Guillermo Marketing Mix And Product: The Elements Of Value O

Guillermomarketing Mix And Productthe Elements Of Valueorganizations D

Guillermo Marketing Mix and Product The elements of value Organizations develop and produce products that they intend to sell to consumers. Based on its marketing strategy will determine how consumers will react to the product and its official value. Marketing strategies must find ways to address the needs of the consumer. Customers purchase a product or get a membership that meets the current customer needs. Consumers make those decisions daily, such as what groceries to shop for, where to fill up their gas tank, and what brand of shoes to purchase for a specific sport or activity.

The study was conducted to identify critical elements driving a business's profit. Those businesses with the highest ratings will grow financial revenue faster than those with poor ratings. Some of the top elements that consumers identify are quality, appeal, emotion, and life change. Consumers are attracted to products that allow them to reduce efforts, attractiveness, and the feeling of belonging. "Products and services deliver fundamental elements of value that address four kinds of needs: functional, emotional, life-changing, and social impact" (Almquist et al., 2016, pg 5).

Organizational marketing strategies must include customer feedback to address how the product will benefit the consumer. The CEO of Levi Strauss on Leading an iconic brand back to growth Chip Berch became Levi Strauss's CEO in 2011. He was passionate about the role as this is a product that he grew up with. Levi's is an iconic brand and is one of the oldest companies in the United States. During his first few weeks, I realized he needed to remember Levi's advertising.

During his first two months as CEO, he connected with all the top leadership to see what they were working on and how it supported the organization's strategy plan. He concluded that most of the leadership was moving in different directions, and it didn't create a single strategy. During his tours with the top vendors of Levi's, he also discovered that Levi's is only showcased correctly in the company's brick-and-mortar stores. One of his first major decisions was establishing an innovation lab within four blocks of the headquarters to drive faster innovation (Bergn, C., 2018). The goal of his innovation lab was to create a new strategy for different products that meet customer needs but remember the company's 100-plus years of history.

"I've also learned that it's tough to change a culture; when a company is in decline for ten years, some things perverse happen to its culture" (Bergn, C., 2018, pg 4). The organization must continue to improve and adapt to the changing environment to drive sales, but its strategy is to create what is needed. Sales will only decline when the organization's product strategy aligns with the needs of its customers. Chip values all customers, and this can be seen during his in-home visits. "The secret things belong to the LORD our God, but the things that are revealed belong to us and our children forever, that we may do all the words of this law" (Deuteronomy 29:29).

Paper For Above instruction

The contemporary marketing landscape is a complex, dynamic environment driven by rapid technological advances and evolving customer expectations. Central to navigating this terrain is an understanding of the fundamental elements of marketing strategy, including the traditional marketing mix and the broader concept of customer value. This paper explores the nuanced interplay between the marketing mix, the elements of customer value, and strategic leadership exemplified by Levi Strauss CEO Chip Bergh, emphasizing how organizations can adapt to sustain competitive advantage and foster long-term growth.

The Elements of Customer Value

At the core of effective marketing is the concept of customer value, which has been extensively analyzed to understand what drives consumer purchasing decisions. Almquist, Senior, and Bloch (2016) articulate that customer value encompasses four primary dimensions: functional, emotional, life-changing, and social impact. Functional value pertains to the tangible benefits of products, such as quality, reliability, and convenience. Emotional value involves the feelings and psychological attachments that consumers develop towards brands, driven by aesthetics, trust, and emotional resonance. Life-changing value signifies products that profoundly influence consumers' lives, offering motivation, empowerment, or essential lifestyle improvements. Lastly, social impact refers to the societal and communal benefits associated with a brand or product, including social responsibility and community involvement.

These multidimensional aspects of customer value highlight that consumers do not solely purchase for functional benefits but also seek emotional connections and societal significance. Understanding these elements allows organizations to tailor their offerings, marketing communications, and brand identities to resonate with consumers on multiple levels, thereby fostering loyalty and advocacy.

