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Purpose of Assignment
Understanding marketing as a multi-step process relying on building successful
customer relationships is essential to helping organizations grow and achieve
their goals. This assignment defines marketing, the customer value proposition,
and creating mutually beneficial relationships between the organization and
target, as well as applies these concepts to the student to create a personal
brand.
Assignment Steps
Scenario: You have just graduated from the University of Phoenix with your
Bachelor's Degree. You have decided either to seek a promotion at your current
work, explore new career opportunities, or open your own business and are using
your marketing knowledge to position yourself for career growth.
What to Do
Develop a 1,050-word response to the following using the
scenario above:
Provide a definition of marketing from the American Marketing
Association.
Define the customer value proposition.
Discuss the differences between the marketing process and advertising, the
goals of creating a strong customer value proposition, and the unique
relationship that exists between company and customer.
Use your workplace, a company you would like to work for, or an entrepreneurial
vision and apply the concepts of the customer value proposition and
relationship marketing to their operations. Introduce who the company, or
business idea is and what they do.
Provide examples demonstrating how the company uses these concepts
successfully. Are there any ways they can improve in these areas? How?
Determine how your own personal brand links to the organization's customer
value proposition. Discuss ways you can integrate a customer value proposition
and use relationship marketing to position yourself the best. Please share
examples to illustrate your thoughts and reasoning.
Understanding Marketing and Customer Relationships
Name
Institution/Affiliation
The
American Marketing Association define marketing as: “The activity, set of institutions, and processes for creating, communicating,
delivering, and exchanging offerings that have value for customers, clients,
partners, and society at large” (Brandwayn, 2014). Marketing is very crucial to
a business, considering it is everything that a consumer first encounters about
an enterprise. Marketing includes customer value proposition (CVP) which is a
persuasive statement to the consumers offering details regarding the benefits
derived from a purchased product. CVP entails the benefits that a customer is
guaranteed by a vendor in return for associated payments for a product. In
simple terms, CVP offers a description of the reasons why a customer should
purchase a specific product of utilizes particular services. Thus, it is
imperative to understand that marketing is a process that involves various
steps that result in the creation of viable customer relationships that are
significant to the attainment of organizational goals.
Without much thought, marketing and
advertising are different terms that offer a similar description that result in
the selling of a service or product. However, these are two different terms
that entail different processes despite resulting in the attainment of the same
objective. Brandwayn (2014), asserts that it is necessary that individuals
grasp and understand the difference between marketing and advertising so that
to enhance customer acquisition. Marketing involves the process of preparing a
product for sale, thus depends on the company understanding the potential
targeted customers; as such it is used to define the brand of a product.
Conversely, advertising incorporates popularizing a product or service; mostly
it involves making the service or product acknowledged. Advertising consists of
the ability of the company to communicate to the market concerning the
availability of a product or service.
The
significance of creating a robust CVP is so that a company can be able to
provide reasons that convince a customer to purchase a product or use a
service, as well as enable product differentiation. According to Simchi-Levi
(2010), sales and profit levels can be improved by a company gaining the
approval as well as the attention of customers; thus enhancing the customer
base. Product promotion is dependent on the level of understanding exhibited by
customers regarding a product or service enabled through useful brand
awareness. Further, there is a unique relationship that exists between the
consumer and the company, for instance, the business depends on the customers
regardless of the services provided. The consumer is significant to the company
as is the product or service. Hence there exists a mutual relationship between
the consumer and the business, but the ultimate goal is for the company to
ensure that the consumers depend on its brand.
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