Customer Value Definition - 609 Words

Customer Value: Definition Customer value is the customers’ perception of a product. Woodruff suggests: â€Å"a customer perceived preference for and evaluation of those products attributes, attribute performances, and consequences arising from use that facilitate (or block) achieving the customer’s goals and purposes in use situations† (Shanker, 2012a). Woodruff goes on to suggest that â€Å" also emotional payoff and achievement of a goal or survival greatly depends on the customer’s experience† (Shanker, 2012a). Therefore your success depends on your customer’s opinion of the quality of your service. Paying attention to negative opinion is just as important as reduplicating a positive experience for the customer. Economist Adrian Swinscoe suggests that we need to focus on is what appear to be minor issues and not only the obvious ones. Some of the things he suggests to avoid are: †¢ Extended wait periods to speak to someone †¢ Unknowledgeable agents †¢ Difficulties in finding contact information †¢ Getting disengaged employees when you contact the company †¢ Better promotions for new clients and nothing for existing clients †¢ Not fulfilling your promise †¢ Obtuse language (Swinscoe, 2014) By avoiding these pit falls as well as doing the obvious things such as providing a great products and offering support, a company can remain competitive. Customers are the lifeline to the organization and should never be ignored. Providing the best customer value can help assure that clientsShow MoreRelatedValue Added Markiting4538 Words   |  19 Pagestasks ABP Level 7. PgDBM Value Added Marketing Assignment 1. Understand market value from different perspectives in an organisation of your choice. You|Learning outcomes|| may use examples of organisations you have worked for or you are familiar with.|and assessment|| ||criteria|| |||| 1(a)|Explain the nature of value added marketing with regard to tangible and intangible|1.1|| |dimensions.||| 1(b)|Illustrate how service and product augmentation could increase value.|1.2|| 1(c)|Examine theRead MoreCan You Say What Your Strategy Is5768 Words   |  24 Pagesarticle, and has taught in the firm’s management-development program. Michael G. Rukstad was a senior research fellow at Harvard Business School, where he taught for many years until his untimely death in 2006. †¢ â€Å"Should I cut the price for this customer? I don’t know if we would be better off winning the deal at a lower price or just losing the business.† Leaders of ï ¬ rms are mystiï ¬ ed when what they thought was a beautifully crafted strategy is never implemented. 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In other words, the role of marketing in todaysRead MoreMarketing Is A Key Element For Achieving Success For Any Organization1726 Words   |  7 Pagesway to define marketing, all definitions are relevant and help form an understanding of the concept. Kotler defines marketing as â€Å"human activity directed at satisfying needs and wants through exchange processes† (Kotler, 1983). However, others believe that there is more to marketing than just the satisfaction of needs and the process of exchange. There are multiple facets of the business philosophy of marketing, perhaps the most pivotal of these being customer value, which has been recognized asRead MoreMarketing Definition1002 Words   |  5 PagesMarketing definition Every company depends on an efficient marketing program to fulfill customers needs. Marketing is a process of finding out what the customer wants and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has been exposed to different kinds of marketing orRead MoreDefinition And Understand The Brand Value Of Maurya And Mishra Essay919 Words   |  4 PagesIn an attempt to unify a common brand definition, many theoretical frameworks have been provided in order to conceptualize the definition and understand the brand value (Maurya and Mishra, 2012; De Chernatony et al., 1998; Ambler and Style, 1996). These structures help both scholars and practitioner to comprehend the different angles the brand has been seen from deeply (Brodie and De Chernatony, 2009). As a resu lt, different philosophies are presented to provide brand new concepts (Brodie and DeRead MoreIntellectual Capital Comparison Paper1077 Words   |  5 Pages(Intellectual, 2013). 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