Marketing Management Concepts of customer value

Marketing Management Concepts of customer value Introduction In business, ‘Customer Value’ refers to the entire benefits attained by a customer against costs incurred to acquire a particular product. This incorporates the total costs offered by the market compared to those of the other competing offers (Pride Pride 2010, p.45).Advertising We will write a custom essay sample on Marketing Management: Concepts of customer value specifically for you for only $16.05 $11/page Learn More Customer value can also be described as the perceived preference of a customer and his or her assessment of the attributes of different products, performance of the concerned attributes, and the consequences that could arise from the usage of these products. The usage of these attributes inhibits the achievement of the intended purposes and goals (Lamb 2011, p.34). There are five main elements of customer value. The first value depends on the expectations and perceptions of customers. Not only do different customer s have different expectations and perceptions but also preferences. In addition, the expectations and perception of a particular customer might change over time. Value assessment also necessitates the process of evaluation which can also be quite personal. Another element is that different customers evaluate different attributes of products, their performance and the performance consequences. In addition, value can also be situational. And finally, the concept of customer value is related to the objectives as well as the gratifications of a customer. Issues that marketers may face while making an effort to operationalize the concept of customer value In marketing, a company should produce valuable products to satisfy vast customer segments (Peppers Rogers 2010, p. 62). Concurrently, customers should be able to pay enthusiastically for the value provided. This will make the concerned business to evaluate its opportunity costs. There are numerous ways in which different businesses cr eate customer value. However, marketers must consider customer’s demands in order to deliver the best ‘Customer Value’. Most marketers find it really tricky to estimate the evaluation value. For some customers, a particular attributes of a product is more important than anything else. For example, a costly product in the market might be perceived as having a higher value to customers (Ferrell Hartline 2008, p. 24). Nonetheless, this might not be the case when considered critically. They offer numerous benefits than the expenses involved in acquiring them.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Other customers possess their specific needs. A product regarded by others to have a lower quality could be of a higher value. For example, some companies manufacturing clothes try to make them artificially look old. For instance, before a ‘Denim Jeansâ₠¬â„¢ is sold to customers, it could be cut and made to look as if it is old. Actually, most customers are ready to pay higher amount of money for a single pair of denim jeans appearing to have been worn before. However, to other individuals, the notion of paying for clothes that have been ‘aged’ artificially is just irrelevant. According to them, these pair of artificially aged Jeans should cost less as compared to their higher prices. This illustrates that customer value depends on the individual perception of the customer and varies from one person to the other. Another issue that marketers are likely to face while executing the concept of customer value is constant variation of value and preferences by customers (Govindarajan 2007, p.52). Business ventures are forced to make changes in their products, practices, and business models so as to meet customer’s perceptions. This is important as it enables these businesses and marketers to remain the most preferred option in the current and the future market. There are several factors that contribute to constant change in value by customers. Some of these factors include fashion trends as well as environmental conditions. For example, the value of a certain type of furniture will change with current fashion trends. The latest type of furniture will certainly have higher customer value as compared to old fashioned furniture. Similarly, the customer value of jackets will change during winter, where they will be highly valued as compared to summer periods where they will have a relatively low value. This is because jackets have significant advantage during winter as compared to summer. Marketers are therefore faced with the challenge of constantly changing their products to meet the changing value of the customer. Another example is the change of customer value. Most businesses embrace modern technologies incorporated with emerging marketing channels. Here, the major challenge that marketers are likely to face is providing appropriate promotion message of a given product at an appropriate time. The marketers will find it tricky to determine exactly what the customer value is at a given time and whether they still perceive and prefer old technology instead of the new ones (Normann Rafael 1993, p. 34).Advertising We will write a custom essay sample on Marketing Management: Concepts of customer value specifically for you for only $16.05 $11/page Learn More On top of that, convincing costumers to go for older technology when they already perceive and appreciate new technology is a challenge to marketers. Precisely, it is really challenging for a marketer to maintain the consistency of a particular brand as well as be able to keep up with ever changing brands by its competitors to meet customer value. There are some general benefits that manufacturers try to integrate into commodities or products in order to boost customer value (Pride Ferrell 2006, p .78). Unfortunately, some customers may not appreciate or perceive these benefits. A customer will get benefits from a particular product only if they can appreciate, perceive and utilize it as expected by the manufacturer to attain individual values. The kind of products that marketers offer in the market will only have value to the customers to the extent that the customers are able to put them to usage to satisfy their unique value. For example, a mobile phone manufacturer could automate switching on and off of his or her mobile phones for the benefit of a customer. However, some customers will not perceive or appreciate this design feature. Therefore, the customer value of the product will be lower than expectation of both the manufacturer and the marketer of the product. Different products and services offered by marketers have increased competition within concerned industries. Therefore, gaining competitive advantage is quite necessary for the survival of each and every compan y. Manufacturers and marketers must strive to ensure that they only deliver great customer value. However, besides the aforementioned challenges, another task faced by marketers is how they can precisely define the customer value, measuring it then creating exactly what customers need in the market (Pride et al. 2012, p. 67). This is to say, creating products which customers will consider having a higher value. The most vital part in carrying out strategic marketing is proper management of customer value as it will enable them to create and deliver great value of products and services to their customers. A typical example is evident in the companies that manufacture different brands of drinks. It is difficult for a manufacturer to estimate the level of satisfaction that a particular customer will get from a preferred drink to the other. Therefore a marketer will have a challenge in promoting or delivering the exact value that the customer will be fully satisfied with. This is an imp ortant provision. It is important to enhance the aspects of ‘customer value’ with regard to marketing as indicated earlier. For example, producing products with critical customer value might enhance sales, satisfaction, profitability, and brand promotion.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Conclusion Understanding the aspects of ‘customer value’ is very important in any business. This enables businesses to improve their products so as to satisfy their customers. It will allow them to remain relevant providers of quality products. However, customer values are diverse and constantly changing; hence, complex to understand. In some cases, a great customer value hardly means that a customer gets considerable satisfaction. The satisfaction of customers while buying a product basically relies upon both their perception as well as their appreciation of the product. Without proper understanding of these concepts, marketers will always be faced with challenges in trying to operationalize the concept of customer value. In a business environment (characterized by high competition, customer value, and changes rapidly), manufacturers and marketers should have integrated and optimized processes for their marketing. In addition, their systems for marketing should also be innovative to deliver great customer value. This is a critical provision when considered decisively with respect to customer value. Examples used in this context supported the mentioned aspects of customer value with regard to marketing. List of References Ferrell, O Hartline, M, 2008, Marketing, Cengage Learning, New York, NY. Govindarajan, J 2007, Marketing Management: Concepts true Challenges And Trends, PHI Learning Pvt. Ltd., New Delhi. Lamb,C 2011, Marketing,Cengage Learning, New York, NY. Normann, R Rafael R 1993, ‘From Value Chain to Value Constellation: Designing Interactive Strategy ’, Harvard Business Review, vol. 71 no. 1, pp. 65-77. Peppers, D Rogers M 2010, Managing Customer Relationships: A Strategic Framework, John Wiley Sons, New Jersey, NJ. Pride W Pride, O.C, 2010, Foundations of Marketing, Cengage Learning, New York, NY. Pride, W Ferrell, O.C, 2006, Marketing: Concepts and Strategies, Cengage Learning, New York, NY. Pride, W., Ferrell, O., Luk as, B., Scembri, S Niininen, O 2012, marketing principles, Cengage Learning, Melbourne.

