customer value - ANSWERcomprises:
- benefit: all tangible and intangible desirable attributes of the product consumed over the life of its ownership
- cost: all tangible and intangible costs incurred by the customer over the life of ownership
goal: to creates superior perceived value
Produc...
- benefit: all tangible and intangible desirable attributes of the product consumed over the life of its
ownership
- cost: all tangible and intangible costs incurred by the customer over the life of ownership
goal: to creates superior perceived value
Product/People (4Ps) - ANSWER- New product & service development
- Value co-creation
- Building the brand
- The augmented product
- Service Quality
Place (4Ps) - ANSWER- Selection of channels & channel partners
- Finding complementarities between routes to market
- Design and implementation of channel controls
- Design of promotional plan for channels
Price (4Ps) - ANSWER- Value-based pricing
-A consumer-based view of pricing (WTP)
- Pricing tactics
Promotion (4Ps) - ANSWER- Determination of promotion objectives
- Development of communication content & creativity
- Selection of media
- Design of control/evaluation methodology
- Timing
good profits - ANSWERearnings from creating customer value, resulting in customers who are loyal,
purchase more of your product, and recommend your firm to others
customer's definition of value - ANSWERBenefits (Improve performance, productivity and experience
and, reduced risk)
, Costs/savings (less money, time, psychic costs, effort)
value creation tools - ANSWER- product
- support services
- relationship marketing
- image
- search cost
- acquisition cost
- set-up cost
- maintenance cost
- financing cost
- exit cost
creating customer value leads to... - ANSWER(long-term) firm value
market-oriented firm - ANSWERa firm that has processes and structures in place which make the
creation of value easier
culture: everyone in the organisation understands their role in delivering the organisation's value
proposition
market-oriented processes (3) - ANSWER- generation of market intelligence (research)
- dissemination of intelligence amongst departments
- responsiveness to information (execute strategies)
market orientation as a culture (3 behavioural components) - ANSWER- customer orientation
- competitor orientation
- interfunctional/supplier orientation
customer orientation (market orientation) - ANSWERfirm spends it resources on gathering
information about customer needs and behaviour. Focused on creating value-added products
competitor orientation (market orientation) - ANSWERfirm directs it resources to gathering
information about competitor behaviour/activities so they have a better understanding on how they
are servicing/creating value for customers
interfunctional/supplier orientation (market orientation) - ANSWERfirm works in a unified manner
with its suppliers to effectively and efficiently coordinate production/delivery of their products
market*ing* vs. market orientation - ANSWER- Market: across the entire organisation - it's the
culture
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller papersmaster01. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
