source : chron.com
The Goals of Values-Based Marketing | Small Business
By Vanessa Cross
When selling products or services, values-based marketing is an appeal to a customer’s values and ethics. It shifts marketing from a product-centric approach to a customer-centric one. A company’s advertising and promotions to its customers express its values as part of its core brand message. Values-based marketing might also entail incorporating customers’ values into the way products or services are marketed.
Values-based marketing is sometimes initiated because of external changes in customer attitudes. For example, Kraft Foods, Inc,, changed its advertising when market research revealed a shift in consumer opinions related to direct promotions of junk food to children. Kraft’s customer-centric marketing goals lead it to change its marketing strategy. “Our relationship with consumers is about trust. If you don’t align with society and you get out of step with that, then you’re going to destroy shareholder value,” said Robert K. Deromedi, Kraft’s CEO, in a CreditUnions.com article.
An organization’s corporate statement might expressly include values-based goals. For example, Ben & Jerry’s ice cream company expressed its corporate vision in one of its 2000 reports as follows: “within both our domestic and international trade, we continue to seek out progressive, values-driven strategies and corporate practices that can be integrated throughout the company’s internal business operations as well as play a central role in our external relationships.” Its targets included initiatives related to economic and social justice, eliminating negative environmental impact and increasing its generosity toward the communities in which it does business.
A company might use business alliances to help it achieve its values-based objectives. This is particularly effective when alliances relate to delivering value to help communities. For example, WESTconsin Credit Union, a Wisconsin financial institution, developed a strategic business alliance with auto dealerships to develop an auto-assistance program that ultimately helped more than 100 low-income, single parents purchase vehicles.
An important part of developing values-based strategies is discovering what customers value. Attention should be paid to quantitative data that reports customer preferences. Qualitative research, such as surveys and focus groups, can also provide important insights on customer values. A company can then develop a values-based marketing strategy using the vision and mission statements as vehicles for articulating customer-centric goals and objectives.
Vanessa Cross has practiced law in Tennessee and lectured as an adjunct professor on law and business topics. She has also contributed as a business writer to news publications, including the “Chicago Tribune,” and published in peer-reviewed academic journals. Cross holds a B.A. in journalism, a Juris Doctor and an LL.M. in international business law.
What is Value-Based Marketing? (with picture) – Value-based marketing is the process by which a company attempts to gain the maximum impact from its marketing strategies and initiatives. Companies must realize that even a cheap marketing campaign is costly if it fails to produce some sort of value.C.to offer greater value than competitors offer.D. to determine the value of the brand.E. to sell to all consumers, regardless of their needs.One of the goals of value-based marketing is. A. to provide the greatest value for the least profit. B. to sell products for the highest possible price. As director of a small art gallery, one of Frederica's major concerns is the preferences of the people who buy her artists' work.
117) One of the goals of value-based marketing is: to… | Course Hero – It is one of the primary components of business management and commerce. Marketers can Besides, customers some definitions of marketing highlight marketing's ability to produce value to Needs-based segmentation (also known as benefit segmentation) "places the customers' desires at the The different goals of B2B and B2C marketing lead to differences in the B2B and B2C markets.Market-oriented reforms. It is known worldwide that China would not be where it is today without the reforms In this way, government planning and the market were able to reach a relative equilibrium in a dynamic Its value-added element surpassed that of the US to become the world's number one…Values-based marketing is sometimes initiated because of external changes in customer attitudes. For example, Kraft Foods, Inc,, changed its advertising when market For example, Ben & Jerry's ice cream company expressed its corporate vision in one of its 2000 reports as follows: "within both our…
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