The Communication Process Essay Example | Topics and Well Written Essays - 750 words

The Communication Process - Essay Example In this paper, I will explain the model of the communication process and describe its development and related variables that affect it. The Communication Process There are numerous definitions to the communication process. But one of the most excellent descriptions that capture its essence is that one provided by Reddy (2004). He explained that the process â€Å"involves the sender, the transmission of a message through a selected channel and the receiver† (14). The definition can be illustrated in the following figure: Fig. 1: The Communication Process What this means is that the process may involved the exchange of messages through speaking, signals, writing or behavior and may occur either as verbal or nonverbal (Marquis and Huston 2009, 443). According to Steinberg, there are three basic models of the communication process, emphasizing different aspects of communication and these are: linear, circular and transactional (Steinberg 2006, 17). Fundamentally, there are four el ements involved, which must play their respective parts and interact in order for the process to be completed and become successful. These are the sender, the message, the channel or medium and the receiver. The sender initiates the process by encoding or expressing his or her thoughts or ideas in such a way that they will be understood by the intended receiver of the message. The codified or expressed thought is now the message, which, for its part, is conveyed or transmitted through a channel. This variable is the platform used for the message and effectively links the sender and the receiver in the process. For example, if the message is written, the channel may be a letter through the post or through the email using a computer. The receiver then receives the message and decodes it into his or her thoughts. After which, a message would then be conveyed in response, which is identified in the process as the feedback. Noise Noise is an element in the communication process. But unli ke the other four, it is not an integral component, required to make the process complete or effective. This is because noise hampers communication. It affects the process negatively and could muddle a message so that it is not interpreted correctly or never understood at all. Noise can literally be sound interference but it generally refers to the variables that disrupt the exchange of messages. For example, it can be the faulty encoding or decoding, personal biases of the people involved or their focus in the process, strong emotions such as fear and a host of other tangible and intangible variables. Feedback The significance of feedback, which is the final step in the process, rests on the fact that it is the only barometer to determine whether the process has been completed and effective. It tells the sender of the message that the conveyed information was successfully received and decoded. Feedbacks assume many forms and may not resemble the nature of the message received. For example, a girl giggles after I told her that she is beautiful. The giggle is the feedback. Feedback also provides the mechanism to determine the nature of the noise involved and to correct the faulty process. Also, feedback may also suffer from the same noise by which a

