Marketing

what is customer value is a important question to be asked well here is the answer with more relevant & important things to know here is important marketing foundation post https Principles of Marketing Marketing Management 🧑‍💼 The art and science of choosing target markets and building profitable relationships with them. Key Questions: What customers will we serve? 🎯 (Target Market) How can we best serve these customers? 💡 (Value Proposition) Market Segmentation 🧩 Dividing the market into distinct groups of customers based on specific characteristics (e.g., age, income, behavior). Example: A cosmetics brand might target different age groups with unique product lines. Target Marketing 🎯 Selecting one or more segments to focus marketing efforts on. Example: A luxury car brand 🚗 focusing on high-income professionals. Value Proposition 💼 The set of benefits or values a company promises to deliver to meet customer needs. Example: Apple 🍏 offers premium, easy-to-use devices focused on innovation and design. Marketing Concepts 📊 1. Production Concept 🏭 Focus: Customers prefer products that are widely available and affordable. Example: Fast-food restaurants 🍔 prioritize quick service at low prices. 2. Product Concept 🔧 Focus: Customers favor products with high quality, performance, and features. Example: Tesla ⚡ emphasizes advanced technology and sustainability. 3. Selling Concept 🛒 Focus: Customers will not buy enough unless aggressive promotion is used. Example: Insurance companies 📞 often rely on cold calls and sales campaigns to attract clients. 4. Marketing Concept 📈 Focus: Meeting customer needs better than competitors. Example: Nike 👟 delivers personalized products with an emotional brand message. 5. Societal Marketing Concept 🌍 Focus: Balancing customer satisfaction with society’s long-term welfare. Example: Patagonia 🏕️ emphasizes environmental responsibility alongside profitability.   The Marketing Mix (4Ps) 🛠️ Product 📦 – What you are offering (features, design, brand). Price 💰 – The cost of your product or service. Place 🏬 – Distribution channels for delivering the product. Promotion 📢 – How you communicate with your customers (advertising, social media, etc.). Building Customer Relationships & Capturing Value 💎 1. Customer Relationship Management (CRM) 🧑‍🤝‍🧑 The process of building and maintaining profitable relationships by delivering superior value. 2. Customer-Perceived Value 🔍 The difference between the total perceived value and the cost of acquiring a product. Example: A consumer may pay extra for faster delivery 🚚 from Amazon because it’s more convenient. 3. Customer Satisfaction 😊 The extent to which a product’s performance matches expectations. Example: A customer receiving their food order on time 🍕 improves their satisfaction. 4. Consumer-Generated Marketing 🗣️ Brand exchanges created by consumers, like reviews or social media posts. Example: A TikTok video 📱 showing a creative product use can go viral and promote the brand. 5. Partner Relationship Management 🤝 Working closely with partners inside and outside the company to deliver value. Example: A smartphone brand 📱 collaborating with a telecom provider to offer data bundles. 6. Customer Lifetime Value (CLV) 📅 The total value of all purchases a customer makes over their lifetime. Example: A Starbucks ☕ fan spending $5 daily generates substantial value over time. 7. Share of Customer 🛍️ The portion of a customer’s purchases in a specific product category captured by a company. Example: A supermarket 🛒 increasing the percentage of weekly groceries bought by a loyal customer. 8. Customer Equity 💼 The total combined lifetime value of all customers. Example: A company with high customer retention and satisfaction builds greater equity. “Need to create stunning slide decks and presentations in minutes? Try Gamma https://try.gamma.app/12megtgwa6qs It’s designed to help you build professional presentations quickly and effortlessly.”    For more of this content visit OUR BLOGMaybe you want to Watch a Video What is customer value has been answered , Thanks for reading this