Marketing creates, communicates and delivers value to the customer. Customer value is the satisfaction the customer experiences (or expects to experience) by taking a given action relative to the cost of that action. Woodruff defines customer value as "a customer perceived preference for an evaluation of those product attributes, attributes performances, and consequences arising from use that facilitate (or block) achieving the customer’s goals and purposes in use situations.
As an entrepreneurial firm must delivering value along the dimensions that matter most to its customer. For example, from a customer’s perspective, the value of a cup of tea enjoyed with a friend at a Tea shop might be greater than the value of a take-out cup of tea. While the monetary cost of the cup of Tea in both cases might be the same, the value the customer exacts as a difference.
Relationship marketing is the strategies that emphasize customer retention, satisfaction, and lifetime customer value. Relationship Marketing can be defined as marketing to current customers Vs new customer acquisition sales and advertising (Shanker, 2017). No matter how high tech relationship marketing becomes the high touch elements of personal support will always be the foundation that excellent customer service is built on.
The value of a customer for the company is also the best indicator for measuring and effectiveness and efficiency of long-term resource allocation (CZARNIEWSKI, 2014). An important part of modern management is not only choosing the right customers but above all marketing, a relationship will team in order lead to higher level of profitability. To achieve this goal, companies must continually measure the value of their correct and future customers. Developing relationship with the loyal customer has value when it contributes to moving comprehension knowledge of their needs, and as a result, to the building marketing strategies that increase the value of a customer for the company (Werner, 2017).
References
CZARNIEWSKI, S. (2014). Building Customer Value in Relationship Marketing. America: International Journal of Academic Research in Accounting, Finance and Management Sciences.
Shanker, A. (2017). What Is Customer Value and How Do You Deliver It? UK: Technology Innovation Management Review.
Werner, R. (2017). Relationship Marketing and the Concept of Customer Value. America: 6.
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Marketing creates, communicates and delivers value to the customer. Customer value is the satisfaction the customer experiences (or expects to experience) by taking a given action relative to the cost of that action. Woodruff defines customer value as "a customer perceived preference for an evaluation of those product attributes, attributes performances, and consequences arising from use that facilitate (or block) achieving the customer’s goals and purposes in use situations.
As an entrepreneurial firm must delivering value along the dimensions that matter most to its customer. For example, from a customer’s perspective, the value of a cup of tea enjoyed with a friend at a Tea shop might be greater than the value of a take-out cup of tea. While the monetary cost of the cup of Tea in both cases might be the same, the value the customer exacts as a difference.
Relationship marketing is the strategies that emphasize customer retention, satisfaction, and lifetime customer value. Relationship Marketing can be defined as marketing to current customers Vs new customer acquisition sales and advertising (Shanker, 2017). No matter how high tech relationship marketing becomes the high touch elements of personal support will always be the foundation that excellent customer service is built on.
The value of a customer for the company is also the best indicator for measuring and effectiveness and efficiency of long-term resource allocation (CZARNIEWSKI, 2014). An important part of modern management is not only choosing the right customers but above all marketing, a relationship will team in order lead to higher level of profitability. To achieve this goal, companies must continually measure the value of their correct and future customers. Developing relationship with the loyal customer has value when it contributes to moving comprehension knowledge of their needs, and as a result, to the building marketing strategies that increase the value of a customer for the company (Werner, 2017).
References
CZARNIEWSKI, S. (2014). Building Customer Value in Relationship Marketing. America: International Journal of Academic Research in Accounting, Finance and Management Sciences.
Shanker, A. (2017). What Is Customer Value and How Do You Deliver It? UK: Technology Innovation Management Review.
Werner, R. (2017). Relationship Marketing and the Concept of Customer Value. America: 6.