A key to long-term business success lies in a firmâ€™s ability to offer value to customers through its product offerings. The task of communicating that value proposition rests largely with the companyâ€™s marketers. A marketing plan must not only clarify the sources of value (or benefits that the product offers to the buyer), but also must specify how the value message gets communicated.
Review the concepts of goods, services, needs, wants, stakeholders, and value proposition in your text. Then, pick a good or service you likeâ€”one that you believe has a strong value proposition. Perhaps you might choose your favorite snack food, vehicle, smart phone or watch. Put yourself in the position of being a Marketing Manager for a moment, and identify the specific sources of value (i.e. what benefits does that product or service offer that would satisfy the needs of a customer.)
- Describe at least two values offered by this product or service.
- What other sources of value might be developed for the product you identified? You can be creative with this response. Think outside the box and come up with a new value that you feel could be developed for your product.
- How might these values be communicated to customers? What methods would you use to communicate or promote the product and its value to a prospective customer and why?