Definition: Perceived value” is an important marketing concept. It lies at the heart of marketing and deals solely with the customer 's perception of a product (Walter Johnson, 2015). The perspective as which every customer see things are different from each other. Customer Perceived Value should easily refer to the extent to which a customer believes that a given product will satisfy his or her needs. The satisfaction of customers need based on the product and service offered by a company in relation to their brand and marketing from customers’ point of view is known as perceived valued.
LITERATURE REVIEW: ANTECEDENTS OF CUSTOMER LOYALTY From our studies we have identified main antecedents to customer loyalty along with some moderators vis-à-vis customer satisfaction, Commitment, Trust, Image, Conflict handling, Switching Cost. A brief review of these studies and explanation of these factors is presented below: Customer Satisfaction and Loyalty “No matter what you sell, you’ve got to sell satisfaction. This approach helped us build a clientele that is second to none in customer loyalty.” Stanley Marcus There are several conceptual bases for the customer loyalty but customer satisfaction has widely been addressed in literature. Oliver (1980) defined satisfaction as a post choice evaluative judgment concerning
Customer Satisfaction: Customer satisfaction is a modern approach of quality in business life and helps for the development of a actual customer-oriented culture and management. ( Kotler, Philip, Marketing Management: Analysis, Planning, Implementation, and Control, 9th ed., Prentice Hall, Upper Saddle River, NJ, 1997.) Whether buyers are satisfied after purchase or not it depend on the offers in relation to the buyer expectation. The satisfaction is feelings of a person of pleasure or disappointment resulting from relating a products perceived performance relation to his expectations. If the performance is less than expectation, the customer will be dissatisfied.
Consumer Behaviour Definition, Consumer Behaviour theory, factors affecting consumerbehaviour, psychology of marketing, consumer behaviour case study Consumer behaviour refers to the psychological process that leads to a consumer’s decision to buy a product or service offering. This process involves decisions in terms of what, when, where, how and from which vendor to make the purchase. This is influenced by: • Psychological factors such as the personal thinking process that includes motivation, personality, perception and the consumer’s attitude, the process of making the decision in marketing, consumer’s interaction with friends, family and peers and making the choice of where to buy from, based on cost, features and product appeal • Internal
So, it actually helps in reinforcing the market position of the brands. In other words, co-branding helps in creating a deeper impact and brand recall among the target customers. Therefore, a diverse portfolio of brands helps gain more traction and exposure than just one product. Risk and Resource Sharing: If both the brands are looking to expand their customer base, then the brands can leverage each other’s strengths to capture the target market, mitigating the risks with economies of scale. Sony and Ericsson co-branded various products ranging from the walkman to mobile devices.
Brand recognition is defined as consumers’ capability to confirm their prior exposure to the brand when given the brand as a cue; brand recall refers to whether consumers can retrieve the brand from memory when given the product category as a cue (Keller, 1993). The depth of brand awareness concerns the likelihood that the brand can be recognised or recalled and the breadth of brand awareness relates to the variety of purchase and consumption situations in which the brand comes to mind. (Keller 1993, 3; Keller 1998).Brand awareness affects consumer decision making by influencing the formation and strength of brand associations in the brand image. (Keller 1993). In a study, respondents were asked about ads, using a cue.
When we talk about consumer behaviour, we take two aspects in mind that are consumer + behaviour. The person who consumes on the daily basis or purchases any kind of thing either it is durable or non-durable good that is consumer. Because we spent for it and then we go ahead for that particular thing, when we consume that particular thing we react whether we are satisfied or not satisfied that is why we are known as con-su-mer that means we want to have something and then we behave like that particular way. The second aspect is behaviour. Behaviour is the way in which we react or we tell someone about the positive aspects or the negative aspects of some particular thing.
Kotler and Gronroos referred to Athanassopoulos et al (2001) personal that consumers by and large assess quality of service by its result, the methodology of the service conveyance and connection. As indicated by Zeithaml, buyers evaluate products and services through three methods. These are prepurchase or experience qualities, pursuit qualities, and trustworthiness qualities. Search qualities are feature that purchasers pay special mind to before purchasing and are those they can see, feel or touch. Then again encounter qualities are post- buy offers that customers survey whilst belief gimmicks are those not simple for buyers to evaluate amid the post-buy period.
- Advertisers can better foresee how customers will react to advertising systems. The term consumer behaviour is characterized as the behaviour that buyer show in searching down, purchasing utilizing, assessing and discarding items and services that they expect will fulfil their needs. Consumer behaviour concentrates on how people settle on choices to invest their accessible assets (time, cash, exertion) on utilization related things that incorporates what they purchase, why they purchase, when they purchase it, where they purchase it, how frequently they purchase it, how regularly they utilize it, how they assess it after the buy and the effect of such assessments on future buys, and how they discard
It is concluded that purchase decision of the consumer mainly depends on the value of brand in monetary terms. Baba and Aziz (2014) in their thesis analyzed the impact of brand on the brand in influencing consumer decision making process and throws some light on the theories of consumer behavior and further analyzed the correlation between brand and behavior of consumer in regard to purchase decisions. It found that consumers are very enlightened about various brands. Further, a family, friends, and reference group plays a major role in affecting purchase decision making. Singh, Kumar, Goel and Chawala (2014) in their study investigate the influence of brand name on consumer decision behavior.