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  • Writer's pictureDr. Alan Grossnickle

Marketing and Customer Value

The Value Chain

The firm’s task is to examine its costs and performance in each value-creating activity, benchmarking against competitors, and look for ways to improve. These processes include:

  • The market-sensing process – gathering and acting upon information about the market.

  • The new-offering realization process – researching, developing, and launching new high-quality offerings quickly and within budget.

  • The customer acquisition process – defining target markets and prospecting for new customers.

  • The customer relationship process – building deeper understanding of, relationships with, and offerings for individual customers.

  • The fulfillment management process – receiving and approving orders, shipping goods on time, and collecting payment.

(Kotler & Koller, A Framework for Marketing Management, 2016)

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