EDU 508 Family Chapter Presentations Assignment Example | Topics and Well Written Essays - 250 words

EDU 508 Family Chapter Presentations - Assignment Example The transition helps the child when leaving secondary school life and prepares him for adult life. One of the greatest challenges is faced in the transition period. During this period, parents and facilitators must engage in substantive dialogue about the child. In most cases, families from diverse backgrounds get upset or confused. The issue behind this setback is culture. I would employ an intercultural communication approach so that the parents who play key role in development of IEP appreciate their culture rather than feel upset or confused. The assessment done on the students revealed that the student is disabled and must be accommodated in the learning atmosphere. The criterion used by the team is satisfactory to help the needy child. It has identified some ways to accommodate the students with disability in a future classroom and as shown in the film and the lessons learnt from the

The effect of acid rain on building materials Essay Example for Free

The effect of acid rain on building materials Essay Due to dissolved carbon dioxide rainwater is naturally acidic in the form of the weak carbonic acid. However gases such as sulphur dioxide and nitrogen oxides cause acid rain, which is responsible for the corrosion of buildings and damage to the wildlife. The burning of fossil fuels releases these gases into the atmosphere when the small quantities of sulphur react with the oxygen in the air, forming sulphur dioxide. The aim of this investigation is to investigate the way in which one factor alters the rate of erosion of building materials such as stonework and metals. To conduct this experiment I can use marble chips (calcium carbonate) or magnesium ribbon and in place of sulphuric acid dilute hydrochloric acid will be used. This is because sulphuric acid produces an insoluble salt which prevents any further reaction with the acid. The two possible equations for the experiment are: 1) Mg + 2HCl MgCl + H 2) CaCO? + 2HCl CaCl + CO + H O I have decided to conduct my experiment using magnesium ribbon and so equation 1 will be used. Here is a list of the factors which I could investigate: Volume of acid Concentration of acid. Temperature of reaction Mass/length of magnesium ribbon Particle size (no. of strips of magnesium) The factor which I have decided to investigate is the volume of hydrochloric acid. The range of volumes I have opted to use are 10cmi , 20cmi , 30cmi , 40cmi and 50cmi. The concentration of acid will remain at 2M throughout the investigation and the investigation will be conducted at room temperature. Also 1 strip of magnesium ribbon of mass 0. 05g will be used throughout the investigation. For each volume of acid used I will time how long it takes for 50cmiof hydrogen gas to be produced and collected in a gas syringe. Apparatus Conical Flask (with bung) 100cmi gas syringe Scales Measuring cylinder Stopwatch Hypothesis I believe that as the volume of acid increases so will the rate of gas produced. This is because there will be more acid molecules and so there will be more chance of collisions between the magnesium and hydrochloric acid, thus a higher rate of reaction. I believe that the volume of acid will be directly proportional to the rate of reaction and so the following will be true: Therefore, if the volume of acid is doubled then the rate of gas produced should double. Diagram Method First of all the gas syringe was connected to the conical flask. 0. 05g of magnesium ribbon was weighed using the scales and placed inside the conical flask. The first volume of 2M hydrochloric acid, 10cmi , was measured out using a measuring cylinder and then added to the flask. Simultaneously the stopwatch was started and the bung was placed on the conical flask. When 50cmi hydrogen had been collected the stopwatch was stopped. This was repeated 3 times with each of the volumes of hydrochloric acid, 10, 20, 30, 40 and 50cmi. For each volume an average time was calculated and then using that time the rate of reaction was calculated with the following equation: Rate (cmi /s) = Volume of gas produced (cmi ) Time (s) Results Time Taken (s) Volume of HCl (cmi ) Reading 1 Reading 2 Reading 3 Average Reading Rate of Reaction (cmi /s).

