1Marketing Management1.Explain customer-perceived value.Customer-perceived value is also known as a value in the market. It is the difference between prospective customer's evaluation of the benefits and the costs of the product when compared with others. It is related to marketing and branding concept, and this customer-perceived value points 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, one should know about the value proposition. It is a comparison of benefits offered by a company's product to its customers relative to the price it asks customers to pay. The company mainly influence the value proposition in one of the two ways and is company may use long-term brand building advertising to emphasize key traits of the brand and products, or company may use to offer a relatively low cost to enhance value (Eggart et al., 2015).Customer perceived benefits minus Customer perceived cost is equal to Customer perceived value.The customer makes a purchase decision after evaluating its benefits and uses if the benefits and value 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 or exceed customer expectation; then customer becomes satisfied or delighted. In other words, it can be said that the number of customers, or a percentage of total customers, whose reported experience with a firm, exceed or surpass specified satisfaction goals (Waite, 2017).Making customer as happy as possible with the brand leads customer satisfaction. If any customer buys any product and if that product fulfills the requirement of the customer he or she
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