Creating customer value and engagement Flashcards
What is the significance of creating customer value in marketing?
Creating customer value is essential as it forms the foundation for customer satisfaction, loyalty, and long-term relationships with the brand.
What are the key components of a customer-driven value marketing strategy?
A customer-driven value marketing strategy involves understanding the customers’ needs and wants, identifying the target market, and developing products and services that satisfy those needs effectively.
How can companies prepare an integrated marketing program that delivers superior value to customers?
Companies can prepare an integrated marketing program by aligning all marketing elements to deliver a seamless and consistent customer experience across various touchpoints.
What is the role of customer engagement in marketing?
Customer engagement involves creating meaningful interactions and relationships with customers, leading to increased brand loyalty and advocacy.
How can companies build profitable relationships and create customer delight?
Companies can achieve this by delivering exceptional customer experiences, providing personalized services, and exceeding customer expectations consistently.
What is the concept of customer equity, and why is it important in marketing?
Customer equity represents the total combined customer lifetime values of all the company’s customers. It is important as it provides insights into the long-term value of the customer base.
How can companies capture value from customers effectively?
Companies can capture value from customers by offering products and services that meet their needs, providing exceptional customer service, and creating loyalty programs to retain customers.
What is the role of marketing intelligence activities in creating customer value and engagement?
Marketing intelligence activities help companies gather information about the market, competitors, and customers, enabling them to make informed decisions and develop effective marketing strategies.
What are the key elements of a company-wide strategic planning process to define marketing’s role in creating customer value and engagement?
The key elements include defining a market-oriented mission, designing the business portfolio, planning marketing and other functional strategies, conducting competitor analysis, and developing competitive strategies.
The definition of marketing?
A social and managerial process by which companies engage customers, build strong customer relationship, and create customer value in order to capture value from customers in return (Kotler et al. 2019).
What are want and needs?
Wants are the form of human needs that takes shape by culture and individual personality.
Demands are wants that are backed by buying power.
What is marketing myopia
Paying attention to the specific products than to the benefits and experiences produced by these products. It has narrow POV, product or service driven.
What is value proposition?
A brand’s value proposition is the set of benefits or values it promises to deliver to consumers to satisfy their needs.
Describe the Functional/instrumental value
The extent to which a product has desired characteristics, is useful, or performs a desired function
Describe the Symbolic/expressive value
The extent to which customers attach or associate psychological meaning to a product.
