Buad 332 Exam 1 Questions & Answers Solved 100% Correct!!

Customer value - Answer-the customers perception of what they want to have happen in a specific use situation, with the help of a product or service, in order to accomplish a desired purpose or goal. customer satisfaction customer value - Answer-= performance =importance 5 key aspects of customer value - Answer-1. tradeoff of benefits and sacrifices 2. interaction of both customer and product 3. Relative to competitors, individuals, and situations 4. goal driven by customers desired attributes, desired outcomes, and need goals 5. Dynamic- in that it changes overtime Value judgement - Answer-the way that customers make judgment about value. Customer gains (value hierarchy) - Answer-- positive (benefits) and negative (sacrifices) effects ON the customer... aka customers world vs. - ANYTHING firm controls (product attributes-physical product/service)...aka marketers world What makes customer's perception of value change? - Answer-- the environment (economy, trends) - consumers: life changes changes from other companies What does a customer value oriented firm look like? - Answer-- puts the customers first -committed to innovation -organize everything in the company around delivering-customer value continuous learning about customers What are some sources of customer value learning? - Answer-- value hierarchies - value maps - other analytical tools what are some customer learning methods? - Answer-- customer interaction, customer research, 3rd part customer research, secondary reports, analyzing market trends customer value strategy process - Answer-1. identify the value 2. choose the value 3. provide the value 4. communicate the value 5. assess the delivered value