REDEFINING VALUE FOR CONSUMERS
REDEFINING VALUE FOR CONSUMERS

Summary/Abstract: High expectations of the modern consumer in terms of delivered value, require continuous research of the expected value. A significant opportunity in getting to know consumers is provided by connecting with consumers, who are increasingly involved in creating and using value and are a key source of valuable, highly personalized information. They become collaborators and active participants in the development of new products and services. By relying on the competencies of consumers (knowledge and skills) in business processes, they become co-creators of value and its users. The modern consumer actively participates in creating his own, but also the experience of other consumers. In the process of consumer transformation, it is important to encourage active dialogue, creating consumer communities, especially thanks to the use of the Internet. Given that organizational culture can be a generator or a limiting factor for the success of change, in a modern organization, special emphasis is given to creating value for consumers. An important topic within this paper is the optimization of the rate of winning and retaining consumers, as well as establishing a balance between winning and retaining consumers based on continuous review and adjustment of marketing decisions. This paper presents a traditional and modern understanding of consumers within the fundamental principles of consumer value. Emphasis is also placed on modern elements of Customer Relationship Management, which implies a designed strategy based on identifying and differentiating consumers depending on their requirements in terms of expected value. Importance is attached to marketing strategy planning and the development of a superior and flexible market offer in order to interact with consumers. Depending on the types of consumers, the importance of redefining values for consumers is emphasized. Knowledge of consumer needs by companies provides an opportunity to meet these needs in an appropriate way and thus gain an advantage over the competition.

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