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Course Hero 16 - their rated importance – Customers...

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1. List the steps involved in conducting a customer value analysis. Very often, managers conduct a customer value analysis to reveal the company’s strengths and weaknesses relative to those of various competitors. The steps in this analysis are: 1. Identify the major attributes and benefits that customers value – Customers are asked what attributes, benefits, and performance levels they look for in choosing a product and vendors. 2. Assess the quantitative importance of the different attributes and benefits – Customers are asked to rate the importance of the different attributes and benefits. If their ratings diverge too much, the marketer should cluster them into different segments. 3. Assess the company’s and competitors’ performances on the different customer values against
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Unformatted text preview: their rated importance – Customers describe where they see the company’s and competitors’ performances on each attribute and benefit. 4. Examine how customers in a specific segment rate the company’s performance against a specific major competitor on an individual attribute or benefit basis – If the company’s offer exceeds the competitor’s offer on all important attributes and benefits, the company can charge a higher price (thereby earning higher profits), or it can charge the same price and gain more market share. 5. Monitor customer values over time – The company must periodically redo its studies of customer values and competitors’ standing as the economy, technology, and features change....
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