Whichever Way One looks at it

Marketing is All About Creating Communicating Delivering

Value

Various Tasks in Marketing

A) Marketing planning, consumer analysis, and market selection (segmentation and targeting) B) Product development, production and distribution C) Personal selling, advertising, publicity, sales promotion and direct marketing D) Market research and marketing control

Task A:

Marketing planning, consumer analysis, and market selection (segmentation and targeting)

Concerned with Value selection Customers expectations are the clues to the value to be offered The firm studies the Customers, acquires the needed insights and selects the value to be offered. These tasks also touch upon Value Creation and Value Delivery

Task B:

Product development, production and distribution

Concerned with Value Creation

Concerned with Value Delivery

Task C:
Personal selling, advertising, publicity, sales promotion & direct marketing

Concerned with Value Communication

Task D:

Market research and marketing control

Even these are concerned with the value-delivering process

The purpose here is Value Enhancement and Value Sustenance

The tasks assess the effectiveness of the Value delivery: the level of satisfaction actually passed on to the Customer how it compares with the level intended by the firm as well as the levels offered by the competing firms

Marketing Viewed
In terms of what is offered What is offered by marketing, in any given case is finally carried by the 4Ps We can in fact say 4P represents what is offered. But, what is it that the 4Ps represent in turn? They represent Value. They are carriers of Value. The firm packs Value in each P It makes out an assemblage of benefits(value) in the 4Ps as per the Customers expectations and puts it across to the customer as the offer

Marketing Viewed
In terms of the entity marketed Some firms market Commodities some market Products some Brands and some Solutions As marketing graduated from one stage to another, the idea of what is marketed changed. Irrespective of the entity that is marketed, value is the real thing marketed in all marketing. What happened through the various shifts? More value was being created and delivered, i.e. Value Enhancement was taking place.

Marketing Viewed
In terms of the Customer Competition frame work Marketing consists of * Serving Customers * Meeting Competition Serving customers happens by offering Value Meeting Competition too happens by offering

Value

Marketing Viewed
As a Battle
A Battle

of Brands A Battle for Market Share A Battle for Mindshare

With what weapon are they all fought? the obvious answer

Value

Marketing

Pricing is an important component of Marketing activities Here too, Value holds the key The true power of pricing actually lies in capturing the value from the market correctly. The right pricing formula will not be based on the company costs, but on the Value what the consumer perceives as value.

Pricing

The firm thoughtfully knits together, into the price , the value presented by all the elements of its offer. Communicating this to the customer, the firm apprises the latter of all the benefits and of the value being delivered, which is more than what the customer has paid for, and is indeed more than what is offered by all comparable competing offers.

Ultimate Aim Marketings Customer Satisfaction - rests on value.

Satisfaction of the customer rests on the value the firm delivers to the customer. It is value , and the pursuit of value, that build competitive advantage of the firm

Value & Competitive Advantage

Superior value in itself represents a competitive advantage When a firm relentlessly pursues value creation and specialises in value creation in certain selected areas, it results in superior capability in those areas. This in turn translates into a sustainable competitive advantage for the firm. Value creation and competitive building go hand in hand.

Packing new value in an offer, and capturing it back through right pricing , is what innovation in business/marketing is all about. From the product idea stage down to the after-sales service stage, there is always scope for adding value. The dividing line between innovation and adding value is thin. When what is added is breakthrough value, it becomes an intrinsic innovation.

Innovation and Value