PAPER Building Better Customer Relationships: Crafting Profitable Value Proposition and Positioning Prepared to fulfill course assignments Marketing Management Supporting lecturer: Dr. Eko Handayanto, Drs. MM Arranged by: Mutiara Kusuma S D (202210160311350) Feby Kurniala (202210160311371) Dilla Abadi (202210160311380) FACULTY OF ECONOMICS AND BUSINESS MUHAMMADIYAH UNIVERSITY OF MALANG MALANG 2023
INTRODUCTION 1.1 Background Building Better Customer Relationships is a crucial initiative in the world of business (Naim, 2022). In this endeavor, companies work towards enhancing and solidifying their bonds with customers (Bok, 2022). These actions may encompass tasks like enhancing customer service, paying heed to customer input, delivering more personalized solutions, and crafting a favorable customer experience (Rane et al., 2023). Through these endeavors, businesses aim to nurture more robust customer loyalty, improve customer retention, and attain sustained growth by gaining a deeper comprehension of and fulfilling customer requirements (Hotha, 2023). Value Proposition and Profitable Positioning is one way to build good relationships with customers (Stonig et al., 2022). A Value Proposition is a crucial aspect that should be emphasized by every company aiming for their products or services to be prioritized by customers ( Zhang et al., 2023). The value proposition is the most critical element of the marketing process(Lund et al., 2023). Value proposition will make it easier to show potential customers the advantages of the product(Chouhan et al., 2023). The customer value proposition is formed by the distinctions between the advantages a customer receives and the expenses they bear for various alternatives (Benzidia et al., 2021). Marketers have the ability to enhance the worth of their products or services by amplifying the functional, psychological, and monetary advantages while concurrently minimizing related expenses(Shabbir et al., 2022).
LITERATUR REVIEW 2.1 Creating a Value Proposition and Positoning 2.1.1 Creating a Value Proposition The proposition of value for the customer is one way to meet customer needs and expectations and as a differentiator between one company and another (Marcelo Borja-Galeas & Arias-Flores, 2022). Changing customer needs and expectations mean that the customer value proposition must also be able to keep up with these changes (Reffad & Alti, 2023). A customer value proposition is a characteristic or special feature of a product or service that a company offers to customers to meet their needs and expectations (Bischoff et al., 2023). Customers have the opportunity to make choices(Lund-Durlacher & Gössling, 2021). Customers select the offers they believe offer the most value and act on those offers (Gavilán et al., 2022). Whether the offer meets expectations influences customer contentment and the probability of the customer making a repeat purchase of the product (Supriyanto et al., 2021). Depending on based on the requirements of the customers, an offering can generate value (Lewisch & Riefler, 2023). Functional value represents the advantages and expenses that are directly connected to the performance of an offeringn(Talonen et al., 2023). The offering that generates functional value includes performance, reliability, durability, compatibility, ease of use, customization, shape, style, and packaging (F. Zhan et al., 2023). 2.1.2 Develop Positioning Strategy Positioning involves the process of shaping a company's product or brand and its perception in a way that establishes a unique and distinct position in the minds of the intended audience(Gillberg & Wikström, 2021). The objective is to establish a strong presence of the brand in consumers' minds to optimize the potential advantages for the company (Masri et al., 2023). Unlike a value proposition that outlines the full range of benefits and costs provided, this
positioning does not center on the primary advantages that would motivate consumers to select a company's offering (Nithya, 2023). Successful positioning assists in shaping marketing strategies by elucidating the core of the brand, recognizing the objectives consumers aim for, and demonstrating the distinct methods through which consumers achieve them. It is imperative for every member of the organization to grasp and incorporate brand positioning as a backdrop for decision-making (Supeková et al., 2023). Figure 1. Positioning Process Positioning process The main steps in the positioning process can be explained in Figure 1 (Semenova, 2023). Position can be the center of consumer perception and decision making (Napisah, 2022). The goal of a positioning strategy is to differentiate a product from its competitors are evaluated in terms of their features or advantages, which are