A Discussion on Value in Marketing

Zhuolun Liu ()

A chapter in Proceedings of the 3rd International Conference on Economic Development and Business Culture (ICEDBC 2023), 2024, pp 747-752 from Springer

Abstract: Abstract This article explores the concept of value in marketing and the distinction between customer value and customer lifetime value. The report introduces the historical debates on value between philosophers and economists and raises the question of how value should be defined and delineated. Subsequently, it points out that the importance of marketing has been overlooked in past market environments, leading to an insufficient understanding of the value of marketing. The article also examines the difference between customer value and customer lifetime value, highlighting that it entails a comprehensive assessment of the profits and costs generated by customers throughout their relationship with a company. Lastly, the article mentions the perspectives of economists Mariana Mazzucato and Mark Carney, who hold differing views on market value. Still, both emphasize the impact of the market on society and the importance of active engagement in public affairs. In conclusion, the article summarizes that the current core of marketing is to create value for customers.

Keywords: Value; Marketing; customer lifetime value; Mariana Mazzucato (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-246-0_90

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DOI: 10.2991/978-94-6463-246-0_90

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