Well, marketing has become one of the most widely acceptedactivity in the world. It is an activity of the satisfying customer needs bycreating superior customer value and delivering higher satisfaction. Sellingand marketing considered to be only the component of marketing.
But in today’slife marketing is something else. Marketer has to understand the customer needsand to design a product that provides him superior customer value withreasonable price along with the distribution and promotion activity. Marketingprocess is to create superior customer value and capture value in the shape ofsales and profits etc. Customer driven marketing strategy has to be designed bymarketing management.
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In marketing management we try to select target marketand build strong customer relationship.The company can serve customer well by market segmentation. Anycompany cannot serve all types of customers that is why they do choose targetmarkets and create superior customer value and deliver to them in return theycapture value. Value proposition tells any customer that why he should buy anyproduct. Each single concern may have separate philosophies.
For instance, ifany concern has the philosophy that if they produce on large scale the minimumwill be the cost and the goods will be sold out conveniently. Customerrelationship management is a process by which company builds and keep onprofitable customer relationship by promising superior customer value andsatisfaction. Satisfied customers are more loyal and gives to the business ahuge share of their business. The next step is customer satisfaction the limitto which a product do performance to meet the buyer expectation.
In case ofbuilding relationship with customer level and tools are given there, whichdepends on the nature of target market. Every company tries to seek and developrelationship with customer. It is all about creating customer value andrelationship. In today marketer don’t work alone. They have to work with theother marketing partners. Marketer must have also a great partner relationship.That partner can be inside and outside the organization.
Next is capturing value from customers in shape of sale andprofits etc. Customer lifetime value bymaintaining great customers to capture customer life time value a share ofcustomer can be enhanced by maintaining good customer relationship. Customerequity may be the entire gathered customer lifetime value of entire corporationsof existing and potential customer.The world has been digitized. New marketing strategies come intoexistence in the market land scape. Computer technology has changed theevolution of business since last three decades.
One of the example is internetwhich has became a global village and connected billions of people with thiswhich has made the marketing process easy and stiff as well. As marketer arefaced with new strategies every single day. So the marketer has to be updated withnew strategies to fulfill the scarcity of marketing.