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.
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.
The definition of value based on the characteristic on belief of individual that led their behaviours and attitudes. Other researcher say that value is considers as a belief or concept about the behaviours of individual that exceed of particularly condition, the behaviours of evaluation of individual and as a lead of individual selection. Value perform as a essential of guideline in individual activities, a person didn’t born with the value but the value come from the learning process via socialization in daily life. The individual need to set their own values in their daily activities of utilization because mostly a person prefer to buying more service and product to achieve their own goal, their belief it will help them to gain the goal
A strong brand will help an organization to differentiate the price from the rest and encourage their customers to pay for the intangible benefits they get from associating themselves with a brand that makes them appear cool fashionable, or clever. In addition, a brand provides a vital differentiator, especially when the basic product or service is widely
Self oriented value occurs when customer appreciate the experience selfishly for her own sake. Other oriented value is another aspect of evaluation of experience where something is valued for the others’ sake for how they response to it. (iii) Active versus Reactive Values. Active values cause manipulation by its user. Reactive values result from reacting to object.
A brand can be person, place, firm, or organization. AMA defines a brand as a “distinguishing symbol, name, logo ,mascot, term, sign, or design ,or a combination of them,projected to identify and differentiate the goods and services of one seller or group of sellers from those of competition. Some brands create competitive advantages with product performance. Branding is vital to make any organization successful. Stakeholders must understand how to create a strategic and effective branding as word of mouth and firsthand experience have more of an effect on user love than celebrity endorsements and well-toned advertisements.
Products are made to satisfy the needs and meet the expectations of consumers. A consumer uses products and decides on a product based upon their own consumption system—the way the product is by the consumer getting the product, using the product, and disposing of the product. Additionally, the hierarchy of customer value also plays a major role in the decision-making process for customers. Though concrete attributes signify quality difference across products, the higher level abstract dimensions of quality can be generalized into categories of products. Therefore, a product must perform to an acceptable level according to the consumer’s perception of benefits in their customer value hierarchy.
Contrary to this, the personality for a brand is perceived, created and influenced by contact consumers have on the brand direct or indirect. When people associated with the brand becomes the brand imagery, the personality traits of the individuals gets associated with the brand making it the brand personality hence it can defined as "the set of human characteristics associated with the typical user of a brand", the people involved in creating the brand imagery vary in profiles starting from the CEO of the company to the users of the brand. According to Kassarjian (1971), brand personality has enjoyed some popularity and application among advertising practitioners, academic interest in the construct remained limited because its usefulness.A change was observed after the general scale of measurement of brand personality using the 5 dimensions which was proposed by Aaker in 1997. In contrast to the product-specific attributes and features which is considered as the performance centric measurement for customers, brand personality is perceived to be self-expressive oriented (Keller, 1993). Researchers have also found that brand personality helps the consumers to express themselves better getting closer to their real or ideal self while using the brand.
Value represents a very important concept in the marketing literature and so many scholars and researchers have tried to find a definite and fixed definition for it. However this wide concept definition couldn't be reached due to many reasons. Literary, perceived value often has an ambiguous definition, especially when using the terms value and values as there is a need for the meaning of the terms “values” and “value” to be clarified (Agle and Caldwell, 1999; De Chernatony et al., 2000; Solomon, 1999; Woo, 1992 cited in Boksberger, Melsen, 2011). The term “value” refers to a preferential judgment of either a single transaction or an ultimate end-state; whereas “values” are the determinants of any social behavior including attitude, ideology, beliefs and justifications (Boksberger, Melsen, 2011). There are so many definitions of perceived value that can be found to exist.
1.1 BACKGROUND STUDY Brand plays an essential role in the success of a business, especially in a competitive environment where survival of a business depends on the customers’ preferences. Brand managers need to understand how customers perceive and select brands in specific product categories and market segments. They also need to know what is important to customers when making a brand decision, where customers get information about products and services, and what customers think about their brand. In the mobile telecommunication industry where consumers have many alternatives to choose from, Companies are anxious to separate themselves from their competitors in a unique and inimitable way; brands play an enormous role in achieving these