Marketing can be split into two individual components; as customer value and as a business philosophy, both carry separate characteristics which differentiate each, yet they are heavily linked and are vital to understand and implement in the modern environment. In order to succeed and stay innovative in the modern world, organisations must understand the essential component of customer value, however this requires application of many frameworks as this is an extensive concept. Many view marketing simply in a way in which organisations market products and services to current and potential customers, whilst this is correct, as a business philosophy, marketing is far more complex and is capable of affecting individuals in many different ways.
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The range of products offered at Threadless has aided the current generation to represent themselves socially with uniquely designed t-shirts. Their superior understanding of customer value have allowed them to successful cater to their marketing strategies effectively and they have done all this by without advertising, employed no professional designers, used no modeling agency or fashion photographers, and had no sales force and runs the business on the concept of the customer is the company (Inc, 2012). Threadless understood and exploited the link that existed between customer value and marketing.
In conclusion, although marketing as a business philosophy is challenging to describe, it can be seen as an essential component to provide customers with their wants and demands. Customer value is when customers try to justify the costs they must sacrifice in order to acquire them against the value they place on particular goods and services. A strong link between these two components is vital in the success of a product or company; failure to recognise and react to changes in customer value can be extremely destructive to your
The range of products offered at Threadless has aided the current generation to represent themselves socially with uniquely designed t-shirts. Their superior understanding of customer value have allowed them to successful cater to their marketing strategies effectively and they have done all this by without advertising, employed no professional designers, used no modeling agency or fashion photographers, and had no sales force and runs the business on the concept of the customer is the company (Inc, 2012). Threadless understood and exploited the link that existed between customer value and marketing.
In conclusion, although marketing as a business philosophy is challenging to describe, it can be seen as an essential component to provide customers with their wants and demands. Customer value is when customers try to justify the costs they must sacrifice in order to acquire them against the value they place on particular goods and services. A strong link between these two components is vital in the success of a product or company; failure to recognise and react to changes in customer value can be extremely destructive to your