Marketing Ch5 - Chapter 5 Creating Customer Value...

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Chapter 5: Creating Customer Value, Satisfaction, and Loyalty 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. Managers conduct a customer value analysis to reveal the company’s strengths and weaknesses relative to those of various competitors. Loyalty is a deeply held commitment to re-buy or re-patronize a preferred product or service in the future despite situational influences and marketing efforts having the potential to cause switching behavior. The value proposition is the whole cluster of benefits the company promises to deliver; it is more than the core positioning of the offering. Satisfaction is a person’s feelings of pleasure or disappointment that result from a product’s perceived performance (or outcome) to their expectations. Measure satisfaction with periodic surveys, customer loss rate, mystery shoppers, and monitor competitive performance.
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