'Few companies able to delight customers'
Today companies are capable of satisfying needs and wants of their
customers but a few are able to delight them, Marketing Consultant Dr
Ranjan Madanayake said at a seminar on "Managing the marketing process
for enhanced value and profitability" organized by McQuire Rens and
Jones in Colombo recently.
He said those who delight customers achieve superior results whilst
those who don't perish slowly or quickly because there are so many
options available outside.
Therefore the purpose of marketing is to identify, create and sustain
competitive advantage and drive a business to sell more goods, service
or ides to target markets at profitable prices.
He said that marketing supports the organization to identify and
exploit business opportunities which enables a business to grow
profitable markets by providing superior value.
Superior value is the result of a cluster of benefits of an offering
the company that is able to provide its target market to satisfy their
needs beyond expectation.
Dr Madanayake said marketing battles are fought inside the mind and
the sole intention and goal of providing superior value is to create
competitive advantage and woo customers to one's own brands from those
of others or retaining their customers from going to others. He
elaborated on the five stages of the marketing process -firstly,
investigative marketing which is gathering information and analysis of
markets and marketing environment, secondly directional marketing which
is ascertaining key issues to set goals and objectives, thirdly,
strategic marketing which means segmenting markets and positioning the
value proposition, fourthly tactical marketing which is delivering the
positioning through the marketing mix and, finally administrative
marketing which consists of preparing the marketing plan and