brand attitude and standpoint to social from the enterprise how to hold the historical trend.
For example, the McDonald’s value proposition is provide happy, and its marrow is being younger forever, thus, its advertising is “I am love in it”; the Nike brand value proposition is encourage the peoples who have passion to move forward every time, and always being the best on the sports or life style, thus, its advertising is “Just Do It”.
Linking value to the four ps.
What are the four ps of marketing and give an example of how each can be used in marketing?
Product: Lay stress on the functional, request the product has specific selling point, put the need for function of product at first place.
Price: According to difference market targeting, set up difference price strategy, the price of product should be follow the brand strategy of enterprise.
Place: Enterprise may not face the consumers directly, so the distributor foster and establish the sale network is very important.
Promotion: Enterprise la stress on the sell behavior to excite buyer, increases the sale at shortly, like buy one free one.
Product: Nike Air Jordan, this product is very famous for some group of customer; it has unique design exterior and interior structure, more comfortable. And used the greatest basketball player Micheal Jordan to be a spokesperson, which is a very salient feature of their products. Compared to other similar products, Air Jordan basketball shoes is more attractive to customers.
Price: Wal-Mart always low prices are their marketing strategy. Thus they given lower price compare to other retailer.
Place: Coca-Cola selling network is established around the world. They send their product to the whole world or just open a local factory. After many years operating, they already have a huge distribution network, starting from the manufacturers to wholesalers, and retailers, and even vending machines.
Promotion: We always can see the menu of KFC or McDonald shows a value lunch or most value. That is a way to give promotion to customers.
Discuss in general terms how each of the 4ps can add be used by a company add value to a product or service.
The iPad is a tablet device that has several features. It looks like a bigger iPhone or iPod Touch and possess a led touch screen interface. It is also very thin and has a battery life of ten hours. This product has the ability to surf the internet, listen and purchase music, watch videos, view photos, read e-mail, read and purchase e-books and execute multiple applications. In fact, the multiple applications available for the iPhone will be fully compatible with the iPad! There will be different versions of the iPad at launch with different hard drive capacities and 3g capability. There will be a 16 gb, 32 gb, and 64 gb variants. Also all iPads will have wi-fi and are wireless-n capable. The iPad will also feature the latest bluetooth profile and will have an on-screen keyboard for inputs. The function of ipad is very useful and make customer feels convenient, it also can meet the young people requirement: fashion technical.
The iPad can be purchased at multiple price points. The base model (16gb) without 3g capability is the cheapest at $499, 32gb at $599, and 64gb will retail for $699. If a customer wants 3g capability they will have to pay an additional $130 on top of the base price. The consumer also has the option to sign up for AT&T data plan that allows them to have access to the internet virtually anywhere and in areas without wi-fi connections. The data plan is two tiered: the customer has a choice between $14.99/month for 250mb and $29.99/month for unlimited access. The data plan will also allow the consumer to access various AT&T hotspots for free. Unlike the iPhone, the customer will not be locked into multi-year contractual obligation and they can terminate it at any time. As far as discounts go, Apple is known for charging higher, premium prices however; they usually offer $100 off certain products to college students. They also do special bundles for purchasing certain products during different times of the year.
The iPad will most likely be sold in place where other Apple products are sold. There several retail outlets that carry various Apple products so purchasing this product should not be difficult. There are multiple Apple stores across the United States, 284 of them, in which these products will be sold. Customers can also order the product online in Apple’s website. Best Buy, one of Apple’s partners, also sells Apple products and also has a large retail footprint in the United States. Amazon, one of the largest online retailers, also carries Apple products. The iPad won’t be out for another two months, initial availability might be low depending on consumer demand like the shortage of iPhones during its initial release. Apple should gauge consumer demand and produce enough in order to satisfy the market.
For example, I purchased a Macbook Pro during the summer and they had a promotion that gave me a free iPod and a free printer plus the $100 discount because I was a college student. They have done the same promotion for the previous two years as well.
According to Roberts, CJ (1996), Giordano has their design paper bag for their product. The paper bag has printed a word of “Giordano” with the colour black and grey with a high emphasis on its own “less is more” retail approach. The brand focuses on the idea that less is more than just more, but that is cool as well. The brands said “less is cool” approach involves innovative and modern black, white and grey monochromes in a large variety of styles. The approach gives the brand a very up market causal clothes attitude, very much on par with other international brands.
Initially, Giordano focused on wholesale trade of high-margin merchandise under the Giordano brand in Hong Kong. In 1983, it scaled back on its wholesale operation and started to set up its own retail shop in Hong Kong. It also began to expand its market by distributing Giordano merchandise in Taiwan through a joint venture. In 1985, it opened its first retail outlet in Singapore. (Mdshossain, 2008)
However, in 1987, sales were low and the business become unprofitable. They realized that the pricey retail chain concept was not the way to go. Under a new management team, Giordano changed its strategies. Until 1987, Giordano sold exclusively casual apparel for men. When it realized that female customers were increasingly attracted to its store, Giordano changed its positioning and started selling unisex casual apparel.
It repositioned itself as discounters of casual unisex apparel with the goal maximize unit sales instead of margins, and sold value-for-money merchandise. It shift in strategy was successful.
Since 1991, is a publicly traded firm’s number of nations and regions are part of its network of retail markets including mainland China, Taiwan, Korea, Singapore, the Philippines, Malaysia, Thailand, Burma, Vietnam, Australia, New Zealand, the Middle East and Europe. (Please see the Appendix 2 for Giordano’s geographical expansion)
After over two decades of development, Giordano is a well known name for clothing in the Asia Pacific region, especially widely known in the region of mainland China and Hong Kong. In Guangzhou in August of 1992, Giordano opened its first retail apparel outlet in mainland China dedicated only to its line of clothing. (S. Dibb, 1996)
Thereafter, Giordano continued to open retail outlets all over the province of Guangdong. In 1993, Giordano enlarged the scope of its mainland market, opening Giordano dedicated retail outlets throughout the provinces of the nation, stabilizing and expanding the success of their sales. As of January 2008, Giordano operates 1,800 retail outlets worldwide in over 40 nations and regions of the Asia Pacific.
According to Roberts, CJ (1996), Giordano has focused on simple and basic high quality styles, in many colors and sold at reasonable price roughly for the POLO -T is RM30~RM50. The rationale for Giordano’s is “value for money” policy. Giordano always ask to sell it cheaper, make it more convenient for the consumer to buy, and deliver faster today than yesterday. Giordano has launched Giordano Junior, Giordano Ladies, Giordano Concept and Blue Star.
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