Kotler & Keller (2016), in their book Marketing Management, marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. The authors focus for creating customer value, which customer put into while purchasing the product and return or say satisfaction they get from the product. Here, every companies must focus on the 3v’s of marketing when it comes to crating the customer value i.e. value of segment, value of proposition, value of network that helps firms to know whom to offer, what to offer and how to offer depending on the nature of the business and clients. For instance; Southwest Airline soars on low-price strategy. It is making the idea of "low price” indelible to keep any competitor from matching their position. In the same way, it focused on ensuring arrivals and departures were only 30 minutes apart compared to the industry average of 45 minutes. This is how Southwest Airline is creating value to their customer and result into success which story starts with a great positioning idea and works its way through the organization as the single-minded (Maggiore, 2017).
It is said that everything matters on marketing. In order to limit the extent there would be a need of holistic marketing through internal marketing, performance marketing, relationship marketing and integrated marketing which ultimately tend to generate the customer loyalty and benefits to business. When marketing environment of company changes dramatically responding to and dealing with change ensuring maximum customer value and satisfaction; at the point of time relationship marketing creates value for the customer and the firm. It is an important factor of effective customer relationship management. Relationship marketing is about creating a satisfied, sustainable, long lasting, long term relation with customers. Here, there would equal role of vendors, suppliers, financial institutions and banks in order to retain the customer satisfaction. It is also suggested that a reduction in customer‐perceived costs may be a most recommendable method of providing value to the customer which ultimately improves the internal cost efficiency (Ravald & Grönroos, 1996).
To sum up, the value concept is a basic constituent of relationship marketing. The ability to provide superior value to customers is an essence when trying to establish and maintain long‐term customer relationships.
References
Kotler, P., & Keller, K. L. (2016). Marketing Management. Boston: Pearson.
Maggiore, D. (2017). Southwest Airlines value proposition soars on low-price strategy. In positionistview. Retrieved from positionistview.com/southwest-airl...
Ravald, A., & Grönroos, C. (1996). The value concept and relationship marketing. European journal of marketing, 30 (2), 19-30.
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Kotler & Keller (2016), in their book Marketing Management, marketing is the social process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others. The authors focus for creating customer value, which customer put into while purchasing the product and return or say satisfaction they get from the product. Here, every companies must focus on the 3v’s of marketing when it comes to crating the customer value i.e. value of segment, value of proposition, value of network that helps firms to know whom to offer, what to offer and how to offer depending on the nature of the business and clients. For instance; Southwest Airline soars on low-price strategy. It is making the idea of "low price” indelible to keep any competitor from matching their position. In the same way, it focused on ensuring arrivals and departures were only 30 minutes apart compared to the industry average of 45 minutes. This is how Southwest Airline is creating value to their customer and result into success which story starts with a great positioning idea and works its way through the organization as the single-minded (Maggiore, 2017).
It is said that everything matters on marketing. In order to limit the extent there would be a need of holistic marketing through internal marketing, performance marketing, relationship marketing and integrated marketing which ultimately tend to generate the customer loyalty and benefits to business. When marketing environment of company changes dramatically responding to and dealing with change ensuring maximum customer value and satisfaction; at the point of time relationship marketing creates value for the customer and the firm. It is an important factor of effective customer relationship management. Relationship marketing is about creating a satisfied, sustainable, long lasting, long term relation with customers. Here, there would equal role of vendors, suppliers, financial institutions and banks in order to retain the customer satisfaction. It is also suggested that a reduction in customer‐perceived costs may be a most recommendable method of providing value to the customer which ultimately improves the internal cost efficiency (Ravald & Grönroos, 1996).
To sum up, the value concept is a basic constituent of relationship marketing. The ability to provide superior value to customers is an essence when trying to establish and maintain long‐term customer relationships.
References
Kotler, P., & Keller, K. L. (2016). Marketing Management. Boston: Pearson.
Maggiore, D. (2017). Southwest Airlines value proposition soars on low-price strategy. In positionistview. Retrieved from positionistview.com/southwest-airl...
Ravald, A., & Grönroos, C. (1996). The value concept and relationship marketing. European journal of marketing, 30 (2), 19-30.