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Chapter 2 Value and the Consumer Behavior Value Framework

Chapter 2 Value and the Consumer Behavior Value Framework. Learning Outcomes. Describe the consumer value framework, including its basic components Define consumer value and compare and contrast two key types of value

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Chapter 2 Value and the Consumer Behavior Value Framework

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  1. Chapter 2 Value and the Consumer Behavior Value Framework

  2. Learning Outcomes • Describe the consumer value framework, including its basic components • Define consumer value and compare and contrast two key types of value • Apply the concepts of marketing strategy and marketing tactics to describe the way firms go about creating value for consumers

  3. Learning Outcomes • Explain the way market characteristics like market segmentation and product differentiation affect marketing strategy • Analyze consumer markets using elementary perceptual maps • Justify consumers’ lifetime value as an effective focus for long-term business success

  4. The Consumer Value Framework (CVF) • Represents consumer behavior theory illustrating factors that shape consumption-related behaviors • Ultimately determine the value associated with consumption

  5. Value and the CVF Components • Relationship quality • Customer relationship management • Internal influences • The psychology of the consumer • Cognition • Affect • The personality of the consumer • Individual differences

  6. Value and the CVF Components • External influences • Social environment • Situational influences

  7. Value • Personal assessment of the net worth obtained from an activity • Utilitarian value - Derived from a product that helps the consumer solve problems and accomplish tasks that are a part of being a consumer • Hedonic value - The immediate gratification that comes from experiencing some activity

  8. Marketing Strategy • Marketing Myopia - a condition in which a company views itself competing in a product business rather than in a value, or benefits producing, business • Marketing Tactics - Involve price, promotion, product, and distribution decisions

  9. Total Value Concept • Augmented product - The original product plus the extra things needed to increase the value from consumption • Every product’s value is made up of the basic benefits, plus the augmented product, plus the “feel” benefits

  10. Value Is Co-Created • Value co-creation is the realization that a consumer is necessary and must pay a part in order to produce value

  11. Market Segmentation and Product Differentiation • Market segmentation - The separation of a market into groups based on different demand curves associated with each group • Product differentiation - A marketplace condition in which consumers do not view all competing products as identical to one another

  12. A Perceptual Map • Used to depict graphically the positioning of competing products • A blue ocean strategy seeks to position a firm far away from competitors • When successful, the firm creates an industry of its own and at least for a time, isolates itself from competitors

  13. Customer Lifetime Value (CLV) • Represents the approximate worth of a customer to a company in economic terms CLV = npv(sales-costs) + npv(equity)

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