1. Explain Customer-Perceived Value.
Customer Perceived Value (CPV) is a marketing and branding concept that dependent on the perception of the consumer - whether their needs are satisfied or not. Customers react to how a product/service is packaged and marketed. The messages serve as the "benchmarks" which customers level on their satisfaction. Product/service may either be hyped which create high expectation, or oppositely under‐rated which generate "better" appreciation. Companies must determine customers ' true feeling and sense so that they can fit their product/service. This partakes of being "market-driven" product/service positioning. In‐depth market research and study facilitate this process. A highly relevant concept is one of "value …show more content…
The product is differentiated with the competitors. The right and timely emerging causes/advocacies must be set such as those relating to health and safety issues, environment friendly concerns, among others. On the whole, Calvo & Barmettier (2013) indicated that the CPV is a value that sums up both the perception benefits (related to performance, service level, relationship, and image) and the total product costs (selling price and other costs). The value, benefits and the costs are then evaluated and compared continuously with the alternative competitor’s offerings. (p.4)
2. Explain Total Customer Satisfaction.
Total Customer Satisfaction is a business strategy aimed at not just providing high quality and commensurately priced product and service but will make the customers properly and sufficiently attended to during and after the purchase/sale. It means that the customer will use or avail of the product/service with ease and comfort through the provision of easy-to-follow instructions and packaging. The most highly priced and sought-after bottle of wine even by connoisseurs will end up with a big challenge and disappointment if opening the bottle will …show more content…
Their products are often a specialty or target customer is defined. Small businesses are also trusted for their integrity, community engagement and customer service. It is free from stringent corporate rules and processes and is more responsive to customer needs. These attributes of small businesses come together to create a hugely competitive value proposition (Beesley, 2015). In this context, a loyal brand community support can prop up the positioning and branding of small businesses Brand community is regarded as a brand’s customers, fans and advocates. With a strong and loyal brand community, a small brand can be successful if developed and appreciated. Some ways to build brand loyalty include: (1) Have great products and build customer relationships. A small business owner having full control over the quality of his products and services must offer the best. Customers should be provided the best possible service to keep them coming back for more purchases. Once the customer relationship is established, the customer becomes a brand advocate for the business; (2) Make employees brand advocates – Customers are not the only fans of a product. Building a community around the people who work for a business means happy and loyal employees who will also serve as brand advocates (3) Be involved in the community– The business owner must build a community around the business. Face-to-face
Customer Perceived Value (CPV) is a marketing and branding concept that dependent on the perception of the consumer - whether their needs are satisfied or not. Customers react to how a product/service is packaged and marketed. The messages serve as the "benchmarks" which customers level on their satisfaction. Product/service may either be hyped which create high expectation, or oppositely under‐rated which generate "better" appreciation. Companies must determine customers ' true feeling and sense so that they can fit their product/service. This partakes of being "market-driven" product/service positioning. In‐depth market research and study facilitate this process. A highly relevant concept is one of "value …show more content…
The product is differentiated with the competitors. The right and timely emerging causes/advocacies must be set such as those relating to health and safety issues, environment friendly concerns, among others. On the whole, Calvo & Barmettier (2013) indicated that the CPV is a value that sums up both the perception benefits (related to performance, service level, relationship, and image) and the total product costs (selling price and other costs). The value, benefits and the costs are then evaluated and compared continuously with the alternative competitor’s offerings. (p.4)
2. Explain Total Customer Satisfaction.
Total Customer Satisfaction is a business strategy aimed at not just providing high quality and commensurately priced product and service but will make the customers properly and sufficiently attended to during and after the purchase/sale. It means that the customer will use or avail of the product/service with ease and comfort through the provision of easy-to-follow instructions and packaging. The most highly priced and sought-after bottle of wine even by connoisseurs will end up with a big challenge and disappointment if opening the bottle will …show more content…
Their products are often a specialty or target customer is defined. Small businesses are also trusted for their integrity, community engagement and customer service. It is free from stringent corporate rules and processes and is more responsive to customer needs. These attributes of small businesses come together to create a hugely competitive value proposition (Beesley, 2015). In this context, a loyal brand community support can prop up the positioning and branding of small businesses Brand community is regarded as a brand’s customers, fans and advocates. With a strong and loyal brand community, a small brand can be successful if developed and appreciated. Some ways to build brand loyalty include: (1) Have great products and build customer relationships. A small business owner having full control over the quality of his products and services must offer the best. Customers should be provided the best possible service to keep them coming back for more purchases. Once the customer relationship is established, the customer becomes a brand advocate for the business; (2) Make employees brand advocates – Customers are not the only fans of a product. Building a community around the people who work for a business means happy and loyal employees who will also serve as brand advocates (3) Be involved in the community– The business owner must build a community around the business. Face-to-face