Explain customer-perceived value
Customer perceived value is the assumption that customers put on the success of a brand, and thus they measure it by comparing how the product use meets their needs and wants. Their basis of satisfaction is linked to the messages that brand developers put out to the public regarding product capabilities. A good brand always targets the feelings of customers. Therefore, there is a need to do extensive research on customers to determine the likelihood of their reaction. Additionally, customers also consider the amount that they have to pay for a product or service acquisition. They believe product and service price as a sacrifice and will thus tend to compare this to the benefits that they reap from the use of the product or service(Athanasopoulou, Giovanis&Avlonitis, 2015).
Business owners and sellers, in general, often use a low price concept to attract customers towards purchasing their products and seeking their services. Another way in which one could boost the perception of a product is through delivering the right message to customers. It is possible after ensuring that research has been conducted on a product. The analysis reveals the desires of customers; hence focusing on such information aids in a boost on the perception. The perception concept could, therefore, be improved and made long-lasting through ensuring that proper marketing strategies have been adopted for products and services. For this reason, by ensuring that perception is maintained, loyalty will be gained, and so will the profitability of an organization(Kotler & Keller, 2015).
Explain total customer satisfaction
Total customer satisfaction is the amount of contentment or dissatisfaction that a customer shows upon the use of product service. It is measured by comparing the product or service performance with customer expectations. The result will be either positive or negative since the outcome entirely depends on the customer’s perception(Kotler & Keller, 2015). A negative effect reveals that the product has not met the expectation of customers, and thus future sales may not be possible. A positive reaction, on the other hand, shows that product or service performance exceeds the expectations of customers. Therefore future sales for the same could be expected as the customers would want to purchase the product again.
From the word total, one will thus define the concept to be the aim of meeting overall customer needs. It may be attained by ensuring that the experience derived from a product consumption is boosted, and this is made possible by offering the right quality products and services. A good example of total customer satisfaction is in a situation whereby many competitors are offering similar products and services. The success of an organization will entirely depend on how customers are satisfied with the experience. Total customer satisfaction is thus a continuous process as brands such as electronics could stop working. Therefore, one ought to do follow-ups to satisfy the customer entirely(Kotler & Keller, 2015).
What valuable functions can brands perform for a firm?
Brands offer valuable roles for a firm that focusses on them. The first function is that of simplifying the handling procedures. By branding items tracing them is made more accessible, and thus, one attains efficiency and effectiveness. Brands also help in the inventory management aspects since accounting for them is made easier and possible. The branding aspect is vital for any organization with many items since their computerization is enabled. With the automation, holding such stock, receiving the same things, and their issuance will be made more accessible. Also, with product branding, one may protect their items and ownership. Product branding is unique from one organization to the other, and thus this creates the aspect of copyrights. Some laws and regulations govern the purchase and minimize the theft of products and services(Takalkar, 2014).
With the use of brands for products and services, organizations can maintain their customer loyalty. The reason is that these individuals may trace the products with ease, and those products similar to such items may not confuse their choice of subjects. Similarly, product and service branding guards the demand for such things from competitors(Takalkar, 2014). The reason for this is due to the predictability of sales. Also, the barriers of entry that branding imposes on similar products from competitors. Through product branding, organizations are in a position to achieve customer loyalty, and these individuals may be willing to pay higher prices for the items they love, thus boosting profitability.
Given that the power of a brand resides in the minds of consumers and how it changes their response to marketing, there are two basic approaches to measuring brand equity. Briefly describe each of these approaches.
The two approaches are direct and indirect. The indirect approach seeks to find the sources of brand equity through the assessment of the customer’s brand knowledge. Therefore, the method uses customer responses to collect the different views that these individuals have for a product. The person analyzing these aspects ought to critically identify the areas that make brands either similar or different. Customers may also reveal the characteristics that they accord towards specific product items. The analysis of this approach aims at measuring the memory that brand users have towards a product. The test is aimed at knowing the knowledge that these individuals possess towards the capabilities of products. The approach may not, however, reveal the preference of customers for specific products(Shafi&Madhavaiah, 2014).
According to Shafi&Madhavaiah, (2014)the direct approach, on the other hand, attempts to derive the relationship between brand knowledge on specific products and the response that customers display on such brands. The strategy focuses on different responses of customers towards brand knowledge. The approach carries out researches on anonymous products, and the customers offer the first-hand response. Such marketing programs reveal the real customer response for products and services. The best example of this approach is the blind test, which seeks to evaluate a product basing on features such as consumption experience, product attribution, the description offered, and examination. The test has always displayed that consumers are affected by the quantity of knowledge they have towards a product as it affects their product choice and preference.
Incorporating the concepts discussed in this assignment, answer the following: How does a loyal brand community support the positioning and branding of a small business? Provide an example to help your explanation.
Small businesses always strive to exist and remain competitive in the business environment. They often do this by adopting strategies that keep them going, unique, and admirable to customers. These strategies include brand positioning and branding so that businesses may gain loyalty from customers(Kotler & Keller, 2015). The branding aspect is attained through conducting low-cost research analysis, building fewer brands that are strong enough to exist, and also creating a buzz that will lead to a local community. These small aspects that create a distinct difference for a small business are of great importance to a small business. Similarly, the focus of small businesses is to develop innovative products that will remain competitive in the business world.
Athanasopoulou, Giovanis&Avlonitis, (2015)states that by employing branding strategies, product positioning will be attained as the customers will retain the memories of the excellent service. By so doing, customers become frequent buyers, and repetitive buying is beneficial in the long run. A good example is the Sephora Beauty shop, whose performance has attracted many cosmetic users across the globe despite the competition from other retailers. Her tips towards her success are all based on her strategies, such as the try- before buying concept. The concept encourages and convinces customers toward obtaining products. Another criterion is the localization of the beauty shop whereby she reaches out to many customers within her area and thus satisfying their needs in the industr
References
Athanasopoulou, P., Giovanis, A. N., &Avlonitis, G. J. (2015). Marketing Strategy Decisions for Brand Extension Success. Journal of Brand Management, 22(6), 487-514.
Kotler, P., & Keller, K. L. (2015). Marketing Management (15th ed.). Boston: Pearson.
Shafi, S. I., &Madhavaiah, C. (2014). Defining Customer-Based Brand Equity: An Evaluation of Previous Studies. Srusti Management Review, 7(2), 34-39.
Takalkar, S. D. (2014). Brand Strategy Management. Sumedha Journal of Management, 3(3), 129-138.
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