The thrust lies in a quest to make our lives better, simpler and more productive through electronic commerce or E-commerce.
Tweet Value has many different meanings. To some Value means price what is the value of this car? It also means the worth of something. The dictionary meaning includes: The regard that something is held to deserve; the importance, worth, or usefulness of something.
When used in the vernacular it does not matter, but when used as a technical term, like Customer Value, the meaning of Value must be precise, so that everyone understands what it means, as shown below: Customer Value is the perception of what a product or service is worth to a Customer versus the possible alternatives.
What the Customer pays is not only price cash, cheque, interest, payment during use such as fuel and servicing for a car but also non-price terms such as time, effort, energy, and inconvenience.
The benefits include the advantages or quality of the product, service, image and brand of the company or the brand of the product, values, experience, success one gets in using the product and so on.
Values are distinct from Value the plural of value as defined above is Value. Values are what someone or a firm stands for: Honesty, morals, ethics, sustainability, integrity, trust. Consumers are distinct from Customers.
The value the consumer perceives influences the buying evaluation and perception of the decision maker or the Customer. The Customer is someone who buys or makes the decision to buy. A Non-Customer is someone who could buy from us, but is buying from someone else.
Value is created just as much by a focus on processes and systems as much as it is by mind-set and culture. Mind-set and culture are much more difficult to change, and also difficult to emulate.
It is easier to copy products and systems than to change mind-sets and culture. Therefore, for long term success, mind-set and culture are important and lasting. These, along with systems create great experience and value. Value changes during the use of a product or during the Customer Journey.
Value is perceived during the purchase intent, the shopping, the actual purchase or buying, the installation or start-up, the use and even the re-sale.
We sometimes call this the waterfall of needs. Needs change during the Customer Journey. Creating Customer Value increases customer satisfaction and the customer experience.
The reverse is also true. A good customer experience will create value for a Customer. Creating Customer Value better benefits versus price increases loyalty, market share, price, reduces errors and increases efficiency.
Higher market share and better efficiency leads to higher profits. You must realise that people buy a product or service that creates the most value over competing options.5 Steps to Creating More Customer Value.
Customer Service 5 Steps to Creating More Customer Value. By focusing efforts on your best customers, you can increase customer value and grow your business. Customer Relationship Management (CRM) is the process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
A company with mostly low-margin customers is likely to seek basic relationships, using brand-building advertising and sales promotion. In this broader sense, customer relationship management is the overall process of building and maintaining profitable customer relationships by delivering superior customer value and satisfaction.
1) All of the following are accurate descriptions of modern marketing, EXCEPT which one? A) Marketing is the creation of value for customers. B) Marketing is managing profitable customer relationships. Field value assessments (also known by other names, such as value-in-use or cost-in-use studies) are the most commonly used—and, we believe, the most accurate—method for building customer.
• Marketing is managing profitable customer relationships • The aim is to create value for customers in order to capture value from customers in return; to attract new customers by promising superior value and to keep and grow current customers by delivering satisfaction • 5 steps in the marketing process: o Understanding the marketplace 75%(4).