Thursday, July 18, 2019

Customer Value Marketing Essay

This depict based on the line of business of client cheer merchandise starts with introduction section. We soak up mentioned the contents of the study in objectives of the describe section. The methodology section deals with the means of supply of this taradiddle and the processes that we confound followed. Then the discipline describes the theoretical aspects of the study in the lit review. This section mainly consists of brief definition round various important topics about no(prenominal)e harbor selling. Fin everyy in the last section, the report is concluded with findings, bibliography and extension over the topic. The appendix section contains around external Journals on node judge market.INTRODUCTIONTodays market process is exceedingly node focused. It is all about creating guest appraise and build profitable client relationship. guests argon at the center of selling process. The main solution of marketing is to create client entertain and to ca pture lever from clients in return. The refinement of every marketer is to create much harbor for clients. clients usually face a broad array of products and serve that power satisfy a go awayn need. Among these products or dishs, clients have to choose the products that give them best look on and satisfaction. That is why creating customer harbor is considered to be the most important problem to be performed by marketing today.The marketers do it through customer assess deliverance arranging, a brass which is make up of the treasure chains of a ships keep company and its suppliers, distributors and ultimately its customers who work in concert to deliver shelter to customers. To deliver maestro valuate to customers the marketers have to design a customer driven marketing outline. The suitable writ of execution of this strategy will give customers a perceived treasure, accordingly, satisfaction. While acquire a product or service, a customer is purchas ing satisfaction. Highest take to be is derived when a customer is fully satisfied with his or her leverage. Today, take to be is considered to be an important organic of relationship marketing and the ability of a company to provide superior value to its customers is regarded as one of the most winning competitive strategies for business. Hence, todays marketing needs to be based on the concept of customer value.OBJECTIVES OF THE REPORTThis report mainly discusses the following subjectsclient take to beCustomer lever schemeCustomer measure out Positioning ModelThe writ of execution of Customer Value Strategy possible action Regarding Customer valuePropositions on Customer ValueMethods of Customer Value judicial decisionCustomer spirit Value methodology OF THE REPORTThe report in this study is basically a descriptive one. hither, both(prenominal) the primary and the subaltern data argon been used. The primary data has been collected from lectures granted on this topic in the classroom. The secondary sources of data are our textbooks, various supranational journals & different websites.LITERATURE REVIEWCustomer value strategyCustomer value strategy is doing things differently from the competitors and transferring different value to the customers. There are six principles of strategic positioning. They are Strategy should have the remedy objectives.The value of positioning should be place from the competitors. Strategic thinking should be reflected from the unequalled value chain. In order to comply the uniqueness in certain areas, we essential give up close to of the different characteristics of products, services or activities. Strategy should modify the effective integration of various activities. Strategy should have sustained direction.Customer Value Positioning ModelA boffo business is always based on its selection of the target customers for value positioning. Customers tidy sum be roughly divided into deuce-ace types, but for d ifferent customers have different types of value positioning model Customers are interested in up-to-dated, modern product. Organizations which fulfill the needs of these customers canful orient the value on product leadership. For example, Microsoft, Hp.Customers cull represent-effective products and services. They prefer convenient purchase and high feeling service. The organizations which aim at this target gathering of customers orient the value on operational excellence. For example, Wal-Mart, Fed-Ex.Customers inadequacy to get but what they need, even if they have to pay a higher cost or wait a low longer. Companies which serve these types of customers are committed to improve customer intimacy. For example, Honda, British Airways.The implementation of Customer Value Strategy erstwhile the customer value strategy is established, the company mustiness ensure the implementation of the strategy by committing everyone in the workplace to its objectives and building sup port organisation for it. For this the business must ensure the followings1.Strengthening focusing for core forceThe design of a strong reignment form is a prerequisite for achieving customer value. A dynamic management outline is needed so that the value strategy can be in effect implied.2.Establishing acculturation of the company based on customer value In order to bring home the bacon the strategic objectives of a company, it is necessary to formulate a glossiness based on customer value so that the melodic theme of customer value is deep in the heart of everyone in the workplace.3.Establishing a highly integrated value systemA highly integrated value system means companys self-reinforcing system of various activities.4.Establishing an effective performance step systemWhile implementing customer value strategy, companies continuously measure the performance with goal. Therefore, company should have an effective performance measuring rod system so that any going can be analyzed carefully.5.Establishing the cyberspace marketing systemWith the help of cyberspace marketing