B Com Exam > B Com Videos > Marketing Management > Capturing value from customers - Marketing Process, Marketing Management
Capturing value from customers - Marketing Process, Marketing Management Video Lecture | Marketing Management - B Com
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FAQs on Capturing value from customers - Marketing Process, Marketing Management Video Lecture - Marketing Management - B Com
| 1. What is the marketing process? |  |
Ans. The marketing process refers to the series of steps that a company takes to identify, anticipate, and satisfy customer needs profitably. It includes activities such as market research, product development, pricing, promotion, and distribution.
| 2. What is marketing management? | |
Ans. Marketing management is the process of planning, organizing, implementing, and controlling marketing activities within an organization. It involves making strategic decisions related to product development, pricing, promotion, and distribution to achieve the company's marketing objectives.
| 3. How can companies capture value from customers? | |
Ans. Companies can capture value from customers by creating and delivering superior customer value. This can be achieved through understanding customers' needs and preferences, offering high-quality products or services, providing excellent customer service, and building strong customer relationships. By delivering value, companies can attract and retain customers, leading to increased sales and profitability.
| 4. What is the role of customer satisfaction in capturing value from customers? | |
Ans. Customer satisfaction plays a crucial role in capturing value from customers. Satisfied customers are more likely to repurchase products or services, recommend the company to others, and remain loyal over time. By focusing on customer satisfaction, companies can build strong customer relationships, enhance customer loyalty, and increase customer lifetime value.
| 5. How does the marketing process contribute to capturing value from customers? | |
Ans. The marketing process helps companies capture value from customers by identifying customer needs, developing products or services that meet those needs, and effectively communicating the value proposition to the target market. By understanding customer preferences, companies can tailor their offerings to meet customer expectations, leading to increased customer satisfaction and loyalty. Additionally, the marketing process involves pricing strategies that ensure customers perceive the value offered and are willing to pay for it, further contributing to capturing value.
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Nov 15, 2024 Last updated |
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