Value Creation


Marketers of the 21st century understand that for a business to exist, there needs to be value creation and delivery to customers. This shift in marketing took place from the previous phase where companies would only create products and sell them to customers without understanding the customers' needs.

Yes, this worked in the past when there were limited goods and services. But in a world full of different brands with unique products and features that satisfy various needs, customers tend to lean towards brands that meet their specific needs and wants. This makes marketing the beginning of any planning.

To create value for customers, marketers follow these steps:

1. Choosing the value. This represents the assignment marketers engage in before creating the product, understanding the needs of their target market to create value for them.

2. Providing the value. Marketing must determine specific product features, prices, and distribution.

3. Communicating the value. This is done by utilizing the sales force, advertising, and other forms of communication to promote the product.

The value delivery process begins before a product is created and continues even after the development and launch of the product.

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