Marketing in Value Creation and Persuasion Theory Order Instructions: http://thinkbusiness.nus.edu/articles/item/278-case-study-behind-the-banyan-tree
Marketing in Value Creation and Persuasion Theory Sample Answer
Marketing involves several theories that are applicable at different stages of the life cycle of a product. The persuasion theory targets the change in subtle attitudes of receivers.
Developing optimal persuasive advertising propaganda that seeks to create value for the service introduced in the market. Theories like Hypodermic Needle assert that effective campaigns can be switched from manipulation to persuasion (Griffin, 2012). The focus must remain however on the psychological factors that attract individual customers. The Banyan tree is built around those principles. The receiver of the information from the opinions and experiences remains embedded in their minds (receiver). The social judgment theory resonates around the self-persuasion theory (Darity, 2008).
Customer Experience
Customer experience management is a process of collecting, tracking, organizing and overseeing the interactions between customers and the company or organization throughout the customer’s entire lifecycle. These processes are integrated into the persuasion theory by managing customer experiences that involves breaking the processes into five basic steps a). Reach b). Acquisition c). Conversion d). Retention e). Loyalty (SearchSalesForce, n, d). The life cycle of a customer takes the shape of an ellipse which represents the customer behavior as it is a cycle and it stems from effective CRM (Customer Relationship Management) that seeks to get the customer to move in a cycle repeated again and again (SearchSalesForce, n, d).
Value Creation and persuasion theory
The Banyan tree has utilized value creation by capturing the attention of potential customers, educating them on what the organization is offering and turning the customers into paying customers as well as finding ways to retain them as loyal customers through customer’s persuasion and satisfaction hence attracting and luring new customers.
Marketing in Value Creation and Persuasion Theory on Target
Banyan has successfully targeted the CRM processes and effectively applied the five processes that would capture potential customer’s attention as well as turning them into loyal paying customers. The Banyan tree has been positioned as a luxury resort that targets the ideal tourist destinations that most multinational hotel chains can’t offer. The niche market that Banyan tree offers has been personalized over the years based on customer’s experiences, recommendations, and expectations. The Banyan Tree Maldives in Vabbinfaru, as well as the Banyan Tree in Seychelles, have invested heavily on water desalination instead of underground water extraction that would have resulted in ecological interference. The conservation efforts are used as part of the organization’s corporate social responsibility.
Marketing in Value Creation and Persuasion Theory on Motivation
The Banyan tree niche market comes complete with packages that are meant for the surrounding communities, a process similar to the expansion of corporate social responsibility (CSR) which has marketed the Banyan tree resorts to higher levels and status. The community around the Banyan organizations has outreach programs that have set up community relations department to oversee the promotion of the Banyan Tree. The Green Imperative Fund that is affiliated to Banyan tree organizations acts as a motivation to environmental conservationists and proponents of the Green Movement to patron the Banyan tree establishments. The Green Imperative Fund contributes to environmental conservation efforts around Banyan organizations by contributing $2 per night for every night spent by a visitor at the organization’s hotels. These monies are donated towards public education on the importance of environmental conservation around the organizations’ premises.
Marketing in Value Creation and Persuasion Theory on Orientation
The concept of market orientation in the Banyan brand literally stresses the differentiated market that has created an ideal niche that has attracted customer loyalty across the world. The unique nature of the service delivery at the Banyan resorts has been achieved by the innovative ideas that different communities living around the resorts have been allowed to export to the organization like new and innovative ways of serving customers. For example, the Phuket in Thailand, allows couples to sample traditional Thai dinner on a long tail boat complete with Thai Musicians. The garden spas concept and the Banyan Gallery have been created as a showcase for Banyan tree uniqueness (Wirtz, 2015).
To conclude, marketing has for many years been tied to conservative principles and concepts as marketers like using marketing tools that have been tried and tested before. For example, marketers have relied on age, gender or even social class to segment the market. But the Banyan Tree has introduced a different aspect of segmentation. A market where uniqueness creates a niche market that is available in one particular place globally (Dahl, 2015).
Marketing in Value Creation and Persuasion Theory References
Dahl, S. (2015) what’s the Deal with Tribes and Marketing, Advertising & marketing Theory retrieved May 8, 2016, from http://dahl.at/wordpress/category/advertising-communications-marketing-theory/?
Griffin, E. (2012). A First Look at Communication Theory. New York, NY: McGraw-Hill. p. 195
SearchSalesForce (n, d) Customer Experience Management (CEM), TechTarget received May 8, 2016, from http://searchsalesforce.techtarget.com/definition/customer-experience-management-CEMBottom of Form
Wirtz, J. (2015) Case Study: Behind the Banyan Tree, Think Business, NUS Business School retrieved May 8, 2016, from http://thinkbusiness.nus.edu/articles/item/278-case-study-behind-the-banyan-tree
Darity, W. (2008). Social Judgment Theory. Detroit: Macmillan Reference USA. pp. 601–602.
