In addition companies need to deliver their products while keeping cost effectiveness in consideration. If they understand the perceived benefits of their target audience and are able to engage with them on a personal level, they can attain customer satisfaction and ultimately can have increased sales. In conclusion, conveying Unique Value proposition clearly to the customers could be a complete win/win for any business. Brand equity Formal Definition: The commercial value that derives from consumer perception of the brand name of a particular product or service, rather than from the product or service itself. Alternative Definition: Brand equity refers to a value premium that a company generates from a product with a recognizable name, when compared to a generic equivalent.
Customers do not want to switch to purchase different brands, as such they hold some bargaining power to drive the demand. In the luxury industry, it is possible that existing companies or new designers could enter internationally. However, the brand positioning serve as a serious barrier to create awareness due to customer loyalty and acceptability of the brand. In this case, threat of new entrants is relatively low. Luxury products are not easily substitute as it is not an ordinary goods but the threat can derive from imitation.
Although the development of must be requirements are not much compulsory as they are already satisfactory but instrumental in improving one dimensional requirements which have great impact on the quality of product and thus customer satisfaction. 2) The model helps in identifying and classifying the different requirements of a product. The level of customer satisfaction extremely depends on the product criteria which can be recognized using this model. 3) Kano’s model can also use as a part of the quality control of products and services as it facilitates in recognizing the requirements of the customers and thus modifying the product as per the customer requirement. The individual features of a product are identified and developed as per customer requirement to bring in more satisfaction (Taylor, 2003).
Boosting the economy, not only benefits a person, but it benefits the whole society. Advertising provides valuable information about products or events in an efficient and cost-effective manner. Not only does it provide valuable information in a cost-effective manner it also creates competition between companies. The article “Pros & Cons of Market” states, “Consumers promotes their interests by looking for the lowest prices and best quality” (Metcalf). The competition between businesses will ensure better quality of their goods and service they provide.
Fashion leaders purchase the product which is more stylish and can satisfy their ego. The brand promotion has unique impact on brand image. Well designed and executed promotion can be a very effective way to become h customer loyal and to differentiate a
Analysing the Gap According to the Ben & Jerry’s Mission Statement, the goal of the company is to integrate product quality with economic success and social responsibility. The key that successfully links these three missions together is the differentiation strategy. A differentiation strategy involves the firm creating a product/service, which is considered unique in some aspect that the customer values because the customer’s needs are satisfied. It calls for the development of a product or service that offers unique attributes that are valued by customers and that customers perceive to be better than or different from the products of the competition. (Dirisu, et al., 2013) through the use of a differentiation strategy the company provides a better product that consumers perceive as being worth the premium price (Thompson and Strickland, 1998) The product aspect of the differentiation strategy requires Ben & Jerry’s to maintain the strictest standards of product quality.
Normally, consumers have unique needs that are not similar all the times. Therefore, the company must develop products that can address the unique concerns of the consumers. Evidently, Apple Inc. has been successful in the creating variety of products. However, pricing of the Apple Inc. products tend to limit the ability of buyers to purchase the products. While the company might justify the price of the products, setting the prices too high limits the ability of the willing buyer to purchase the
And that is the reason why it is good for the customer also. It is good for the customers because we get the best prices! We get to have that choice of what store/ site we want to go to. Which has the best prices and service. When businesses compete they can be more successful than other businesses, and that is what business is all about.
As mentioned previously, one can use a product, not based on its function but based on the value it gives them as a consumer. One must also take into consideration the concept of ‘the ideal self’ in order to gain a clearer interpretation. People consume products in order to become who they aspire to be. Marketers utilise this in their campaigns by portraying some sort of ideal realm in the hope that the consumer will buy into it. Consumers have multiple different personalities.
This approach can enable the organisation under consideration to gain benefit in controlling costs while fulfilling the demands of consumer services (Basu, 2001). The function of consumer service is considered as a designed standard for the satisfaction of consumers in such a way that the business intends to deliver to its consumers. Moreover, the order processing is designed for taking the consumer orders while executing the specific aspects of the consumers’ demand related to the products (Ellis,