Customer Perceived Value Assignment Help: Boosting Brand Equity & Satisfaction
Customer perceived value (CPV) has it that each consumer assesses their purchases to establish whether they can satisfy and meet their needs, when compared to the competitors’ similar products or services (Indeed Editorial Team, 2022). Given that CPV is how much a consumer is willing to pay for a service or product based on its value, there are certain factors that influence it. Among the most common factors is customer loyalty. A consumer that identifies with a company’s product will know that they are of a high quality and capable of satisfying their needs. As such, they will deem it fit to spend their money on the products or services. Other factors influencing customer perceived value are strategic consistency, perceived cost, and the type of value like functional, monetary, and social values of the products or services. Sivanenthira and Shanmugathas (2013) provide a more detailed explanation of CPV and the factors influencing it by introducing factors such as communication, interactivity, planning, and organizational infrastructure as additional influencers of CPV.
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Total Customer Satisfaction
Total customer satisfaction refers to meeting all the needs of a customer. In business, there are various aspects involved ranging from delivering the right product, offering after sales service where relevant, choosing the right billing procedure and platform, competence of the salesforce, technical support, among other variables. Such variables introduce the idea that satisfying a consumer is different from totally satisfying a consumer. To achieve total customer satisfaction, a business must strive to ensure that all aspects mentioned above, together with other relevant variables, are incorporated when interacting with customers, such that everything becomes a perfect experience for the customer. There are many ways of working towards ensuring total customer satisfaction. Among the most common ways is using surveys to get feedback on the products that have been sold and future customer expectations (Liden, 2023). Organizations with sufficient resources can employ data mining of customer relationship management (CRM) information to optimize marketing. The result of this is that an organization is aware of the products that customers need, the frequency of buying certain products so that they are always made available when needed, purchasing power of consumers to choose the right billing and pricing mechanisms, among others. The bottomline here is that total customer satisfaction is all about meeting all the needs and demands of customers across all domains.
Valuable Functions that Brands Can Perform for a Firm
In a business organization, a brand is a trademark or name that distinguishes a company’s products from others within the market. Brands perform many valuable functions to firms. First, brands help to differentiate a firm’s products or services from others within the market. This means that customers will identify specific symbols, logos, names, and trademarks with a specific company. This implies that a firm may deal in similar products as other firms within the industry but the naming and branding makes particular products unique to specific firms. Brands also ascertain the authenticity of a company’s product or service, reinforces the values that a company places at the forefront of each action, help in organizing accounting records and inventory, unifying departments within a firm, and simplifying product handling and tracing.
Approaches to measuring brand equity
Brand equity is all about the worth of a brand based on customers’ perception of its desirability and quality. The basic approaches to measuring brand equity include quantitatively and qualitatively (Clootrack, 2023). Brand equity is measured quantitatively through aspects like revenue, profits, loss, and sales. These are the more tangible factors that can be used to determine brand equity. For instance, an organization that makes high profits and generates high revenue on a constant basis can be deemed to have a higher brand equity. This is because such factors like revenue and profit mean that customers desire the company’s product, deem them to be of a high quality and capable of satisfying their needs, and therefore buy more from the company. Measuring brand equity qualitatively is based on factors like customer loyalty, consumer awareness, brand perception, and other intangible factors that determine the value of a company.
Loyal Brand Community Supporting the Positioning of a Small Business
A loyal brand community supports the branding and positioning of a small business by building a strong relationship. The relationship of a brand and its customers is strengthened as a result of the presence of all loyal customers within one place. The positioning of a small business is further strengthened by having effective community engagement that allows audiences to communicate with each other. For instance, a firm that deals in beauty products can have a special group of customers who are always interested in existing products. These loyal customers will also develop an interest in the firm’s new products, thereby making it possible for the firm to always stay ahead of competition and continue generating higher revenues and profits within a tight market. Therefore, a loyal brand community supports the positioning of a small business by investing in its products and services.
References
Clootrack. (2023). How To Measure Brand Equity. Www.clootrack.com. https://www.clootrack.com/knowledge_base/how-to-measure-brand-equity#:~:text=Brand%20equity%20can%20be%20measured
Indeed Editorial Team. (2022). What Is Customer Perceived Value? Definition and Importance. Indeed Career Guide. https://www.indeed.com/career-advice/career-development/customer-perceived-value
Liden, D. (2023). What Is Total Customer Satisfaction? Smart Capital Mind. https://www.smartcapitalmind.com/what-is-total-customer-satisfaction.htm#:~:text=Some%20businesses%20use%20customer%20surveys
Sivanenthira, S., & Shanmugathas, D. M. S. (2013, May 1). Factors Influencing Customer Perceived Value of Services of Medical Clinics. Papers.ssrn.com. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3201466#:~:text=A%20total%20of%2012%20factors