Check Your Understanding:
________ is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives. Customer perceived value (CPV) is the difference between the prospective customer's evaluation of all the benefits and all the costs of an offering and the perceived alternatives (Kotler & Keller, 2006, p. 177).
The 20-80 rule states _____.
The well-known 20-80 rule says that the top 20 percent of the customers may generate as much as 80 percent of the company's profits. (Kotler & Keller, 2006, p. 184).
Formal groups having a direct influence on a person such as religious, professional, and trade union groups are _____. A person's reference groups consist of all the groups that have a direct (face-to-face) or indirect influence on his/her attitudes or behavior. Groups having a direct influence on a person are called membership groups. Some membership groups are primary groups, such as family, friends, neighbors, and co-workers, those with whom the person interacts fairly continuously and informally. People also belong to secondary groups, such as religious, professional, and trade-union groups, which tend to be more formal and require less continuous interaction. (Kotler & Keller, 2006, p. 213)
_____ consist(s) of all brand-related thoughts, feelings, perceptions, images, experiences, beliefs, etc. that become linked to a brand "node."
Brand associations consist of all brand-related thoughts, feelings, perceptions, images, experiences, beliefs, attitudes, and so on that become linked to the brand node. (Kotler & Keller, 2006, p. 224) 5.
Derived demand refers to the fact that the demand for business goods is ultimately derived from the demand for _____.
The demand for business goods is ultimately derived from the demand for consumer goods. (Kotler & Keller, 2006, p. 247)
A _____ is a more narrowly defined customer group seeking a distinctive mix of benefits.
A niche is a more narrowly defined customer group seeking a distinctive mix of benefits. Marketers usually identify niches by dividing a segment into sub segments. (Kotler & Keller, 2006, p. 278) Exercises:
List the steps involved in conducting a customer value analysis. A customer value analysis allows a firm to understand how its customers experience value, and gain insight from its customers’ decision making criteria and processes. It maps customer needs and objectives in terms of the customer’s value chains; thus looking beyond end-user and decision maker needs and revealing the net total effect of the customer-vendor relationship on all of the customer’s processes, costs and benefits. The following steps can be some of the steps involved in the customer value analysis. •
What your customers want
Which suppliers are performing well or poorly against these wants •
Whether or not you offer customers good value relative to your competitors •
How much your products are really worth
What improvements to your product would be worth the most to customers •
How to set prices to be competitive and to capture the full worth of your product •
The role of marketing communications in shifting how customers view your brand Works Cited
Source : CVAL.COM
Name five ways companies can use their databases.
With automation being the on the top of B2B marketer’s must-have list, some companies may want to consider database marketing as a first step. Using MS Access, as a tool to explore data for the purpose of gaining greater marketing insights. For small business with significant volumes of customer and transaction data, having the tools to explore and analze data can yield significant improvements in the effectiveness of specific marketing tactics. Below are 5ways of database tools for marketing.
1 – Improve Accuracy of Promotional Campaign Planning
Analyze historical sales data and use the information to make better predictions...
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