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A HOLISTIC MARKETING ORIENTATION AND CUSTOMER VALUE

A holistic marketing orientation can also provide insight into the process of capturing customer value. One conception of holistic marketing views it as “integrating the value exploration, value creation, and value delivery activities with the purposes of building long-term, mutually satisfying relationships and co-property among key stakeholders.� According, to this view, holistic marketers succeed by managing a superior value chain that delivers a high level of product quality, service, and speed. Holistic marketers achieve profitable growth by expanding customer share, building customer loyalty, and capturing customer lifetime value.

The holistic marketing framework is designed to address three key management questions:

1. Value exploration

How can a company identify new value opportunities?

2. Value creation

How can a company efficiently create more promising new value offerings?

3. Value delivery

How can a company use its capabilities and infrastructure to deliver the new value offerings more efficiently?

VALUE EXPLORATION

Value flows within and across markets that are dynamic and competitive. Companies need a well-defined strategy for value exploration. Developing such a strategy requires an understanding of the relationships and interactions among three spaces:

1. The customer’s cognitive space;

2. The company’s competence space;

3. The collaborator’s resource space.

The customer’s cognitive space reflects existing and latent needs and includes dimensions such as the need for participation, stability, freedom, and change. The company’s competency space can be described in terms of breadthâ€"broad versus focused scope of business; and depthâ€"physical versus knowledge based capabilities. The collaborator’s resource space involves horizontal partnerships, where companies choose partners based on their ability to exploit related market opportunities, and vertical partnerships, where companies choose partners based on their ability to serve their value creation.

VALUE CREATION

To exploit a value opportunity, the company needs value-creation skills. Marketers need to identify new customer benefits from the customer’s view, utilize core competencies from its business domain and select and manage business partners from its collaborative networks. marketers must understand what the customer thinks about and wants to craft new customer benefits,. Marketers must also observe who the customer admires, who they interact with and who influences them.

Business realignment may be necessary to maximize core competencies. It involves three steps:

1. Defining the business concept

2. Shaping the business scope

3. Positioning the company’s brand identity

This is what Kodak is doing as sales from its traditional core businesses of film, camera, paper, and photo development have sagged, and consumers have abandoned film cameras for increasingly cheaper digital equipment, products, and services. Chairman and Chief Executive of Kodak stood in front of shareholders about 2 years ago and unveiled the company’s new strategy. He announced that Kodak was “determined to win in these new digital markets.� In order to do that the company plans to expand its line of digital cameras, printers, and other equipment for consumers, who are now using the internet to transmit and display their digital images. Kodak also is stepping up efforts to deliver on-demand, color printing products for business and wants to increase its market share of the lucrative medical images and information services businesses.

VALUE DELIVERY

Delivery value often means substantial investment in infrastructure and capabilities. The company must become proficient at customer relationship management, internal resources management, and business partnership management. Customer relationship management allows the company to discover who its customers are, how they behave, and what they need or want. It also enables the company to respond appropriately, coherently, and quickly to different customer opportunities. To respond effectively, the company requires internal resources management to integrate major business processes like order processing, general ledger, payroll, and production within a single family of software modules. Finally, business partnership management allows the company to handle complex relationships with all its business associates.

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How would one structuer a marketing plan to incorporate some of their concept using porters value chain and hollistic marketing to modify the standard marketing plan?

To structure a marketing plan incorporating Porter’s Value Chain and holistic marketing, start by analyzing each segment of the value chain—such as inbound logistics, operations, and marketing—to identify areas for optimization and differentiation. Integrate holistic marketing principles by ensuring that every aspect of the business, including product development, customer engagement, and branding, aligns with a unified vision and message. This approach emphasizes creating value not just through the product but also by enhancing customer relationships and experience. Finally, collaboratively develop strategies that leverage insights from the value chain to inform marketing tactics, ensuring a cohesive and comprehensive plan that drives both efficiency and customer satisfaction.


What are the three basic ideas in the marketing concept?

The three basic ideas in the marketing concept are customer orientation, integrated marketing, and profitability. Customer orientation emphasizes understanding and meeting the needs and wants of the target market. Integrated marketing involves coordinating all marketing activities and communications to deliver a consistent message and experience. Profitability focuses on creating value for both customers and the company, ensuring long-term success and sustainability.


What is the concept of customer value?

