Value and Satisfaction concept in marketing management

Explore the essential concepts of value and satisfaction in marketing . Understand how creating and delivering customer value is pivotal for achieving high customer satisfaction, which in turn drives loyalty and repeat business. Delve into various marketing concepts including the Production Concept, Product Concept, Selling Concept, Marketing Concept, Societal Marketing Concept, Relationship Marketing Concept, and Holistic Marketing Concept. Learn how these frameworks guide businesses in meeting customer needs, enhancing product quality, and balancing profit with social responsibility. Discover strategies for effective customer relationship management and integrated marketing that ensures long-term success.

1. Concepts in
Marketing

2. Production
Concept
Focus: Efficiency in
production and wide
distribution
Assumption: Consumers
prefer products that are
widely available and
affordable
Example: Early industrial
companies focused on mass
production to lower costs.

3. Product
Concept
Focus: Quality, performance,
and innovative features
Assumption: Consumers favor
products that offer the most
quality and features
Example: Technology
companies like Apple
focusing on product
innovation and quality.

4. Selling
Concept
Focus: Aggressive sales
techniques and promotions
Assumption: Consumers need
to be persuaded to buy
products
Example: Insurance
companies using aggressive
sales tactics to sell policies.

5. Marketing
Concept
Focus: Meeting customer
needs and wants better than
competitors
Assumption: Achieving
organizational goals depends
on understanding the needs
and wants of target markets
Example: Companies like
Amazon focusing on customer
satisfaction and personalized
services

6. Societal
Marketing
Concept
Focus: Balancing company
profits, customer satisfaction,
and societal well-being
Assumption: Companies
should consider long-term
societal welfare in their
marketing strategies
Example: Patagonia
promoting environmental
sustainability and ethical
sourcing.

7. Holistic
Marketing
Concept
Focus: Integrating all aspects of
marketing to deliver consistent
and comprehensive value
Assumption: Everything matters
in marketing and a broad
perspective is needed
Example: Companies like
Google using integrated
marketing communication to
maintain a strong brand
image.

8. Relationship
Marketing
Concept
Focus: Building long-term
relationships with customers
Assumption: Customer loyalty
leads to repeat business and
referrals
Example: Loyalty programs
and personalized
communication used by
companies like Starbucks.

10. Value and
Satisfaction

11. What is
Value?
The perceived benefits,
usefulness, or importance of a
product or service relative to
its cost.
Value can be Functional,
Monetary, Social, Psychological

12. Functional
Value
Quality,
Performance,
Reliability
Example: A
smartphone with
long battery life.
Monetary
Value
Cost savings, price,
discounts
Example:
Affordable
pricing with high-
quality features.
Psychological
Value
Emotional benefits,
self-expression,
brand connection
Example: Using
eco-friendly
products.
Social
Value
Social status,
network,
influence
Example: Owning
a luxury car.
Types of Value

13. What is
Satisfaction?
The fulfillment of customer
expectations through the
delivery of products or
services.
Components:
Product quality
Service quality
Customer experience

14. Product Quality
Consistency in
quality at every
purchase with
good aesthetics.
User- friendly,
Reliable and Safe
Service Quality
Responsiveness,
empathy,
assurance
Customer
Experience
User-friendly
interfaces,
seamless
transactions,
personalization
Components of Satisfaction