Marketing Assignment Help With Customer Perceived Value
The value in the context of marketing refers to the Customer- perceived value, which refers to the evaluation of a prospective customer’s benefit and costs derived from one product in comparison to others. In simpler words, it is the difference between the prospective customer’s evaluation of all the benefits and all the costs of an offering and the perceived alternatives. The customer wishes to drive the maximum value out of the goods he buys.
The value concept is directly linked to the human needs. When the human desire to have some product to meet their need and which could satisfy them; and when it is backed by the purchasing power, it becomes a demand. The customer tries to maximize his satisfaction by the consumption of those goods and services. This derives value to him.
From a customer’s point of view,
Value refers to: Functional +emotional benefits
Cost refers to: Monetary Costs + Time cost + Energy Cost + Psychic costs
It is apparent from the above equations that increasing value of customer offering can be done by raising benefits, reducing costs, raising benefits & reduce costs or by raising benefits by more than the raise in costs.
There are 4 types of values that a customer derives by consuming the product:
- Functional Value: This value refers to the function or purpose served by the product. In simpler words, it means the work the product does. It is generally the solution the product provides for the problem. This is the major reason for the consumption of the product. If the product is unable to serve the purpose or function for which it has been purchased, the functional value so realized will be nil.
- Monetary Value: Monetary value is studied in comparison with the functional value. It refers to whether the functional value so derived is worth the money spent for acquiring it. It is similar to the concept of Marginal Utility. If the money spent is worth the functional value, the customer will keep consuming it. But when the functional value went below the money spent for, the consumer will stop buying it.
- Social Value: Sometimes the consumers buy products because of the social reasons. The customer must be able to relate the person with the other members of the society. Thus the product must be able to create a value of social importance to the customer. It must be connecting with the society.
- Psychological Value: The product must be able to serve the psychological value to the consumers i.e. it must allow the customer to express himself and feel better.
These values are subject to change with the changes in the tastes and preferences of the customers as well as changes in the environment. Thus it is very important to keep a track of these activities so as to manage everything. It is the duty of the managers to keep a check on these changes. The managers need to conduct analysis of the situations so as to know where the business stands and what are its strengths and weaknesses.
For this purpose following are the steps that need to be followed:
- The first step involves looking up the attributes or reasons which influence the customer into buying a certain product. This basically focuses on knowing the tastes and preferences of the customers and the driving force that affect their decision.
- Next step is to quantify the whole data. The data cannot be studied in theoretical format. The quantitative figures need to be presented so as to take appropriate actions.
- This is followed by comparing the data with the competitors and analyzing their actions for the similar kind of changes.
- The feedback from the customers must be obtained. This will help the company to know what segment of the company requires improvement.
- The customer perceived value should be kept in check and be checked from time to time.
Thus from above discussion it is clear that while analyzing and evaluating the customer perceived value various precautions and studies need to be done. Following are the aspects that must be taken into consideration while studying Customer Perceived Value.
Value Proposition: Value Proposition refers to the comparison between the benefits derived by the individual to the cost incurred by him to acquire the product. The difference between the cost and the benefit derived from the product should be more. If the customer has to spend more than the benefit he is getting, it will not be creating any value to the customer. Hence he will give up the product. Companies generally have the power to influence the value proposition. It can be done in two ways i.e.; they can use long-term brand building advertising to emphasize key traits of the brand and products or they can also offer a relatively low cost to enhance value. Whatever step the company choses, it must be able to provide more of the benefits to the customers as compared to the cost charged from them.
Research: Most of the businesses fail due to lack of research. A good and in - depth research helps in tackling all the situations that can come up in the business. The marketers must do a proper research and understand how certain types of consumers will respond to certain messages in those media. Companies should get feedback from the customers using focus groups, surveys, pilot testing and other research tools. This will help the business to understand the consumer properly and the business will be in a better place to influence the customers to purchase the product.
Messages: The marketers send the messages to the customers with the aim of influencing them to buy the product. These messages are such forms of invitations or advertisements that they attract the customer to buy the product. The messages play a vital role to supply the information to the customers. Thus this message must be formed very carefully in such a way that it engages the customer. The message should be sent through an appropriate media. To influence the customer value perception, the marketers should send those marketing messages consistently and appropriately.
Brand Imaging: It is an important task to instill an image of the brand in the customer’s mind and create a value perception for the brand with the customer. This will help the business to retain the customer for a longer period of time.
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