Why is just marketing not enough to produce superior value for customers?
Answers
In marketing, the act of obtaining a desired object from someone by offering something of value in return is called the exchange process. The exchange involves:
the customer (or buyer): a person or organization with a want or need who is willing to give money or some other personal resource to address this need
the product: a physical good, a service, experience or idea designed to fill the customer’s want or need
the provider (or seller): the company or organization offering a need-satisfying thing, which may be a product, service, experience or idea
the transaction: the terms around which both parties agree to trade value-for-value (most often, money for product)
Individuals on both sides of the exchange try to maximize rewards and minimize costs in transactions, in order to gain the most profitable outcomes. Ideally, everyone achieves a satisfactory level of reward.
Marketing creates a bundle of goods and services that the company offers at a price to its customers. The bundle consists of a tangible good, an intangible service or benefit, and the price of the offering. When you compare one car to another, for example, you can evaluate each of these dimensions—the tangible, the intangible, and the price—separately. However, you can’t buy one manufacturer’s car, another manufacturer’s service, and a third manufacturer’s price when you actually make a choice. Together, the three make up a single firm’s offer or bundle.
Marketing is also responsible for the entire environment in which this exchange of value takes place.
Marketing identifies customers, their needs, and how much value they place on getting those needs addressed.
Marketing informs the design of the product to ensure it meets customer needs and provides value proportional to what it costs.
Marketing is responsible for communicating with customers about products, explaining who is offering them and why they are desirable.
Marketing is also responsible for listening to customers and communicating back to the provider about how well they are satisfying customer needs and opportunities for improvement.
Marketing shapes the location and terms of the transaction, as well as the experience customers have after the product is delivered.
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