Question

Strategic Marketing for T-mobile

• You may want to find a Most Valuable Customer (MVC) of the product or service if you are not one yourself, or alternatively think like an MVC. What is the evidence of an MVC of your product or service? It isn't just that the customer regularly buys the product or service.  It means that the customer is treated differently -- better -- than other customers. It means that the MVC represents about 20% of the company's revenues. These are the customers with whom the company regularly communicates, offers special deals, and other ways as outlined in the text and as you can find with just a little bit of googling on the internet.
• You may want to calculate the lifetime value of a most valuable customer. See the discussion of the lifetime value calculation in the week's reading, and calculate the LTV using this simple equation: LTV = (Price - cost to produce the product) * number of annual purchases * number of years expected to purchase - initial acquisition costs. For simplicity sake, you can assume your customer will have a relationship with you for ten years and you can make an educated guess as to how much the initial acquisition costs were to get him as a customer in terms of advertising or other types of promotion efforts.  If you are not an MVC yourself, make and share your assumptions about your calculation. If you are not an MVC, you might want to find someone who is and ask them why they are loyal to the product or service and what they feel the company does for them that is special that they don't do for other customers.
• Take a look at your product or service privacy policy. Usually the privacy policy is available on the website.
• Marketing is defined by the American Marketing Association as "the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large" (AMA, 2009). If you read the definition closely, you see that there are four activities, or components, of marketing: ● Creating. The process of collaborating with suppliers and customers to create offerings that have value. ● Communicating. Broadly, describing those offerings, as well as learning from customers. ● Delivering. Getting those offerings to the consumer in a way that optimizes value. 2 ● Exchanging. Trading value for those offerings. The traditional way of viewing the components of marketing is via the four Ps: 1. Product. Goods and services (creating offerings). 2. Promotion. Communication. 3. Place. Getting the product to a point at which the customer can purchase it (delivering). 4. Price. The monetary amount charged for the product (exchange).

1. Creating Value for Customers. Consider the customers you believe currently use your product or service and the definition of marketing offered in the course content. As we begin our study of marketing, what are your preliminary thoughts as to how you think the company creates value for its customers based on the Marketing concepts.

Answer 1

As we know, Now-a-days market place very key role in business to run the business successfully. I am the most valuable customer of Cadbury Dairy Milk Chocolates which was produced by Cadbury company.I frequently purchases this product(i.e., daily and weekly), even the prices are high.Because I love the taste of this chocolate.

For better understanding of any business marketing concept, we have to analyze certain elements of Marketing Mix.They are as follows:

• Product:- Company has to select a product either tangible or intangible that meets the needs of the customers and it has to consider how to exploit the resources and how to exploit its brand.For example, Cadbury company has selected its product as manufacturing product as Cadbury Dairy Milk Chocolates.After choosing this product, it has used its resources efficiently for producing better quality products.
• Promotion:- Its main objective is presenting product information to customers, increasing demand among the target market and differentiate the product among other products and created a brand.For doing this, the company may choose advertising, public relations,personal selling and sales promotion etc. For example- Cadbury company attracts customers through advertising because it is very unique and most attracting.
• Place:- Availability of a product at a time and at a right place to the right customer is very very important to run the business effectively and efficiently.So , every business must have to maintain good product distribution system.In this example, Cadbury company's products are available at all places in all over India.Even in small villages also these chocolates are available to the customers.Not only physical selling, these are purchased through online also.
• Price:- It is amount the customer pays for the product. Companies have to fix the price for their product.It plays very important role in selling products.The price fixing is based on cost and quality and on so many other things.In the example, Cadbury fixed higher price for their products.Though it fixed higher price, because of good quality customers purchasing this product.Customers always want quality products at low cost.

Every business first understand the need for manufacturing by taking customers tastes and preferences into account.Once the customer is attracted, he automatically creates value to the company.

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