Creating Customer Value

Creating Customer Value

MBA – 605-1

Dr. Tvorik

Abstract

There are many companies with good ideas and great products, but they are not as profitable and successful as they should be. In the modern age, businesses are achieving success throw customer value. To create customer value, it is important to combine some elements of marketing and management in order to have a good mix and provide great customer service to clients, as well as a great quality product. In this paper, I will justify what I believe to be “creating customer value” and compare some brands and companies as well as analyze their strategy and game plan.

Creating Customer Value

In times where information is fast and people are having access to what they want in shorter times and where they want. Many businesses have good ideas and even nice products and services, but they cannot support the competitive market and be profitable. Sometimes they have a good plan, and lack of tools; sometimes they have good tools but lack a plan; but most of the times they should rethink and adapt their service. How well they operate and keep their customers happy is a good way to remain successful and profitable. There are many companies that are more worried about producing new products, and creating new brands, spending money on technology and trying to create something that customer may want. Instead of that, companies should be investing in customer services and customer value. They need to focus on what clients want and their needs. Creating customer value is not so simple and easy to be done. It requires marketing plan and a good marketing mix in order to create a relationship with customers. But firstly, what is “customer value?”

“Customer value is the difference in what the customer gets from a product and what he or she has to give in order to get it.” (Business Dictionary) Basically, that is comparing what is the customer cost to the customer benefits. A client comes into the store with standards...