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A HOLISTIC MARKETING ORIENTATION AND CUSTOMER VALUE
A holistic marketing orientation can also provide insight into the process of capturing customer value. One conception of holistic marketing views it as “integrating the value exploration, value creation, and value delivery activities with the purposes of building long-term, mutually satisfying relationships and co-property among key stakeholders.� According, to this view, holistic marketers succeed by managing a superior value chain that delivers a high level of product quality, service, and speed. Holistic marketers achieve profitable growth by expanding customer share, building customer loyalty, and capturing customer lifetime value.
The holistic marketing framework is designed to address three key management questions:
1. Value exploration
How can a company identify new value opportunities?
2. Value creation
How can a company efficiently create more promising new value offerings?
3. Value delivery
How can a company use its capabilities and infrastructure to deliver the new value offerings more efficiently?
VALUE EXPLORATION
Value flows within and across markets that are dynamic and competitive. Companies need a well-defined strategy for value exploration. Developing such a strategy requires an understanding of the relationships and interactions among three spaces:
1. The customer’s cognitive space;
2. The company’s competence space;
3. The collaborator’s resource space.
The customer’s cognitive space reflects existing and latent needs and includes dimensions such as the need for participation, stability, freedom, and change. The company’s competency space can be described in terms of breadthâ€"broad versus focused scope of business; and depthâ€"physical versus knowledge based capabilities. The collaborator’s resource space involves horizontal partnerships, where companies choose partners based on their ability to exploit related market opportunities, and vertical partnerships, where companies choose partners based on their ability to serve their value creation.
VALUE CREATION
To exploit a value opportunity, the company needs value-creation skills. Marketers need to identify new customer benefits from the customer’s view, utilize core competencies from its business domain and select and manage business partners from its collaborative networks. marketers must understand what the customer thinks about and wants to craft new customer benefits,. Marketers must also observe who the customer admires, who they interact with and who influences them.
Business realignment may be necessary to maximize core competencies. It involves three steps:
1. Defining the business concept
2. Shaping the business scope
3. Positioning the company’s brand identity
This is what Kodak is doing as sales from its traditional core businesses of film, camera, paper, and photo development have sagged, and consumers have abandoned film cameras for increasingly cheaper digital equipment, products, and services. Chairman and Chief Executive of Kodak stood in front of shareholders about 2 years ago and unveiled the company’s new strategy. He announced that Kodak was “determined to win in these new digital markets.� In order to do that the company plans to expand its line of digital cameras, printers, and other equipment for consumers, who are now using the internet to transmit and display their digital images. Kodak also is stepping up efforts to deliver on-demand, color printing products for business and wants to increase its market share of the lucrative medical images and information services businesses.
VALUE DELIVERY
Delivery value often means substantial investment in infrastructure and capabilities. The company must become proficient at customer relationship management, internal resources management, and business partnership management. Customer relationship management allows the company to discover who its customers are, how they behave, and what they need or want. It also enables the company to respond appropriately, coherently, and quickly to different customer opportunities. To respond effectively, the company requires internal resources management to integrate major business processes like order processing, general ledger, payroll, and production within a single family of software modules. Finally, business partnership management allows the company to handle complex relationships with all its business associates.
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What is the concept of customer value?
Customer value is one of key aspects of marketing.
How does marketing function determine customer value?
Marketing function determines customer value because it refers to the value of the item the customer receives. The value means how good an item is not how much it costs. With marketing function the function of the market is basically how good an item can be used by a customer.
What is differences between holistic marketing and integrated marketing communications?
Holistic marketing recognizes the breadth and interdependencies of marketing program design, development, and implementation - "everything matters" in marketing. Integrated marketing communications recognizes the added value of a comprehensive marketing plan. A marketers' task is to create marketing activities and assemble fully integrated marketing programs that create, communicate, and deliver value for consumers.
Discuss the Concept of customer value and its importance to successful marketing?
discuss the concept of customer value and its importance to markeking
What is marketing and what are the primary goals?
What is marketing and what is its primary goal?Marketing Definition:Process by which companies create value for customers and build strong & profitable customer relationships in order to capture value from customers in return and create profit which is the main objective of profit organization, and any other valuable value for non-profit organizations, typically market is divided into main five steps that define marketing process itself.The Marketing Steps:Figure 1-1 shows the five-step marketing process.1. Understand the marketplace and customer needs and wants.2. Design a customer-driven marketing strategy.3. Construct a marketing program that delivers superior value.4. Build profitable relationships and create customer delight.5. Capture value from customers to create profits and customer quality.Marketing Primary goal1. To promote their products and services and improve turnoverunderstand consumers, create customer value, and build strong customer relationships
3 keys of holistic marketing orientation and customer value?
1. Value exploration 2. Value creation 3. Value delivery.
What is the concept of customer value?
Customer value is one of key aspects of marketing.
How does marketing function determine customer value?
Marketing function determines customer value because it refers to the value of the item the customer receives. The value means how good an item is not how much it costs. With marketing function the function of the market is basically how good an item can be used by a customer.
What is differences between holistic marketing and integrated marketing communications?
