The initial phase is all about finding the required value. This involves grasping marketing
management, delving into what managers do to identify and meet customer needs by creating
brand values. It revolves around challenges in marketing, management and deciding which
segments to target. When this segment is found you will have the marketing mix to gain a
competitive edge for the organization.
Another dimension in this initial phase revolves around capturing marketing insights. This is
essential because marketing managers must research into industries and find the strengths of the
competition. Key business variables such as economic downturns need identification and
management, as they could impact purchasing activities of the costumers. Micro and macro trends
also influence purchasing behavior due to changes in lifestyles and customer needs (Kotler, Keller
et al. 2019 137). To be able to create value, capturing marketing insights is crucial, involving market
identification, research, and competition analysis. Once the necessary data is secured, the
organization can then try to create differentiated products/services to their customers.
The final part of this first phase is about connecting with customers and how marketing managers
can effectively compete in the markets. To connect with the right customers, the organization
undergoes customer segmentations, which is done by breaking customers into small, specific
groups. One of these segments then becomes the target. When establishing connections with
customers, having a high brand value is crucial.
Attention to customer details is also vital when trying to maintain the relationships with customers.
The essence of focusing on the customer is to build a set of values that give an overall positive
image of the company. This positive image can provide a competitive advantage and successful
positioning, which hopefully be enough for the company to differentiate from its competitors.
This is an ongoing process, as it's crucial for the company to evolve the brand in response to
changing micro and macro trends. Therefore, it is necessary to be progressive, responsive, in order
to fulfill the customer needs.
PORTER
The threat of entry is influenced by several factors. First and foremost the entry-barriers, which can
hinder newcomers from being able to enter the market. These barriers can for example be the fact
that it would be required to have a big economy to enter the market, which is best exemplified in
the aircraft business, where you would need a huge startup capital to purchase these planes.
Another critical factor is brand loyalty. Established companies often benefit from strong brand
recognition and customer loyalty, making it difficult for new entrants to attract a significant
customer base. Additionally, access to distribution channels, regulatory approvals, and established
relationships with suppliers can pose challenges for new players trying to enter the market.
In summary, the threat of entry in Porter's Five Forces framework emphasizes the importance of
assessing the barriers that could prevent new competitors from entering a market. Understanding
these barriers allows existing companies to anticipate and respond effectively to potential
challenges, while new entrants have to decide whether the think, they are able to overcome the
barriers to gain a position in the market.
This phase called "Discovering The Required Value" is very important for a digital bank like Revolut.
It involves observing changing needs and preferences of their customers, ensuring that the digital
banking services they have give an actual value to the costumer.
Revolut uses different approaches to discover the required value. Firstly, the bank actively engages
with its users, in order to get feedback on their experience. This allows Revolut to identify things
the customer, preferences, and areas where they can improve add new features.
By analyzing this feedback and the trends on the market and society, the bank can try to identify
areas where customers are seeking more value.
Competitor analysis is also a necessary part of the process. By understanding the strengths and
weaknesses of competitors, Revolut can identify gaps in the market and areas where it is possible
to improve. This helps them improve their services to meet or exceed customer expectations.
Revolut's commitment to innovation and technology also improves their ability to deliver value for
the costumers. The bank is very focused on their technology in order to give the users a smooth
and intuitive experience when using the website, app or simply buying product with the money
stored in the bank.
In summary, the "Discovering The Required Value" phase for Revolut involves a comprehensive
approach that involves customer feedback, data analytics, market research, competitor insights
and innovation. This ensures that Revolut continues to better its understanding of customer-needs
and industry dynamics, which will help them to position themselves to deliver valuable digital
banking services that will satisfy their users.
This phase of "Discovering The Required Value" is crucial for a digital bank like Revolut. This
segment requires a constant effort to understand and anticipate the changing needs and
preferences of their customers, ensuring that the digital banking services offered are more in line
with evolving expectations.
Rivolat uses a multi-pronged approach to finding expected returns. First, the bank actively engages
with users, setting up feedback to gain insights into their experiences. This ongoing dialogue allows
Revolut to identify customer pain points, preferences, and areas where improvements or
innovations are needed.
Data analytics also plays an important role, as Revolut analyzes user behavior within its platform.
By using advanced analytics, the bank can identify gaps in usage and usability, helping to identify
areas where customers want the most value.
Staying up-to-date on market trends and industry trends is another key element. Rivolat keeps a
close eye on emerging technologies, regulatory changes, and changing customer expectations. This
knowledge enables the bank to proactively optimize its offerings to stay ahead in the dynamic
digital banking landscape.
Competitor analysis is also an important part of the process. By understanding competitors’
strengths and weaknesses, Rivolat can identify market gaps and potential areas of success. This
means that it continues to improve its services to meet or exceed customer expectations.
Rivolat’s commitment to innovation and the use of technologies further enhances its ability to
deliver value. The bank embraces the latest technology and industry trends, ensuring that its
services remain relevant and attractive to tech-savvy users