National Seminar

2011
Department of Management
UNIVERSITY OF NORTH BENGAL
CONTEMPORARY ISSUES AND CHALLENGES OF MODERN MANAGEMENT

THE PREDICAMENT CALLED ‘VALUE CREATION’ FOR TODAY’S CUSTOMERS
WITH A FOCUS ON AN EMERGING MARKET OF NORTH BENGAL

PRESENTED BY: NIRMALYA ACHARJEE DIRECTOR, INSTITUTE OF MANEGEMENT AND ENTREPRENEURSHIP DEVELOPMENT SILIGURI

INDEX

Sl. No. 1 2 3 4 5 6

Topic Introduction Related work Presented work Research methodology Evaluation results Conclusions

Page no. 3 5 7 10 11 16

Page | 2

Introduction

“Don’t sell your customers goods that they are attracted to; sell them goods that will benefit them” - Konosuke Matsushita (Founder – Panasonic)

The simplest way to define Marketing would be “To create profitable customer relations”. And a customer would only spend money on a product/service, if it creates value for him/her. So, in a way, marketing creates ‘VALUE’. Today, Marketing, more than anything else, is to identify and create a product/service that would be valuable to a customer and convey that message to the customer effectively. Much has been written about customer orientation, customer relationship management (CRM), Customer Lifetime Value (CLV) metrics, Customer Centric organization models, customer retention, customer care etc. And we see the poor customer is still the most dissatisfied lot. Customer value, in its most basic form, is merely the difference between the benefit receive from a product and the cost associated with that product. But the challenge for a marketer today, is to identify what value his product/service delivers to his target customer. Is it products like Micromax mobiles which offer rich features at an affordable price? Well, then where is marketing required! Any product that is high in features and less on price would sell. But, will the average customer, who has disregarded a