Marketing Management, 16th Edition

Summary

1. A key aspect of marketing strategy is the development of a value proposition and positioning a company’s offering to target customers. By clearly articulating its value proposition and positioning, companies can deliver high customer value and satisfaction, which lead to high repeat purchases and ultimately to greater company profitability.

2. Depending on the needs of consumers, an offering can create value across three domains: functional value, which consists of the benefits and costs that are directly related to an offering’s performance; psychological value, which encompasses the psychological benefits and costs associated with the offering; and monetary value, which includes the financial benefits and costs associated with the offering. ...