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M: Marketing 4th Edition by Dhruv Grewal,Michael Levy
Edition 4ISBN: 978-0077861025M: Marketing 4th Edition by Dhruv Grewal,Michael Levy
Edition 4ISBN: 978-0077861025 Exercise 2
Does providing a good value mean selling at a low price?
2. What are the benefits of long-term relationships with customers?
3. How are marketers connecting with customers using social and mobile media?
2. What are the benefits of long-term relationships with customers?
3. How are marketers connecting with customers using social and mobile media?
Explanation
Verified
Verified
(1)Justification:
Creating value for a product is not only related to the price of the product, but also to other factors. Value creation is a process of providing benefits to the customers in all means like promised quality in the product, availability of the product, and price of the product. Value of the product is a process of creating a relationship between the price which the customer pays for the product and the benefits which the customer gets from the product. Therefore, good value of the product is obtained by not selling a product at a low price.
(2)Benefits of long-term customer relationship:
The following are the benefits of long-term relationships of customers:
• The reputation gained by the company due to the loyal customers expands the business operations.
• Trust in the product and further diversification of products is also possible with the customers.
• The customers create business or product referrals to their friends, relatives, and colleagues.
• Market for the product remains constant and the immediate feedback about the changes in the product quality can be expected.
(3)Social media marketing:
A process of creating marketing content in the social media that attracts the customers towards the products and also enable them to share the same with their friends is termed as social media marketing. For example, a famous brand ice cream created an e-poster of ice creams and published it in social networking sites. Many users liked and shared the same with many friends in their social circles.
Mobile media marketing:
The process of creating a marketing mobile application that educates the customer about the product, attracts their target audience, and also influences others to download the application is termed as mobile media marketing. For example, sending e-messages to the mobile users to attract the user to download the full application to know about the product is termed as mobile media marketing.
Creating value for a product is not only related to the price of the product, but also to other factors. Value creation is a process of providing benefits to the customers in all means like promised quality in the product, availability of the product, and price of the product. Value of the product is a process of creating a relationship between the price which the customer pays for the product and the benefits which the customer gets from the product. Therefore, good value of the product is obtained by not selling a product at a low price.
(2)Benefits of long-term customer relationship:
The following are the benefits of long-term relationships of customers:
• The reputation gained by the company due to the loyal customers expands the business operations.
• Trust in the product and further diversification of products is also possible with the customers.
• The customers create business or product referrals to their friends, relatives, and colleagues.
• Market for the product remains constant and the immediate feedback about the changes in the product quality can be expected.
(3)Social media marketing:
A process of creating marketing content in the social media that attracts the customers towards the products and also enable them to share the same with their friends is termed as social media marketing. For example, a famous brand ice cream created an e-poster of ice creams and published it in social networking sites. Many users liked and shared the same with many friends in their social circles.
Mobile media marketing:
The process of creating a marketing mobile application that educates the customer about the product, attracts their target audience, and also influences others to download the application is termed as mobile media marketing. For example, sending e-messages to the mobile users to attract the user to download the full application to know about the product is termed as mobile media marketing.
M: Marketing 4th Edition by Dhruv Grewal,Michael Levy
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