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Customer value and Satisfaction

Customer value and Satisfaction. By Rainie 523290026-2 . Objective. To understand “What are Customer value and Customer satisfaction” . Customer value. Customer value.

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Customer value and Satisfaction

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  1. Customer value and Satisfaction By Rainie 523290026-2

  2. Objective • To understand “What are Customer value and Customer satisfaction”

  3. Customer value

  4. Customer value • Consumer value is a marketing and business concept that attempts to analyze the satisfaction received by a customer from a purchase. Businesses analyze "customer value" in an attempt to solidify a customer base, study product performance and to market the product more effectively.

  5. Customer value • A customer buys from the firm that offers the highest customer perceived value - the customer’s evaluation of the difference between all the benefits and all the costs of a market offering relative to those of competing offers. Customers often do not judge product values and costs exactly or objectively. They act on perceived value.

  6. For example, Toyota Prius hybrid automobile owners gain a number of benefits. The most obvious benefit is fuel efficiency. Is the Prius really the most economical choice ?

  7. Why we have to study customer value? To Attracting and Retaining customers

  8. Customer Satisfaction

  9. Customer Satisfaction • Depends on product’s perceived performance relative to a buyer’s expectations. • Customer satisfaction is important because it leads to repeat purchases. Delighted customers not only make repeat purchases, they become “customer evangelists” who tell others about their good experiences with the product.

  10. Consumer Satisfaction • However, a company can always increase customer satisfaction by lowering its price or increasing its services. But this may result in lower profits. • Thus, the purpose of marketing is to generate customer value profitably.

  11. Satisfied customers buy again and tell others about their good experiences. Dissatisfied customers often switch to competitors and disparage the product to others. • Marketers must be careful to set the right level of expectations. • If they set expectations too low, they may satisfy those who buy but fail to attract enough buyers. • If they raise expectations too high, buyers will be disappointed.

  12. Smart companies aim to delight customers by ‘promising’ only what they can deliver, then deliver more than they promise.

  13. References • - Kotler, P. and Armstrong, G. (2008), Principle of Marketing 12th etd., New Jersey: Pearson • - Kotler, P. (2003), Marketing management, Perntice Hall. • - http://www.ehow.com/about_5522239_consumer-value.html

  14. Thank You for your attention

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