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BENEFIT-COST=CUSTOMER VALUE I understand the term customer value to define how customers weigh the benefits of individual purchasing decision against the costs of these products. Every consumer has a unique way of measuring benefits versus costs and will sometimes pay for higher quality items and other times buy the low costs items, depending on which has the highest value to them. Customer Value is important to my company. My Company knows who purchase their goods and services and why these consumers view our offerings as having the highest value to them. Every consumer has a unique set of needs and resources, so no two consumers will place the same customer value on the same product or service. The highest quality product or service does …show more content…
One of these programmes is Corporate Social Responsibility CSR. This is the programme where our company goes direct into the community and supports those who are really in need. By doing so we make sure that we build strong relationship with our customers By offering the lowest price products make the consumers believed in us and creating the strong relationship with the customer value. CONSUMER BUYING PROCESS There can be many things that might factor into the want to buy something. There are many steps that a customer takes before actually buying a product. Environment and the people giving service at that have an effect on customer to make a decision on buying the product. In our company we make sure our customers are the Kings and we make sure that they are always motivated to come into our business. We always make sure that when they come to our stores they experience the best shopping and that they find what they want to buy and we have a reason for them to buy. We make sure that our merchandising is up to standards and it motivates the customers to shop in our stores. THE IMPORTANCE OF THE CUSTOMER
Earl Sasser Jr. discusses why customers matter in his lecture because customers are essential in every business that have been created. He began by providing a story about a local grocery store in Norwalk Connecticut that kept expanding. Their customers were dedicated to making their store the best it could be by providing suggestions and participating in focus groups that concluded in results from the suggestions. Sasser wanted to show businesses that were not efficient in their customer care why their customers should matter because there are some companies who have leaders that have instilled these ways in their companies but there are some that neglect the fact that their customers do matter. Sasser says that if you listen to all the CEOs
First, customer centricity is important to channel customer centricity into their company strategy. It will get the whole workforce on track. Next, the collection should keep their customer data up-to-date. They would benefit from building a stable foundation by bringing all of their current customer contacts. The brand should also save all documents including minutes-of-meetings, emails, offers, contracts, and every payment transaction. Then, the company should establish healthy customer relationships based on their customer profile. It is always important to follow-up on customers and to make sure they stay satisfied with the merchandise. Finally, it is all about the customer. Their response is very important. It is viable to surprise and impress their customers, as well as plan and implement multi-phase marketing campaigns(CAS
Customer Value is a very important factor to all businesses let along business that supply products or services to the public. Value is relative to each individual customer but many researchers have found a simple way of defining customer value. Customer value equal the result produced for the customer plus process quality divided by the price to the customer plus the costs of acquiring the product (McMurrian & Matulich, 2016). The customer must purchase the product or service and experience it for the company to be able to benefit from the feedback. The four mechanisms within customer value, the results, process quality, price and customer access cost, are all very important for a company to understand in order to fully understand customer value.
Customer value is defined as "the perceived benefit of a product, used by customers to determine whether or not to buy the product" (Lussier, 2006). I do believe that most customer's focus on creating customer value. It is an aspect needed in order to sell anything. A customer would not buy something if she or he did not see the benefit in buying it, therefore, organizations strive to create customer value because they need the customer to see a benefit and to buy the product.
Value Customers: Customers in this category are mainly concerned with low price and convenience. While style or looks is not their primary concerns, functionality plays an important role. Price is very important to this category as they do not like to spend money on solutions that require excavations (as they would increase installation costs).
We understand the importance of our missions and the trust our customers place in us. With this in mind, we strive to excel in every aspect of our business and approach every challenge with a determination to succeed.
As you can see from the points above it is vital to give good customer
The ultimate goal is to increase product sales. They have to depend on the customer to reach that goal. Making the customer feel comfortable and encouraging them to buy more goods is a process toward that goal.
One of the most important areas to consider is customer service. The atmosphere of a store
N.D.) There are three things to know and do in order to capitalize on this, first know what motivates the customers from their behavior as well as their buying decisions. Second, is to uncover the true reasons the customers decided to buy your product or service instead of that of your competitors. Finally, put yourself in the customer shoes and ask yourself this question; what would make them come back to your store again? The answer to these could be the quality of the products and services offered, the friendliness of the employees, the customer service, the cleanliness of the store, and accessibility of the products (Staff, E.
-Customers: The company felt the importance of being customer-centric and innovate by adapting to customer
Every company wants to understand why people decide to buy its products or others. Firstly, we have to understand why people buy certain kind of product. People buy products because they need them. A need is activated and felt when there is a sufficient discrepancy between a desired or preferred state of being and the actual state. (Engle£¬Blackwell and Miniard. 1995. p407 ) For example, when you feel hungry, what you needs is some food. It is very important for marketer to understand the needs of consumers. All the consumers may have the same needs, but the ways which they satisfy what they need are different. Here is a example, Chinese people would choose rice when they feel hungry, whilst British people may choose bread to satisfy their needs.
Value- It includes providing products and services and how Mr. Price add values to customers.
Thirdly, the company is committed to delivering superior quality of products and services. It earned a reputation of a convenient and reliable brand that offers the lowest prices, one of the fastest and lowest shipping, widest selection of goods, and many additional features with its services.
In other words, their purchasing power is more focused on their need, health, and efficiency and cost effective. It is with this in mind, this writer would say that there lies a possibility for a company to cater to both its best interest and that of the consumer conjointly. Without customers, there would not be any company; therefore, a secure partnership between the company and customers would be more beneficial for both parties, in that the customers would be loyal to the company based on if they feel valued and if their needs are being met by the company. The company can foster this partnership by building a strong customer relationship management – where they have a customer-centric model in which they learn ways to enhance their product and service through feedback received from the customers. Here, both interests of the company and the customer will be