Holistic marketing recognizes the breadth and interdependencies of marketing program design, development, and implementation - "everything matters" in marketing. Integrated marketing communications recognizes the added value of a comprehensive marketing plan. A marketers' task is to create marketing activities and assemble fully integrated marketing programs that create, communicate, and deliver value for consumers.
What are the advantages of production orientation?
Product oriented marketing as suggested concerns itself more on the product rather than on the customer. Its advantages are usually the quality and value of their products.
What is holistic margin management?
"(holistic margin management) is about removing non-value-added components from a customer's perspective, and reinvesting in those savings in value-creating opportunities."
Discuss the Concept of customer value and its importance to successful marketing?
discuss the concept of customer value and its importance to markeking
What is marketing and what are the primary goals?
What is marketing and what is its primary goal?Marketing Definition:Process by which companies create value for customers and build strong & profitable customer relationships in order to capture value from customers in return and create profit which is the main objective of profit organization, and any other valuable value for non-profit organizations, typically market is divided into main five steps that define marketing process itself.The Marketing Steps:Figure 1-1 shows the five-step marketing process.1. Understand the marketplace and customer needs and wants.2. Design a customer-driven marketing strategy.3. Construct a marketing program that delivers superior value.4. Build profitable relationships and create customer delight.5. Capture value from customers to create profits and customer quality.Marketing Primary goal1. To promote their products and services and improve turnoverunderstand consumers, create customer value, and build strong customer relationships
What are the Components of Holistic Marketing and why it is Beneficial?
Marketing is a highly diverse field catering to businesses or industries. When a business plans to market itself using various aspects of marketing into a singular campaign and spread it across different mediums, it is defined as holistic marketing. Leading advertising agencies use this marketing approach with components of holistic marketing to build core brand value. Why Holistic Marketing is Beneficial Following are the reasons why brands prefer holistic marketing: Target new Clients There are higher chances of getting more leads and converting them into clients using holistic marking. Efficient Use of Resources Businesses can plan more suitable strategies using all the resources to achieve their target. The company can choose resources making the entire process more efficient. Quick Goal Achievement Loopholes in marketing efforts can be neglected using various Components Of Holistic Marketing and workflow becomes more streamlined. Conclusion The components of holistic marketing like relationship marketing, internal marketing, integrated marketing, societal marketing, and performance marketing work together in creating a comprehensive and integrated marketing approach to achieve better results. Strategies adopted by AXAD help companies achieve better results, build stronger relationships with customers, and enjoy a competitive edge in business.
What is the simple model of the marketing process?
The simple model of the marketing process is:Understand the marketplace and customer needs and wants.Design a customer-driven marketing strategy.Construct an integrated marketing program that delivers superior value.Build profitable relationships and create customer delight.Capture value from customers to create profits and customer quality.
What is customer delivered value?
Marketing is about meeting the needs of your targeted market, but also providing them with a value. this value is determined when subtracting the benefits a customer gets from the product with the the customer costs he does to get it. So for instance, if a customer looks for the image value, he has to see the costs he will incur to get it.
Describe five marketing management orientation?
The Marketing Orientation and the Marketing ConceptAn organization with a market orientation focuses its efforts on 1)continuously collecting information about customers' needs andcompetitors' capabilities, 2) sharing this information acrossdepartments, and 3) using the information to create customer value.The market orientation simply defines an organization that understands theimportance of customer needs, makes an effort to provide products ofhigh value to its customers, and markets its products and services in acoordinated holistic program across all departments. In what we callthe "Marketing Concept," the company embraces a philosophy that the"Customer is King."The Marketing Concept is an attitude. It's a philosophy that is driven down throughout theorganization from the very top of the management structure. TheMarketing Concept communicates that "the customer is king." Everythingthat the company does focuses on the customer. Via the MarketingConcept, a company makes every effort to best understand the wants andneeds of its target market and to create want-satisfying goods thatbest fulfill the needs of that target market and to do this better thanthe competition.It wasn't always that way. There were other orientations that companies embraced over the years.The Production Concept has been around for years. That concept simply suggests that customersprefer inexpensive products that are readily available. In effect, "ifwe make it, they will come."The Product Concept suggests that companies that build the "better mousetrap" will gainfavor. The thinking here is that customers want products that havehigher quality, that offer better perfromance or do something unique.The Selling Concept preceeded the Marketing Concept. From the 1920's until the 1950's,most firms had a sales orientation. Competition had grown, and therewas a need to pursue the scarce customer. Sales could mean everythingfrom sales people to advertising to public relations, but little effortwas made to coordinate any overall marketing function. What we oftensaw in the Selling Concept was the "hard sell" and the belief thatconsumers wouldn't purchase unless they were sold.The Holistic Marketing Concept that is embraced in the 21st century results in companies looking attheir overall marketing efforts. This includes how their marketingaffects society, as a whole. Marketing is also done internallywithin the company. Without customers, a company will quickly flounder-- thus the importance of the relationship. Holistic marketing looksat the connectivity of the company, its people, its customers, and thesociety in which it operates. The Societal Marketing Concept focuseson.
