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.
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What is customer value has been answered , Thanks for reading this
Thanks , that is a good amount of informations
good organized simple content , thanks