What examples of marketing management added value have you found in any organization including your workplace?
Value = Benefits/Costs (Kotler & Keller, 2008)
Here Benefits means the functional benefits provided by the product such as mileage, powerful engine, attractive looks in a bike and emotion benefits (such as prestige and emotional bonding developed with a bike like Harley Davidson).
Costs means the physical costs of acquisition of the product which includes the prices paid by consumer, transportation costs involved, insurance etc and psychic costs (which means the mental trouble a consumer has to take for acquisition of the product).
Value can be added 5 different ways:
â?¢ Increasing benefits, reducing costs - Apple added benefits to its I-Phone and I-Pad but have reduced their prices following a market skimming strategy where initially prices were kept high but eventually they ...
The solution briefly explains the meaning of Value and the ways in which an organization can enhance value with the help of examples.