Customer value is one of key aspects of marketing.


How does marketing function determine customer value?

Marketing function determines customer value because it refers to the value of the item the customer receives. The value means how good an item is not how much it costs. With marketing function the function of the market is basically how good an item can be used by a customer.


What is differences between holistic marketing and integrated marketing communications?

Holistic marketing recognizes the breadth and interdependencies of marketing program design, development, and implementation - "everything matters" in marketing. Integrated marketing communications recognizes the added value of a comprehensive marketing plan. A marketers' task is to create marketing activities and assemble fully integrated marketing programs that create, communicate, and deliver value for consumers.

Related Questions

3 keys of holistic marketing orientation and customer value?

1. Value exploration 2. Value creation 3. Value delivery.


What is the concept of customer value?

Customer value is one of key aspects of marketing.


How does marketing function determine customer value?

Marketing function determines customer value because it refers to the value of the item the customer receives. The value means how good an item is not how much it costs. With marketing function the function of the market is basically how good an item can be used by a customer.


What are the advantages of production orientation?

Product oriented marketing as suggested concerns itself more on the product rather than on the customer. Its advantages are usually the quality and value of their products.


What is differences between holistic marketing and integrated marketing communications?

Holistic marketing recognizes the breadth and interdependencies of marketing program design, development, and implementation - "everything matters" in marketing. Integrated marketing communications recognizes the added value of a comprehensive marketing plan. A marketers' task is to create marketing activities and assemble fully integrated marketing programs that create, communicate, and deliver value for consumers.


What is holistic margin management?

"(holistic margin management) is about removing non-value-added components from a customer's perspective, and reinvesting in those savings in value-creating opportunities."


Discuss the Concept of customer value and its importance to successful marketing?

discuss the concept of customer value and its importance to markeking


What is marketing and what are the primary goals?

What is marketing and what is its primary goal?Marketing Definition:Process by which companies create value for customers and build strong & profitable customer relationships in order to capture value from customers in return and create profit which is the main objective of profit organization, and any other valuable value for non-profit organizations, typically market is divided into main five steps that define marketing process itself.The Marketing Steps:Figure 1-1 shows the five-step marketing process.1. Understand the marketplace and customer needs and wants.2. Design a customer-driven marketing strategy.3. Construct a marketing program that delivers superior value.4. Build profitable relationships and create customer delight.5. Capture value from customers to create profits and customer quality.Marketing Primary goal1. To promote their products and services and improve turnoverunderstand consumers, create customer value, and build strong customer relationships


What is the simple model of the marketing process?

The simple model of the marketing process is:Understand the marketplace and customer needs and wants.Design a customer-driven marketing strategy.Construct an integrated marketing program that delivers superior value.Build profitable relationships and create customer delight.Capture value from customers to create profits and customer quality.


What is customer delivered value?

Marketing is about meeting the needs of your targeted market, but also providing them with a value. this value is determined when subtracting the benefits a customer gets from the product with the the customer costs he does to get it. So for instance, if a customer looks for the image value, he has to see the costs he will incur to get it.


What are the Components of Holistic Marketing and why it is Beneficial?

Marketing is a highly diverse field catering to businesses or industries. When a business plans to market itself using various aspects of marketing into a singular campaign and spread it across different mediums, it is defined as holistic marketing. Leading advertising agencies use this marketing approach with components of holistic marketing to build core brand value. Why Holistic Marketing is Beneficial Following are the reasons why brands prefer holistic marketing: Target new Clients There are higher chances of getting more leads and converting them into clients using holistic marking. Efficient Use of Resources Businesses can plan more suitable strategies using all the resources to achieve their target. The company can choose resources making the entire process more efficient. Quick Goal Achievement Loopholes in marketing efforts can be neglected using various Components Of Holistic Marketing and workflow becomes more streamlined. Conclusion The components of holistic marketing like relationship marketing, internal marketing, integrated marketing, societal marketing, and performance marketing work together in creating a comprehensive and integrated marketing approach to achieve better results. Strategies adopted by AXAD help companies achieve better results, build stronger relationships with customers, and enjoy a competitive edge in business.


What are the following five-step model of the marketing process?

1. Understand the customer need & want and marketplace. 2. Develop a marketing strategy. 3. Construct the marketing program. 4. Customer relationship. 5. Capturing Value from Customer. (In the form of profit, money)