Discuss several theories that are applicable at different stages of the life cycle of a product in
Marketing
Marketing
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 to 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
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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 repeatedly again and again (SearchSalesForce, n, d).
Value Creation and persuasion theory
The Banyan tree have 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.
Target
Banyan have 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
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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 organizations corporate social responsibility.
Motivation
The Banyan tree niche market comes complete with packages that are meant for the surrounding
communities, a process similar to 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 act 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 organizations hotels. These monies are donated towards
public education on importance of environmental conservation around the organizations
premises.
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 have 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
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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).
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References
Dahl, S. (2015) what’s the Deal with Tribes and Marketing, Advertising & 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
Wirtz, J. (2015) Case Study: Behind the Banyan Tree, Think Business, NUS Business School
behind-the-banyan-tree
Darity, W. (2008). Social Judgment Theory. Detroit: Macmillan Reference USA. pp. 601–602.
