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The Extent To Which Creating Value To Customers And To The Firm Are An Intrinsic Part Of Marketing Today - Essay Example
Author : johnssantiago
Pages 9 (2259 words)
The research indicates that the firm’s role in the value creation course is viewed as the value co-creator. Firm play varied roles in creating high quality products, but the key roles in creating a successful business performance are value co-creator. …
The report stresses that marketing management philosophies are the key, critical tasks of creating effective customer and organization value; thus improving business performance. There are numerous ways through which organizations conduct their marketing activities. These include production, promotion, distribution and pricing concepts, which are combined as the marketing mix. The societal marketing is one of the marketing management philosophies that aim to improve the wellbeing of the society. This is through focusing on consumer value creation and satisfaction of their needs.
This paper concluded that understanding value creation is essential, and marketers should understand it in the new sense of satisfying the needs of customers rather than making sales in marketing practices. Therefore, companies nowadays strive to maintain and attract new customers through creating customer value. The employ varied marketing strategies, which include marketing promotion, product differentiation and pricing strategies in achieving effective business performance. They empathize on the significant of marketing management philosophies that will enable them to maintain and improve customer of organization values. Lastly, marketers incorporate technologies in the business process such use of Internet and social networking sites in order to achieve competitive advantage. However, poor incorporation associate with inadequate technical skills impact significantly customer and organization value in the marketing practices. ...