$6.$ iSeeit!: Value Creation Through the Marketing Mix

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iSeeit!: Value Creation Through the Marketing Mix

Value is when a customer receives more than what they give up$,$ such as when a customer pays for a product or service. The definition of value often shifts based upon what each customer is looking for in the product or service they are purchasing. Take, for instance, the Hernandez family's search for the perfect cup of coffee. Mom, dad, and Gabby each place value on different aspects of the coffee drinking experience. Gabby looks for a unique experience, often provided by independent coffee shops, and is willing to pay more for that experience. Mom, on the other hand, wants the consistency and convenience provided by chains while dad is not interested in anything fancy but is simply looking for a cheap cup of coffee. Before organizations can effectively market their coffee to this family with such diverse needs, they need to understand where each consumer places value and meet their needs using the marketing mix.

Customer value is the unique combination of benefits received by targeted buyers that includes quality, convenience, on$-$time delivery and both before$-$sale and after$-$sale service at a specific price. For organizations to provide value and effectively satisfy consumer needs, they must understand their target market and adjust the marketing mix accordingly.

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$6$b$.$ Joe to Go offers donuts with its simple...

Joe to Go offers donuts with its simple cup of black coffee that customers serve themselves. In doing so$,$ the company has determined its $\_\_\_\_\_\_\_\_$Blank, which satisfies the needs that dad has as a customer.

Multiple Choice

customer value proposition

consumer focus

marketing mix

target market

market