'Few companies able to delight customers'

Ramani KANGARAARACHCHI

Dr Ranjan Madanayake

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 implementing it.