Customer Thought process for judging a products value :

               In the last part we discussed how....

          marketing is a value creating and value delivering process

A firm has to put a lot of efforts to find out what a customer's actual needs are , what extra a company can provide to make the customer delight.

So, today lets check the customers process of judging a product against price and assigning a value to it.... 

           A customer assigns a rating for a particular benefit, now different benefits have different rating based upon the customers need priority. 

       The total rating when all benefits put together makes the total customer value and it is the individual estimate of a individual customer.    

           Now the customer Judge the total rating against the total cost.

         The cost of a product includes the price, waiting period, after sales service , after sales location, all these makes a mental image in the customers mind in the form of             total customer cost.

      Now the total customer value minus total customer cost is termed as customer delivered value. 

     It is the customers net value received from the transaction... less the cost....more the delivered value. 

     So the key take home is different customer calculate different value for a certain product, which makes the marketer task challenging.

Bye for now,

Manabhanjan 

manabhanjantheblogger@gmail.com

    

          

        

Marketing Management : The Value Delivery Process Marketing mix

 PART TWO : IMPLEMENTATION OF MARKETING CONCEPT

             

 Marketing : The value delivery process       

•               Now we have understood that Marketing concept aims at Satisfaction of customer. Again satisfaction comes from the value delivered to customer. So the marketing concept is implemented through value delivery process.

            A company must try to find the benefits sought by the customer and build them into products and related benefits, offer it as a complete value package. The company must ensure that the offered value have been made the customer satisfied. So the marketing concept is in operation when a firm satisfies the customer with high value products. The customer need holds the clue for the marketer and how a firm should find it are tools of  market research, which we will discuss later.

 Benefit and value building process :

           Through its value creating and delivering process, a system makes out the best possible assemblage of benefits as per customer expectation and put it across in the form of market offer.

 Marketing Mix :

            These are the different elements of marketing which are mixed and adjusted to create a right value for the customers. We will discuss it later in details. A firm can enhance value by adjusting elements of marketing mix. for example :

• Increasing the functionality of the product.
• Managing price
• Increasing service support  
• Giving the customer easy access to the product
• Giving better communication.

   

            A firm must indigenously use all elements of marketing for providing more value to the customer.

TODAY'S TAKE HOME:

           marketing concept is implemented through value delivery process.

            offered value have been made the customer satisfied.

            The customer need holds the clue for the marketer and how a firm should find it are tools of  market research

Bye for today

Manabhanjan

manabhanjantheblogger@gmail.com