Value includes both subjectivity and objectivity depending on what is being valued. For example, the value in a product such as a piece of artwork is purely subjective (some may find it beautiful and others may not see any value in the art). On the other hand, the value in a functional product, such as a computer, may be evaluated more objectively. The advantage of objective value is that it can be conveyed by marketers. Subjective value is perceived differently by the consumers.
The concept of value in marketing The value in marketing is the ratio of total benefits obtained from a particlular product and the total cost beared to buy the product. Here the benefits include the purposeful benefit as well as the emotional benefits. The buyer always chooses product which will match percieved benefits to actual benefits along with the optimum cost. In order to provide value chain there are four steps # Value selection
# Value formulation
# Value delivery
# Value scheme
# Value enhancement
The marketeer tries to select a criterion for providing value to the customers, out of emany alternatives formulation of value to be provided is done. Here the formulation could be combination of alternatives or perhaps on e alternative or several alternatives clubbed together and only the primary cue of the alternative is added. usually the customers are looking forward to satisfy the latent needs. Once the scheme is formulated then comes delivery and offering. The marketeer has to make sure that the delivery of value has to be prompt without delay then how the scheme is to be offered is the major point of the value process or value cycle. And once the offer is in customers hand and still there is a scope of providing more benefits then marketer provides with enhancement to the value.
discuss the concept of customer value and its importance to markeking
Customer value is one of key aspects of marketing.
Five marketing concepts are Production concept, Product concept, Selling concept, Marketing concept and Societal marketing concept. These help in determining the management of marketing.
production concept marketing concept selling concept product concept
5 major Marketing Concept 1.Product Concept 2.Production Concept 3.Sales Concept 4 Marketing Concept 5.Societal Marketing Concept.....
marketing is a concept that keeps growing. Every day people look for better ways of marketing. so marketing is a concept that will keep growing no matter what.
There are five different type of marketing Philosophies namely 1) Production concept 2) Product concept 3) Selling concept 4) Marketing concept 5) Societal marketing concept.
Marketing is both a philosophy and a function !! Marketing can be used as a function for a business to sell its products but it is also a philosophy, infact there are 5 marketing management philosophies or concepts which organisations use to design and carry out their marketing startegies. Namely, Production concept, product concept, selling concept, marketing concept and societal-marketing concept.
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marketing is
application of marketing concept