Marketing Management Assignment - Customer Perceived Value

Added on - Sep 2019

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Running head- Marketing ManagementMARKETINGMANAGEMENT
1Marketing Management1.Explain customer-perceived value.Customer-perceived value is also known as a value in the market. It is the difference betweenprospective customer's evaluation of the benefits and the costs of the product when comparedwith others. It is related to marketing and branding concept, and this customer-perceived valuepoints out that success of the product largely depends on whether customers believe it can satisfytheir needs or not (Eggart et al., 2015). In a way to understand customer-perceived value, oneshould know about the value proposition. It is a comparison of benefits offered by a company'sproduct to its customers relative to the price it asks customers to pay. The company mainlyinfluence the value proposition in one of the two ways and is company may use long-term brandbuilding advertising to emphasize key traits of the brand and products, or company may use tooffer a relatively low cost to enhance value (Eggart et al., 2015).Customer perceived benefits minus Customer perceived cost is equal to Customerperceived value.The customer makes a purchase decision after evaluating its benefits and uses if the benefits andvalue are higher than the cost which he is paying, then the customer will buy that product.2.Explain total customer satisfaction.Total customer satisfaction means when product or services supplied by the company meet orexceed customer expectation; then customer becomes satisfied or delighted. In other words, itcan be said that the number of customers, or a percentage of total customers, whose reportedexperience with a firm, exceed or surpass specified satisfaction goals (Waite, 2017).Making customer as happy as possible with the brand leads customer satisfaction. If anycustomer buys any product and if that product fulfills the requirement of the customer he or she
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