The Role of Customers in Marketing
Now that we have identified the elements in the value chain and understand the formulation of the value proposition, we can look at the role the customer plays in marketing strategy development and how they define value. Because this changes all the time, companies must also revise, update, and adapt their strategies to ensure that customers receive the value they actually want and not just what the company believes they want. For example, consumers may value a particular product but may change their choices based on new entries into a marketplace. New social and cultural factors may influence customer decisions, which can also change how they view a particular product. Consumer needs may also change due to economic, political, and other outside influences. Read this chapter to see how consumers can affect value messaging.
Learning Outcomes
- Define the term marketing
- Explain the marketing concept
- Identify and describe an organization's value proposition
- Explain the importance of managing the customer relationship
- Explain the factors that influence customer decisions
- Explain the consumer buying process
Source: Lumen Learning, https://courses.lumenlearning.com/wmopen-introbusiness/chapter/the-role-of-customers-in-marketing/
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