weighed against the preferences and needs of the target market (Kethüda, 2023). The concept of positioning can take on functional, symbolic, or experiential dimensions (Ogilvie et al., 2022). A positioning strategy will prompt the company to make decisions regarding the extent of differentiation and the specific elements to highlight in its marketing efforts, considering factors such as the chosen target market, available resources, company performance Positioning Concept The significance of the product (brand) is derived from the requirements of the consumers making up the target market. Positioning of The Brand The positoning of the brand by the buyers in the market target Positning Effectiveness The extent to which managemnet’s positoning objectives are achieved in the market target Positning Strategy The combination of marketing actions used to portray the positioning concept to targeted buyers Market Target
benchmarks, and competitive landscape (Gandhy & Hairuddin, 2018). The product brand frequently takes center stage in a positioning strategy, helping to distinguish a particular brand from its competitors. It steers the positioning strategy away from mere functional and experiential aspects. The brand serves as a dynamic symbol that consumers build trust in over time and acts as an intangible indicator of product quality (Alzate et al., 2022). The effectiveness of positioning can be successful if the company is able to obtain cost advantages, value advantages, and management performance expectations (Mogaji et al., 2023). 2.2 Choosing a Frame of Reference Consumers gauge the worth of a product in relation to the criteria employed to assess it evaluate the product's benefits and costs (Chen & Zhang, 2023). An offer may be considered attractive compared to a lower but similar offer may be considered unattractive compared to a premium service (Chadwick & Voorhees, 2022). Similarly, the frame of reference serves as a point of comparison through which customers can assess the advantages offered by a company's services (Canizales, 2023). While consumers naturally form a reference point for assessing available choices, a proficient marketer can intentionally shape this reference point to accentuate the product's value (Spray et al., 2023). Decisions regarding the terms of reference are intricately connected to choices made about the target market (Yeşilkaya & Çabuk, 2023). Selecting a specific consumer group to focus on can influence the competitive landscape, this may occur due to a company's historical or future decision to target that segment or because consumers within that segment may be seeking a particular product or brand when making purchasing choices (Ahmadi et al., 2023).
2.3 Identifying Potential Points of Difference and Points of Parity 2.3.1 Identifying Points of Difference Points of Difference (PODs) are characteristics or advantages that set a company's products apart from those offered by its rivals (Aruan & Felicia, 2019). It is a characteristic or advantage that consumers strongly link to a brand in a positive manner, and they perceive that the brand surpasses competing brands at that particular level (Chou et al., 2023). Establishing robust, lucrative, and distinctive connections is a significant challenge, yet it is indispensable for achieving a competitive brand positioning (Rua & Santos, 2022). Three criteria exist to ascertain whether a brand association can genuinely function as a distinguishing factor (Gorin et al., 2022). The first desired by consumers, consumers should view brand associations as personally relevant to them(Wolf et al., 2022). Select Comfort gained attention in the mattress industry by introducing its Sleep Number bed, enabling customers to tailor the mattress's support and fit for maximum comfort using a straightforward numeric scale (Mitragotri et al., 2023). Consumers should be provided with convincing rationales to believe and comprehend why the brand is capable of delivering the sought-after advantages (Hoover et al., 2023). The second aspect, which is delivered by the company, necessitates that the company possess the internal capabilities and dedication to establish and sustain brand associations in a sustainable and lucrative fashion within consumers' perceptions (Sajadi & Santos, 2021). The perfect brand association is proactive, secure, and resistant to challenges(Saridakis et al., 2023). Market leaders like ADM, Visa, and SAP often find it simpler to uphold their position due to their track record of tangible product or service performance. In contrast, market leaders such as Fendi, Prada, and Hermès, who rely on fashion for their positioning, face greater vulnerability since fashion trends are more capricious and influenced by market preferences(Khan & Rabbani, 2021).
