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Key Topics
Questions:
1. Explain customer-perceived value.
2. Explain total customer satisfaction.
3. What valuable functions can brands perform for a firm?
4. 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.
5. 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 support your explanation.
Solution
1. Explain customer-perceived value.
Customer-perceived value is also known as a value in the market. It is the difference between prospective customers 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 satisfy their 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.
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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 needed than the customer will be satisfied. In a way to make the customer satisfied to provide the product which is value for money and meet the requirements as per customer. For this knowing who is your customer is a must. If we know who our customer is then only we can provide the product according to their requirements which will fulfill their needs. If the product or services offered by the company surpass the expectation of the customer, then the customer will be satisfied (Waite, 2017).
3. What valuable functions can brands perform for a firm?
A brand can perform several functions for a firm such as it will give legal protection for unique features of the product, helps the customer in making a purchase decision and simplify product handling or tracking. The brand also helps firm in organizing inventory and accounting records. The brand also differentiates its product from their competitors (Denizci et al., 2016). The brand also serves as a functional device as a firm can use branding to communicate functional
capability.
4. Power or 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.
Basically, there are two approaches to measure customer-based brand equity.
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1. Direct approach
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2. Indirect approach
The direct approach attempts to measure brand equity more directly by assessing the impact of brand knowledge on consumer response to different elements of the firm's marketing program (Keller, 2016). Customer responses towards marketing program are different according to their level of knowledge about the brand.
The indirect approach attempts to assess potential sources of customer-based brand equity by measuring brand knowledge that is brand awareness and brand image (Keller, 2016).
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Place Your Order5. How does a loyal brand community support the positioning and branding of a small business?
As small business lack finance so in a way to stay in the market it needs to create brand loyalty. Brand loyalty is the situation where consumer fears of purchasing and consuming the product of new brand.
For example, if the customer is, again and again, making a purchase decision to buy a particular product or brand then it can be said that this particular customer is loyal towards the brand. Even alternatives are available, and the customer is buying the same brand it means the customer is
loyal to the brand. So, brand loyalty positioning and branding can be done (Lee et al., 2015). As the greater level of loyalty will reduce the marketing expenditure of the small companies to position their offering because customers are loyal to the brand and they are repeating their purchase decision. The loyal brand community also promotes a particular brand through positive word of mouth. Promotion through positive words of mouth is one of the best promotional strategies for the organization. And if any organization can make its customer so loyal to promote its product it would be effective in positioning and branding of a small business (Lee et al., 2015).
References
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Eggert, A., Ulaga, W., & Drapier, L. (2015). Customer-Perceived Value in Business
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Relationships: A Cross-Sectional Survey Among Purchasing Managers in Germany.
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In Proceedings of the 2000 Academy of Marketing Science (AMS) Annual Conference (pp. 395-
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395). Springer, Cham.
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Waite, A. (2017). A Practical Guide to Call Center Technology: Select the Right Systems for
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Total Customer Satisfaction.
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Denizci Guillet, B., Kucukusta, D., & Liu, L. (2016). An examination of social media marketing
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in China: how do the top 133 hotel brands perform on the top four Chinese social media
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sites?. Journal of Travel & Tourism Marketing, 33(6), 783-805.
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Keller, K. L. (2016). Reflections on customer-based brand equity: perspectives, progress, and
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priorities. AMS review, 6(1-2), 1-16.
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Lee, D., Moon, J., Kim, Y. J., & Mun, Y. Y. (2015). Antecedents and consequences of mobile
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phone usability: Linking simplicity and interactivity to satisfaction, trust, and brand
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loyalty. Information & Management, 52(3), 295-304.
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