Review the concepts of goods, services, needs, wants, stakeholders, and value proposition in your text. Then, pick a good or service you like—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. Review the concept of value in Chapter 1. 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?
Answer (1)
As a Marketing Manager, let's consider one of my favorite products: the smartphone. Smartphones have a strong value proposition as they are essential in today's digitally connected world.
Understanding the Value Propositions of Smartphones:
Communication and Connectivity: Smartphones offer instant communication through calls, messages, and emails. They also provide social media connectivity, enabling users to stay connected with friends and family globally, which satisfies the need for communication and social interactions.
Functionality and Convenience: Beyond communication, smartphones serve various functions such as internet browsing, navigation, gaming, and even photography. The convenience of having multiple functions in one device fulfills the consumer's desire for versatility and efficiency.
Exploring Additional Sources of Value:
Privacy and Security Features: Enhancing security through advanced biometric features like facial recognition and fingerprint sensors can deliver additional value by ensuring user data is protected.
Sustainability: Developing eco-friendly designs using recycled materials or offering buy-back programs can appeal to environmentally conscious customers, adding a 'green' value.
Communicating and Promoting These Values:
Online Marketing Campaigns: Utilizing social media platforms and search engine advertisements to highlight unique features like sustainability and security can effectively reach a wide audience.
Product Demonstrations and Influencer Collaborations: Partnering with tech influencers who can demonstrate the smartphone’s features in a real-world setting can provide potential customers with a tangible sense of the product’s value.
By focusing on these strategies, the additional values can be effectively communicated to the target audience, making the product more appealing and satisfying more consumer needs.