system companies can project customers needs in a better way and hence can strengthen the implementation of customer value strategy.HypothesisRajagopal (2006) has established any(prenominal) guessing regarding customer value. They are as follows Higher perceived value acquired by the customer help consumers to adjudicate their buying decision on the non-conventional products of unfamiliar denounces in the market.The brand value of the product is deepen by developing the communication tools effectively by the firm which help affix the customer value by marginalizing the bed covering between consumer perception and product attributes.The brand value, fibre of the product, competitive advantage and impairment along with other relational variables determine the customer value.The product attractiveness feature with the effective informational sharing and retailing ser vices help augmenting by providing competitive advantage.Here are about other hypothesis by Weinstein and Abratt (2009) There is a real coefficient of coefficient of correlation between service accredited from a professed(prenominal) service and customer retention. There is a profound correlation between quality received and customer retention. There is a significant correlation between the image of a professional service and customer retention. There is a significant correlation between the prices charged and customer retention. There is a significant correlation between overall value received from a professional service and customer retention.PropositionsAndreassen (1997) has made some propositions on customer value. They are perceive quality is believed to have a positive concussion on value Perceived quality and value are believed to have a positive impact on customer satisfaction.Methods of customer value judgingthrong, Dipak & Pradeep (1993), introduced some methods for assessing customer value. They are as follows innate engineering assessmentField value-in-use assessmentIndirect survey questionsFocus group value assessment.Direct survey questions conjoint analysisBenchmarksCompositional approach sizeableness ratingsCustomer lifespan Value agree to Phillip, Mark & Robert (2004), Customer Lifetime Value is the present value of the future specie flows attributed to customer relationship. Therefore, Customer Lifetime Value ( 155), also known as Lifetime Customer Value (LCV) or Lifetime Value (LTV) is the net present value of the cash flows recognized from the relationship with a customer. This is a parameter to determine exactly how much a customer is charge in monetary terms and therefore exactly how much a marketing department should be willing to guide to acquire each customer.According to Jason, Ashutosh and Roberto (2010), clv makes it possible to explicitly link semipermanent financial returns to marketing actions. They think that 15 5 has been gaining significance for two reasons First, many traditional marketing metrics are not sufficient to evaluate return on marketing investments. Second, customers are not equally profitable. So, it is necessary to understand customer value at individual level which can be done with the help of CVL. CLV is typically used to calculate the cost of acquisition of a customer. For example, if a unfermented customer costs 50000 TK to acquire and his or her lifetime value is 60000 TK, then the customer is considered to be profitable.FINDINGS1.Customer value helps to develop & manage customer relationship 2.Customer expectation and customer satisfaction are closely tie in with customer value 3.There are some principles of strategic positioning which can be applied in doing things differently from the competitors and transferring different values to the customers 4.Success in business depends on selection of the target customers for value positioning. 5.The practice of a strong ma nagement system is needed for achieving customer value.6.Developing a culture based on customer value is necessary to achieve the strategic objectives of a company. 7.A highly integrated value system & effective performance measuring system is important for the implementation of customer value strategy. 8.Network marketing system helps to understand customers needs in a better way 9.Some hypotheses established by various scholars are helpful for delivering superior customer value. 10. Important methods should be followed for assessing customer value 11.Customer Lifetime Value explicitly links long-term financial returns to marketing action. It also helps to understand customer value at individual level.BIBLIOGRAPHY1.Komulainen Hanna Mainela Tuija Tahtinen Jaana Ulkuniemi Pauliina (2004) Exploring Customer Perceived value in a applied science Intensive assist Innovation, glitz 20, scallywag 27. 2.Ravald Annika Gronroos Christian, (1996),The Value Concept and human relationship M arketing, volume 30, page 12.3.Lia qia Chi(2003) The role of Customer perceived value in Generating Customer Satisfaction An E-business eyeshot volume 5, page 15. 4.Lam Shun Yin Shankar Venkatesh Erramilli and Murthy Krishna Bvsan, (2004), Customer value, Satisfaction, Loyalty and Switching cost An congressman from a line of descent to Business Service Context, volume 32, page 20. 5.Rajagopal, (2006), injury value, Preferences and Customer value effect of Non-conventional service products An experimental analysis in Mexican market, page 23. Weinstein Art and Abratt Russel(2009) Marketing Intelligence & Planning Volume 27 No. 5 page 19, 2009 6.7. Andreassen Tor Wallin (1997) The International Journal of Service Industry centering, volume. 8, No 4, Page 33Anderson James C. Jain Dipak C. & Chintagunta Pradeep K.(1993), Journal of Business to Business MarketingVolume 1(1) , Page 29Pfeifer Phillip E., Haskins Mark E. & Conroy Robert M. Journal of Managerial Issues (2004) page 25Zha ng Jason Q. , Dixit Ashutosh and Friedmann Roberto (2010), Journal of Marketing system and Practice Volume 18 no. 2, Page 13 7.8.www.wikipidia.com

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