The Role of Marketing in Creating Value for Customers

MARKETING FUNDAMENTALS
ANALYSIS AND EVALUATION -
ASSESSMENT 2
Contents
The role of marketing in creating value for customers................................................................3
REFERENCES................................................................................................................................7

INTRODUCTION
Customer value is satisfaction which leads to positive experience of them. the experience is got
by taking action relative to cost of action. Here, given action is purchase and cost refers to
benefit received like time, money, etc. here, customer value increases when their desire to buy
an item and perceived value of product increased. This enable them to make decision to buy
product. It is necessary to measure customer value so that it can be identified whether
satisfaction is high or low. Apart from it, that gives overview whether desire of customers are
fulfilled or not. So, for that there are various methods which is followed such as dividing
perceived benefit with cost. Similarly, in marketing as well this formula is applied. besides that,
there are certain drivers of value in it as well which are quality, marketing, price, etc. through
which value is gained.
The role of marketing in creating value for customers.
Marketing is considered as the process of forming a message which is regarding the product or
service offered by the company. After that they focus on the stage of communication so that they
can gather the attention of people. There are many forms of marketing such as press releases,
advertisements and communication with clients. Marketing is important because of the attribute
it possess and it gets the attention of the people they want to target so that interest can be created
in their mind. For instance any company launches a new product their motive will be to create
excitement of the product they have launched and develop urge in the minds of target audience

so that they can develop urge in their mind by making them aware about its attributes so that
people make a purchase of the product. More innovative measures used by Poundstrtcher more
they will be able to create excitement among their base of customers (Wheeler and et.al., 2017).
One of the most important aspects of marketing is to form the value of the product or
service. This is done by joining many strategies such as making the information available in the
form of teasing of customers. This is one way of building excitement and delivering the message
they can choose others as per their convenience.
Providing Education-
Communications of marketing focus on assessing the qualities and features of the
offering and in what ways it will be helpful to the customers. If Poundtretcher is looking to
market their electric products then they will highlight their creative and innovative measures
behind it. Most importantly it will assess all the benefits it will give to the buyer. For instance it
is more energy efficient, more upgraded version, more safe etc. if the information is provided
with benefits in the right manner then they will be able to educate them about the details of the
product.
Creating a Need-
It is necessary to make them explain the fact but it is also necessary that marketers of
Poundstretcher needs to assess the need of the consumer and fit the product as per their need so
that they buy it. For instance there are many electrical appliances in the market and this gives a
lot of options to consumers to choose from. It is up to the marketers of the company to make
them understand that their product will fit as per their need (Supeno, 2020). Things that needs to
be promoted must be the specialties and uniqueness of the product so that customers interest can
be grabbed. The more suitable elements are discussed more they will be able to fit the need of
the customer.
Reaching the target market-
Marketers must understand the market they want to target and its value so that they can
make people purchase the product. In order to reach their audience the marketers of the company
needs to deal with many factors such as age of the customers, level of income, level of education

and other things through which they are able to identify the potential of the customer. If the
marketers have gathered the thorough knowledge of customers then they will be able to form the
message that is required to send them which will be fixed to their need.
Many marketers of the company create the value of the product in the minds of customer
on the basis of set of minds and culture. This is considered as the most difficult task to change
and also difficult to emulate. This is why it takes time for the marketers of the company to make
them purchase the product but if changed company can make sure that they will be able to reach
success on long term basis. This is why it is also assessed that it will bring them high level of
experience and form value to it. Values changes with the use of the product of any product in the
journey of customer. Marketers form the value of the product on the basis of intent of purchase.
Even at the time of resale these things are assessed this is also known as waterfall of needs and
with time needs of every customer changes. If the company is successful in creating the value for
the customers then they will be able to reach their optimum level of satisfaction which will help
them to remain loyal in the market. This way PoundStretcher will be able to increase their
efficiency and increase the level of share they have in the market. This states that company will
be able to reach high amount of profits (Münderlein and et.al., 2019).
Other than value there is a concept that goes by real value for which the company needs
to understand the concept the value of the customer and how it changes with time. It is necessary
for the marketers to understand the level of need of customer and what value product offers on
the basis of it because that is the main reason that motivates them to make a purchase. It is
necessary that marketers have the knowledge of the offering of the competitors so that they can
make them describe the benefits on the basis of both (Fernández-Rodríguez, Gómez-Puig and
Sosvilla-Rivero, 2016). Other than this value is also created by offering them the right amount of
price and for some of the customers by reducing the price or giving them something extra as per
the offer made. They can increase the value by making the process of purchase more convenient
for them. The image of the company, including the brand and the trust in the company or when
the Customer appreciates the Values of the company including sustainability. These create Value
for the Customer.