Marketing in the 21st Century
Marketing in the 21st Century

This free course is available to start right now. Review the full course description and key learning outcomes and create an account and enrol if you want a free statement of participation.

Free course

Marketing in the 21st Century

1.1 Added value

Another definition of marketing that is worth considering is from the American Marketing Association (2007):

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.

While this encapsulates many aspects of the CIM definition it introduces a new theme – value. Value in marketing refers to the benefit the customer receives from consuming a product compared to the cost of the product.

For example, purchasing a large flat screen television for £900 may represent a large financial outlay as well as the cost of time and effort spent researching and deciding on brand, product and technology. Related to this are the benefits the customer may receive from purchasing this television such as high definition, being able to watch 3D programmes, being the envy of their friends etc. If the benefits outweigh the cost, the purchase would have ‘added value’ for the customer.. In marketing, all organisations aim to deliver added value. The greater the added value, the more likely the organisation will be successful.

From a marketing perspective, added value is delivered from what is widely known as the ‘total market offering’. This means not only the benefits of the product itself but the organisation’s own brand and reputation. This will be determined by factors such as technological characteristics, distribution outlets, sales staff and other employees representing the organisation. The way all of these contrast (positively and negatively) with the organisation’s competitors will lead to the customer making a decision about their preference, for example, preferring a Bang and Olufsen television to one made by LG.

Stop and reflect

Take a few minutes to stop and reflect on what added value your organisation offers to its customers.


Take your learning further

Making the decision to study can be a big step, which is why you'll want a trusted University. The Open University has over 40 years’ experience delivering flexible learning and 170,000 students are studying with us right now. Take a look at all Open University courses.

If you are new to university level study, find out more about the types of qualifications we offer, including our entry level Access courses and Certificates.

Not ready for University study then browse over 900 free courses on OpenLearn and sign up to our newsletter to hear about new free courses as they are released.

Every year, thousands of students decide to study with The Open University. With over 120 qualifications, we’ve got the right course for you.

Request an Open University prospectus