The Importance Of Marketing And Customer Value, In Reference To T2 Monash University Essay

1702 words - 7 pages

Introduction
For the majority of marketers across the globe, customer value is pivotal to whether or not they will achieve their company’s promotional objectives. It is important to address both the needs and wants of the consumer, whether it be “functional”, “symbolic”, “experiential” or “cost focused” (Smith & Colgate, 2007) . Many businesses nowadays attend to these factors by marketing themselves in a unique way, in order to engage with current and potential customers. For example, T2 “encapsulates the idea of discovery and enchantment with its bold use of colour” as a way of attracting customers and separating themselves from their competition. Their friendly and inviting in-store relation with customers, combined with their ability to offer products to customers based on their individual needs as well as their expansive loyalty program, function as a clever marketing tool to increase customer retention and satisfaction. The marketing team at T2 have managed to secure their place at the forefront of modern marketing intelligence, and it is clear to see why.
The Importance of Marketing
The essence of marketing is different to in every organisation across the globe. Some marketers believe it involves building brand equity by establishing a sufficient branch network, whilst others are convinced it primarily exists to solve communication issues or convince a client that they are buying the best product by influencing their perception towards said product via advertising campaigns and promotions. A commonly supported idea is that marketing is about understanding the voice of their customer, their needs and addressing such needs through product development. Experts are also divided on the true principle of marketing. Kotler (1983, p.7) describes marketing as a “human activity directed at satisfying needs and wants through exchange processes”. Meanwhile, the American Marketing Association (2013) outlines that “Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large”.
As with many brands, a prime aspiration is to stay ahead of the game, that is, distinguish themselves from their opponents. The Global Marketing Director for T2, Jane Hoban, consistently asks the question “Would another brand do this?” in regards to product offers and brand communication. If so, they seek other options. At the centre of the company is the motto “Tea done differently”, which perfectly describes their quirky and innovative marketing approach. By establishing certain brand icons such as the bright orange box or shopping bag and vibrant store designs, Hoban (2017) and her team strive to create visual merchandising in every store that showcases that “beautifully curated chaos”. Both the idiosyncratic and energetic aesthetic of the stores and packaging, matched with inventive and fresh tea flavours make for an engaging marketing...

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