Strategic Leadership and Brand Revitalization: The Levi Strauss Example

The case of Levi Strauss, under the leadership of CEO Chip Bergh, exemplifies how strategic clarity and customer-centric innovation are vital for revitalizing an iconic brand. Bergh identified that Levi's had become siloed internally, with disjointed strategies that hindered cohesive growth. His approach involved developing a comprehensive four-part strategy focusing on core profitability, diversification, omnichannel retailing, and operational excellence (Bergn, 2018). One critical insight was the importance of reconnecting with customers through direct engagement, such as in-home visits, to gain authentic insights into their evolving lifestyles and preferences.

The establishment of the Eureka Innovation Lab exemplifies how fostering internal innovation aligns product development with customer needs and brand heritage. This initiative led to targeted improvements in the women's denim line and other product categories, fueling brand relevance and consumer interest. Bergh's emphasis on authenticity, legacy, and innovation underscores the importance of balancing historical brand identity with modern customer expectations.

Furthermore, this strategy underscores the role of leadership in cultivating a corporate culture conducive to change, adaptation, and continuous improvement—crucial factors for long-term success in a shifting marketplace.

The Evolution of the Marketing Mix

The traditional marketing mix, comprising Product, Price, Place, and Promotion, has been the foundation of marketing practice since the 1960s (McCarthy, 1964). However, in today's digital and highly interconnected world, this framework faces significant limitations. Constantinides (2006) critiques that the classic model is overly internal focus, lacking mechanisms for incorporating ongoing customer feedback and personalization. Additionally, the rise of digital technology has shifted consumer behavior towards individualized experiences, requiring marketers to move beyond mass-market strategies.

The rapid proliferation of devices such as smartphones, tablets, and laptops has empowered consumers to access information and influence purchasing decisions at unprecedented levels. As a result, modern marketing strategies increasingly prioritize relationship-building, engagement, and brand community formation. This evolution necessitates expanding the traditional 4Ps to include aspects such as personalization, customer participation, and immersive brand experiences.

Integrating Brand Building and Performance Marketing

The dichotomy between brand building and performance marketing has been a persistent challenge for marketers. Stengel, Lamberton, and Favaro (2023) argue that viewing these as mutually exclusive leads to suboptimal resource allocation. Instead, a integrated approach recognizes that both are complementary, with brand equity serving as a foundation for sustained performance. Establishing clear KPIs for brand perception, customer loyalty, and social engagement is critical for measuring long-term impact alongside short-term sales.

Moreover, recalibrating metrics to capture the nuanced influence of branding efforts enhances accountability. For instance, brand health scores, social media sentiment analysis, and customer lifetime value metrics can provide insights into the combined effects of brand-building and performance initiatives. Such integration ensures a cohesive marketing strategy aligned with overarching organizational goals.

Conclusion

The contemporary marketing environment demands a strategic re-evaluation of traditional frameworks and practices. The multidimensional understanding of customer value, exemplified through the elements identified by Almquist et al. (2016), underscores the importance of emotionally and socially resonant offerings. Leadership exemplified by Chip Bergh’s revitalization of Levi’s demonstrates how strategic clarity, innovation, and authenticity sustain long-term relevance.

Simultaneously, the critique of the classic marketing mix highlights the need for a flexible, customer-centric approach that embraces digital technology and personalization. The integration of brand building with performance marketing ensures marketers can deliver both immediate results and long-term loyalty, securing competitive advantage in an ever-changing global economy.

References

• Almquist, E., Senior, J., & Bloch, N. (2016). The elements of value. Harvard Business Review, 94(9), 46-53.
• Bergh, C. (2018). The CEO of Levi Strauss on leading an iconic brand back to growth. Harvard Business Review, 96(4), 33-39.
• Constantinides, E. (2006). The Marketing Mix Revisited: Towards the 21st Century Marketing. Journal of Marketing Management. doi:10.1362/
• McCarthy, E. (1964). Basic Marketing: A Managerial Approach. Homewood, IL: Richard D. Irwin.
• Stengel, J., Lamberton, C., & Favaro, K. (2023, April 10). How brand building and Performance Marketing Can Work together. Harvard Business Review.
• Additional credible sources would typically include peer-reviewed journal articles, authoritative books, and industry reports related to digital marketing, branding strategies, consumer behavior, and innovation in marketing.