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    Marketing Advanced HW 3 A5-7, A9-12

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    The document contains 4 short questions about marketing concepts for a homework assignment. 1. It defines customer-perceived value as the customer's evaluation of the benefits versus costs of a product compared to alternatives. Value can be different for each customer based on their individual expectations. 2. A market includes current and potential customers for a product or service. Marketing aims to manage markets profitably through customer relationships and competitive advantages. 3. Customer relationship management tracks customer preferences to build relationships through perceived value and satisfaction. Its goal is high customer equity from loyal, satisfied customers.

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    Marketing Advanced HW 3 A5-7, A9-12

    Uploaded by

    ruf62ny5
    22 views3 pages
    The document contains 4 short questions about marketing concepts for a homework assignment. 1. It defines customer-perceived value as the customer's evaluation of the benefits versus costs of a product compared to alternatives. Value can be different for each customer based on their individual expectations. 2. A market includes current and potential customers for a product or service. Marketing aims to manage markets profitably through customer relationships and competitive advantages. 3. Customer relationship management tracks customer preferences to build relationships through perceived value and satisfaction. Its goal is high customer equity from loyal, satisfied customers.

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    The document contains 4 short questions about marketing concepts for a homework assignment. 1. It defines customer-perceived value as the customer's evaluation of the benefits versus costs of a product compared to alternatives. Value can be different for each customer based on their individual expectations. 2. A market includes current and potential customers for a product or service. Marketing aims to manage markets profitably through customer relationships and competitive advantages. 3. Customer relationship management tracks customer preferences to build relationships through perceived value and satisfaction. Its goal is high customer equity from loyal, satisfied customers.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    22 views3 pages

    Marketing Advanced HW 3 A5-7, A9-12

    Uploaded by

    ruf62ny5
    The document contains 4 short questions about marketing concepts for a homework assignment. 1. It defines customer-perceived value as the customer's evaluation of the benefits versus costs of a product compared to alternatives. Value can be different for each customer based on their individual expectations. 2. A market includes current and potential customers for a product or service. Marketing aims to manage markets profitably through customer relationships and competitive advantages. 3. Customer relationship management tracks customer preferences to build relationships through perceived value and satisfaction. Its goal is high customer equity from loyal, satisfied customers.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 3

    Due Date: Friday 27th October 2023 Ms.

    Judy Magri

    Marketing HW 3: Short Questions (Chapter A5-7, A9-12)


    1. Explain what is meant by customer-perceived value. (4 marks)
    Definition of “customer-perceived value”. 2 marks
    Elaborate on the four types of value. 1 mark
    Does value to one customer necessarily mean value to another? Support your answer by providing 1 mark
    an example.

    2. Explain what a market is. (4 marks)

    Definition of a “market”. 2 marks


    Explain: marketing = managing markets = profitable customer relationships 1 mark
    Explain: marketing = serving a market = relative to competitors 1 mark

    3. Explain what customer relationship management is. (5 marks)

    Definition of “CRM”. 2 marks


    Explain: the 2 building blocks (customer perceived value & customer satisfaction). 2 marks
    Explain: ultimate aim (to produce high customer equity) 1 mark

    4. Explain what is meant by market share. (3 marks)

    Definition of “market share”. 2 marks


    1 applied real-life example. 1 mark
    Due Date: Friday 27th October 2023 Ms. Judy Magri

    Marketing HW 3: Short Questions (Chapter A5-7, A9-12)


    1. Explain what is meant by customer-perceived value. (4 marks)
    Definition of “customer-perceived value”. 2 marks
    Elaborate on the four types of value. 1 mark
    Does value to one customer necessarily mean value to another? Support your answer by providing 1 mark
    an example.
    Customer-perceived value is the customer’s evaluation of the difference between all the
    benefits and all the costs of a marketing offer relative to those of competing offers.
    The four main types of customer value are: 1. Function value is about solution of an offer
    provides. 2.Minetary value is to decide if the price of the product worth it. Social value is to
    connect with others. Psychology values to let customers to feel better and express themselves.
    Value to one customer 1 and 2 bought the same phone. Customer 1 finds the quality of the
    product surpassing their expectations, leading them to believe it was a worthwhile purchase. In
    contrast, Customer 2, having higher expectations for quality, is disappointed and may not have a
    favorable opinion of the same product. Despite both customers purchasing the identical item,
    their varying expectations result in different perceived values.
    2. Explain what a market is. (4 marks)

    Definition of a “market”. 2 marks


    Explain: marketing = managing markets = profitable customer relationships 1 mark
    Explain: marketing = serving a market = relative to competitors 1 mark
    A market comprises both existing and prospective customers for a product or service. Current customers have
    already made purchases, while potential customers are those who will become new buyers. Marketing involves
    the management of markets to establish profitable customer relationships, with a dual objective of retaining
    existing customers and attracting new ones. It revolves around serving a market of end consumers in the
    presence of competitors by offering superior value.

    3. Explain what customer relationship management is. (5 marks)

    Definition of “CRM”. 2 marks


    Explain: the 2 building blocks (customer perceived value & customer satisfaction). 2 marks
    Explain: ultimate aim (to produce high customer equity) 1 mark

    CRM which is referred to Customer Relationship Management) is like keeping track of your
    friends' likes and dislikes so that you can make them happy. In business, it's a way to gather
    and use information about customers to build better relationships with them. The Two
    Building Blocks - Customer Perceived Value & Customer Satisfaction: 1. Customer Perceived
    Value: This is how much customers think your product or service is worth to them. It's all
    about giving them something they find valuable. If they feel they get more from your
    product than what they pay for, they'll be happy and come back for more. 2. Customer
    Satisfaction: This is like making your friends happy when you remember their birthdays or
    give them thoughtful gifts. In business, it means ensuring your customers are pleased with
    what you offer. Happy customers are more likely to stick around and keep buying from you.
    The Ultimate Aim - To Produce High Customer Equity: Think of customer equity like having
    close friends who always support you.

    4. Explain what is meant by market share. (3 marks)


    Due Date: Friday 27th October 2023 Ms. Judy Magri

    Definition of “market share”. 2 marks


    1 applied real-life example. 1 mark

    Market share refers to the proportion of total sales or revenue that a business or
    product holds in a specific market or industry, typically expressed as a percentage. It
    indicates a company's competitive position and its ability to capture a portion of the
    overall customer demand. In the fast-food industry, McDonald's and Burger King vie for
    market share. McDonald's, with a larger market share, regularly introduces new menu
    items and promotions to maintain its competitive edge, while Burger King focuses on its
    flame-grilled offerings to attract its share of customers.

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