What Is Customer Perceived Value? - Small Business - Chron ...

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Customer perceived value is the notion that the success of a product or service is largely based on whether customers believe it can satisfy their wants and ... CultureMusicSportsFood&DrinkEntertainmentLifeHomesNewsWeatherShoppingJobsCarsWhatIsCustomerPerceivedValue?SmallBusiness|BusinessTechnology&CustomerSupport|CustomersByNeilKokemullerUpdatedFebruary12,2019TheDifferencesBetweenMarketing,Advertising&PropagandaPositioningAnalysisinIdentifyingTargetMarketOpportunitiesDifferencesBetweenOrganization-CenteredMarketing&Customer-CenteredMarketingMarketing:WhatAretheFourSourcesofBrandMessages?WhatisaCompetitiveClimateinMarketing?Customerperceivedvalueisaconceptwidelyusedinmarketingandbrandingcircles.Customerperceivedvalueisthenotionthatthesuccessofaproductorserviceislargelybasedonwhethercustomersbelieveitcansatisfytheirwantsandneeds.Inotherwords,whenacompanydevelopsitsbrandandmarketsitsproducts,customersultimatelydeterminehowtointerpretandreacttomarketingmessages.Companiesspendsignificanttimeresearchingthemarkettogetasenseofhowcustomersthinkandfeel.TipCustomerperceivedvalueisthenotionthatthesuccessofaproductorserviceyourbusinessoffershingesonwhethercustomersbelieveitcansatisfytheirwantsandneeds.ValuePropositionofaProductTobetterunderstandcustomerperceivedvalue,ithelpstounderstandarelatedterm,valueproposition.Avaluepropositionisacomparisonofthebenefitsofferedbyacompany'sproductsandservicestothepriceitaskscustomerstopay.Companiescangenerallyinfluencethevaluepropositioninoneoftwoways.Theycanuselong-termbrandbuildingadvertisingtoemphasizekeytraitsandcharacteristicsofthebrandandproducts.Thetraitscanbeentirelypragmatic,suchaspowerandperformance,ormoreephemeral,suchaspositioningaproductasjustvery,verycool.Businessownerscanalsoofferarelativelylowcosttoenhancevalue.Ultimately,thekeyisthatcustomersperceivethattheproduct'smeritsmorethanjustifiesitsprice.UseResearchtoDetermineWhatCustomersValueMarketersdeliveradvertisingmessagesfordifferentreasonsandthroughvariousplatforms.Marketresearchiscriticaltounderstandinghowcertaintypesofcustomerswillrespondtocertainmessages.Companiesusefocusgroups,surveys,testmarkets,andotherresearchtoolstogetasenseofwhatcustomerswantanddon'twantfromproductsinagivenindustry.Knowingwhatcustomersthinkandwantgivesyouabetterabilitytoinfluencethemwithyourmessages.Somemarketresearchisavailableonlineandwithluck,canbehadatnocost.Butevenrelativelysmallbusinessescantakeadvantageofmarketresearchtheyconductontheirown.Theofferofasmallreward,suchas"oneluckywinnerwillreceivea$100giftcard",canbeenoughtoenticeyourcustomerlisttofillinashortsurveyandprovidefeedbackontheirproductandserviceexpectations.DelivertheAppropriateMarketingMessageToinfluencevalueperceptions,companiestrytodelivermessagesthatresearchindicatesshouldcreatethedesiredsenseofvaluewithcustomers.Somecompaniesmakelowcostsapriority.Thisisasimplemessagestrategyasitonlyrequiresregularcommunicationoflow-costbenefitsanddeliveryonthatcommitment.Othersexpressmessagessuchasbestquality,bestservice,uniquefeaturesorenvironmentallyfriendly.Toinfluencethecustomervalueperception,marketingmessagesmustbeconsistentanddeliveredtotherightplatform.ChallengesofInfluencingValuePerceptionOneoftheprimarychallengesofinstillingavalueperceptionincustomersismakingsurethatyourproductorservicestandsoutwhencomparedtotheproductorserviceofyourmaincompetitors.Andwhencompaniesdonotusemarketresearch,orwhentheirmarketresearchisinaccurate,theyruntheriskofmakingfalseassumptionsonwhatmessageswillaffectcustomervalueperception.ReferencesBusinessDictionary:PerceivedValueInteractionDesignFoundation:CustomerandUserPerceptionofValueandWhatItMeanstoDesignersWriterBioNeilKokemullerhasbeenanactivebusiness,financeandeducationwriterandcontentmediawebsitedevelopersince2007.Hehasbeenacollegemarketingprofessorsince2004.Kokemullerhasadditionalprofessionalexperienceinmarketing,retailandsmallbusiness.HeholdsaMasterofBusinessAdministrationfromIowaStateUniversity.RelatedArticlesWhatIstheImportanceofDeterminingtheMarketValueofaProduct?Brandingvs.ProductMarketingWhatIsSelectiveDemandAdvertising?TheMajorFactorsInfluencingaNewProduct'sSuccessinMarketingBrandLaunchStrategiesTypesofMarketingRisksWhatAreConsumerCues?SynonymsForBrandingHowtoIncreaseBrandPreferenceTheDifferencesBetweenMarketing,Advertising&PropagandaPositioningAnalysisinIdentifyingTargetMarketOpportunitiesDifferencesBetweenOrganization-CenteredMarketing&Customer-CenteredMarketing1WhatIstheImportanceofDeterminingtheMarketValueofaProduct?2Brandingvs.ProductMarketing3WhatIsSelectiveDemandAdvertising?4TheMajorFactorsInfluencingaNewProduct'sSuccessinMarketing



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