Discuss one concept learned from this write up distribution channels that will deliver the chosen value to the customers effectively. This involves determining what features the product will offer, setting the appropriate price point, and establishing how the product will reach the target market. For example, if the chosen value is high$-$quality and durability, the product features may include premium materials and a longer warranty period. The price point should reflect the value offered while remaining competitive in the market, and distribution channels must ensure accessibility and convenience for customers to purchase the product.

Finally, the third phase is communicating the value, where marketers employ various promotional strategies to effectively convey the value proposition to the target audience. This includes advertising, sales promotions, public relations, and other marketing communications tactics aimed at raising awareness, generating interest, and ultimately persuading customers to make a purchase. The goal is to create compelling messaging that highlights the product's benefits and differentiates it from competitors in the minds of consumers.

Overall, the process of creating and delivering customer value involves carefully choosing, providing, and communicating the value proposition to target markets. By understanding and executing these phases effectively, marketers can drive demand, build strong brands, and ultimately contribute to the success and profitability of the business.

The speaker discusses the three phases of marketing: choosing the value, providing the value, and communicating the value. They emphasize the importance of understanding and effectively delivering customer value to generate demand and build strong customer relationships. In the phase of communicating the value, various marketing channels such as the internet, advertising campaigns, television, radio, and social media are highlighted as tools for reaching target markets. The speaker also introduces the concept of the value chain, which involves activities performed by firms to design, produce, market, deliver, and support a product. They stress the significance of coordinating departmental activities to conduct core business processes effectively and the importance of market sensing to gather and act upon information about the market. Additionally, maintaining good customer relationships is emphasized as a means of understanding customer preferences and improving products or services accordingly.

company should ask itself when establishing a mission well it's important to define a corporate mission because it provides a direction and purpose for the organization. The speaker emphasizes the role of strategic planning in ensuring that marketers execute the right activities. They outline three key areas of prioritizing strategic planning: managing the business as an investment portfolio, assessing the market's growth rate and the company's position, and establishing a strategy. Most large companies consist of four organizational levels: corporate, division, business unit, and product levels. At the corporate level, major decisions regarding funding, resources, and product management are made. Divisions allocate funds to business units, which develop strategic plans for profitability. Each product line within a business unit develops a marketing plan to achieve its objectives. The speaker introduces the concept of a marketing plan, which combines strategic and tactical elements to guide the rollout of marketing strategies. A strategic marketing plan focuses on target markets and value propositions, while a tactical plan specifies marketing tactics like product features, promotion, pricing, and sales channels. Having a mission statement is important as it provides direction and purpose for the organization, guiding decision$-$making and setting objectives.

In order to define a company mission, several key questions need to be addressed. These questions include:

$1.$ What is our business?

$2.$ Who is the customer?

$3.$ What is of value to the customers?

$4.$ What will our business be$?$

$5.$ What should our business be$?$

These questions help provide clarity about the company's objectives, target market, and value proposition. Marketing managers play a crucial role in ensuring that the mission is clearly communicated and aligned with market needs. A strong mission statement is important as it informs consumers about the company's values and sets it apart from competitors. Mission statements should focus on a limited number of goals, stress the company's values, and take a long$-$term view. For example, LA Fitness's mission statement emphasizes taking members from their current fitness level to where they want to be in the safest, fastest, and most enjoyable way possible.

Additionally, large companies typically manage different business units, each requiring its own strategy and leadership. These business units operate as s