2.3.2 Identifying Parity Points Points of parity (POPs) refer to connections related to attributes or advantages that might not be distinctively exclusive to a particular brand but can be shared jointly with other brands. These associations typically come in three fundamental forms: categorical, correlational, and competitive (Z. Zhan et al., 2023). Category parity points are characteristics or advantages that consumers deem essential for a legitimate and trustworthy offering within a specific product or service category (Franks et al., 2022). In simpler terms, these points serve as a crucial, yet not standalone, factor for brand selection. For instance, consumers might not perceive an entity as a genuine travel agent unless the agent can handle airline and hotel bookings, offer guidance on vacation packages, and present diverse payment and ticket delivery alternatives(Ngo et al., 2022). Correlational points highlight the potential for a negative connection to emerge as a result of the presence of a positive association with the brand (Gong et al., 2023). A difficulty for marketers is that several of the characteristics or advantages that constitute their Points of Parity (POPs) or Points of Difference (PODs) exhibit an inverse relationship (Arican & Kiymaz, 2022). To put it differently, when your brand excels in one aspect, such as offering low prices, consumers might not perceive it as excelling in another aspect, like being associated with "highest quality." Investigating the choices consumers make in their buying decisions through consumer research can provide valuable insights in this regard(Arican & Kiymaz, 2022). Competitive parity points refer to associations created to counteract perceived brand shortcomings compared to competitors' unique characteristics (Bature et al., 2022). A method to identify points of competitive balance is to simulate the positions of competitors and deduce the anticipated areas of differentiation (Gao et al., 2021).
2.4 Creating a Sustainable Competitive Advantage Competitive advantage is the degree to which an organization can establish a position that can be defended against its competitors (Cahyono et al., 2023). This encompasses the capacity to produce additional value or a distinctive edge in a particular industry or market that is challenging for competitors to replicate (Jawabreh et al., 2022). Competitive advantages can originate from a range of elements, including product innovation, streamlined operations, a robust brand, the availability of scarce resources, or extensive customer connections (Aithal, 2023). Organizations capable of establishing and maintaining a robust competitive advantage typically find greater success in retaining their market share and attaining long-term prosperity in their business (Barakat et al., 2023). To establish robust brands and evade becoming commoditized, marketers should begin with the conviction that distinguishing their offerings can lead to the development of a lasting competitive edge (Rego et al., 2022). Competitive advantage refers to a company's capacity to excel in certain aspects or areas that its competitors either cannot replicate or choose not to match. (Jingdong et al., 2023). In a highly competitive business environment, companies must possess the capability to distinguish their products in order to gain a competitive edge and achieve superiority in the competition (Kosutic & Pigni, 2022). Products must possess key characteristics that capture the attention of consumers and make them stand out as special products (Lina, 2022). Competitive superiority involves a unique position that a company has developed when facing competitors, and it might enable the company to consistently outperform them (Permatasari et al., 2023). The most instinctive approach to gaining a competitive edge is to distinguish meaningful attributes for customers (Sinta et al., n.d.). Nonetheless, achieving this is often challenging because as products in a category continue to enhance their overall performance, they tend to become more alike (Antonio et al., 2023).
Then introducing new attributes, the company can differentiate its offering by bringing in features that its competitors have not yet incorporated, rather than solely focusing on enhancing performance based on existing attributes (Buccieri et al., 2023). Introducing a novel characteristic doesn't necessarily entail the identification of entirely groundbreaking features. It can also involve modifying existing features, some of which might have been disregarded by competitors (Belezas & Daniel, 2023). A potent foundation for maintaining a lasting competitive edge is a strong brand that offers customers convincing motives to opt for the company's products or services (Supiyandi et al., 2022). In addition to instilling confidence in customers regarding its offerings, a strong brand can actually shape customer behavior by becoming the first choice that comes to mind when they seek to fulfill specific needs (Rather et al., 2022).
CLOSING 3.1 Conclusion This article highlights the importance of building better customer relationships as a crucial initiative in the business world. To achieve this goal, companies are working to strengthen their bonds with customers through various actions such as improving customer service, listening to customer feedback, providing more personalized solutions, and creating a positive customer experience. These efforts aim to generate stronger customer loyalty, increase customer retention, and achieve sustainable growth by understanding and meeting customer needs. One way to achieve this is by developing a Value Proposition and Profitable Positioning.
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