Students MUST be Provided with the Skills Necessary for Success Essay

Students MUST be Provided with the Skills Necessary for Success Have you ever seen an eighth grader, who has no mental or physical disabilities, struggle through basic third grade math? Throughout high school I have and it has become a common sight in our schools. Some were placed in remedial classes, while others sat next to me in some of my honor’s course. Students are being passed through school without being taught the basic skills necessary to be successful in today’s society. Measures need to be taken so that these students are not pushed through school and thrown into the real world without the skills necessary to succeed. The solution to this is through standardized classes and periodic evaluations of both teachers and students. In the past standardized classrooms have been looked down upon, because of the concept that all students do not learn at the same rate. This is true; there shouldn’t be a standard that is untouchable for most students. There should be a standard so that when a student graduates he or she is prepared to be a productive part of society. Besides just having a standard there must be some way to check that it is being followed.   Ã‚  Ã‚  Ã‚  Ã‚  There are standards in place now that try and make sure that a student is learning what he or she needs to graduate. These are in the forms of test. The problem with these tests is that they are taken every few years. By this time a student may be so far behind and lack the skills necessary that it would tak...

Educating Rita-Characters Essay

Main characters Rita and Frank are the only two characters whom we see on stage, though other people are referred to by both of them. We hear about Denny, Rita’s husband, about Julia, Frank’s partner, and about Trish, Rita’s flatmate, who attempts to kill herself. But it is Rita and Frank whom the audience gets to know best. Rita: Rita is a working-class, twenty-six-year-old hairdresser who has taken the decisive step of enrolling on a literature course at the Open University. It has been a difficult decision as it means that she has to break away from the restrictions imposed on her by her husband and by the community in which she lives and works. Indeed, Rita’s choice is a stark one: it is between starting a family, which Denny wants, or studying. In deciding to study and become more educated and culturally aware, Rita changes her life completely. She gradually becomes absorbed by culture and literature. It is only after her flatmate attempts suicide that she begins to realise that art and literature cannot provide all the answers. However, she decides to continue as a student and finally passes her examination. Frank: Frank is a university lecturer in English Literature with a drink problem. He has had one failed marriage and his present relationship wit Julia is not an easy one. However, he does appear to have a comfortable middle-class lifestyle and has achieved some minor success as a poet. His job, nevertheless, bores him and, in fact, by the end of the play, he has been sent away to Australia by the university authorities because of his drunken behaviour. Rita breezes into his life like a breath of fresh air; the story of the play is the story of their developing and changing relationships both as teacher and student and on a more personal level.

Rise of the American Criminal Industry between 1900-1940

1900 A rise in crime levels as gangs grow stronger. Monk Eastmans Gang starts to pose a real threat to Paul Kellys Five Points Gang. 1907 Michael Cassius McDonald dies and leaves a criminal industry in Chicago in the hands of opportunist gangsters coming in from all over the country. 1911 Mayer Lansky arrives in the U.S. and immediately starts to analyze conditions in the country with regard to Italian crime families with the purpose of getting involved in their affairs. 1919 Al Capone leaves New York with the purpose of starting illegal businesses in Chicago. Lucianos influence also solidified at this time, as the Volstead Act provided him with the perfect opportunity to start an illegal business. 1920 Prohibition started in the U.S. and provided crime families with the opportunity to get involved in particularly profitable affairs. John Colosimo, one of the most important gangsters in the U.S. is killed the same year, most probably because of his reluctance to get involved in alcohol trafficking. His death makes it possible for people to understand the full complexity of illegal affairs in the country as numerous other gangsters and even politicians attend his funeral. 1921 Johnny Torrio, Chicagos crime boss, brings in Capone as his bodyguard. 1924 Torrio manages to set the foundation of one of the most successful bootlegging businesses in the country. The Italian-American gangster also manages to invest large amounts of money into gambling and experiencesShow MoreRelatedThe Oil Major Of Mexico3323 Words   |  14 Pagesenergy trade with the hopes that it will help bolster its position in North American markets. 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