Marketing: Marketing and Customer Value Essay

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It is agreed by many scholars that the concept of marketing was originally brought up around the time when industrial revolution took place. (Elvy, 1991; Evans & Berman, 1994) However, the definitions of marketing varied from time to time. ) People still get confused by the term “marketing” nowadays thinking it is only about advertising and selling the product, however it is actually a broad term that involves not only advertisement but also many other activities for instance, market research, media planning, product pricing, public relations and sales strategy etc.( udemy dog) Over the past 50 years, it has always been controversial for scholars what marketing really stands for. The most recent and recognized definition of marketing is “Marketing is a societal process by which individuals and groups obtain what they need and want through creating, offering, and freely exchanging products and services of value with others.” (Kotler et al., 2009, cited in Jordan) This definition, like other definition made by other people, is controversial because the definition does not fit in every situation. Thus, there are two major arguments about the definition, one is that none of the definition was right and it is still waiting for people to discover, and the other point of view is the perfect definition does not exist due to its constantly changing environment. (marketing concept) Although all the definitions have different focus of different aspects of marketing, they normally refer to getting in touch of the target users with very specific objective which is selling the product and establishing a relationship between customers for further cooperation. ( Heidi Cohen) To make marketing easier for people understand, it is a combination of strategies in a more practical way which contains market research, product design, product selling and many activities happens during the product exchange process. However, different companies or business will focus on different aspects of marketing activities. For example, Apple Company put great effort in product design and market research and gradually attracted many potential customers and establish relationship between them. It gave customers great experience through using iMac iphone or Ipod product. Therefore, people presume the Apple Watch is a worth-buying product even though Apple Company has no reputation in the field of watch before. Some people may not understand why this phenomenon would happen, but that is the beauty of marketing and the Apple Company certainly performed well in marketing. To explain the phenomenon, it can be led to the next part of the essay, which will help people understand more about the marketing concept by adding an important term “customer value”.
Like other economic terms, there is no general definition of customer value. Its interpretations usually refer to relation between product and price, the…