The two dimensions of customer satisfactionThe customer’s assessment of their satisfaction following a purchase and consumption of a product involves a comparison of two views:What were their EXPECTATIONS of value prior to purchase?What was their perception of the value delivered AFTER purchase?The consumer will engage in a mental comparison and make statements like:I am disappointed […]
Outcomes of customer satisfaction Find Out More...
In marketing, the word benefit refers to some advantage or positive outcome for the consumer. That is, the consumer is better off due to the consumption of the product.
What is a Benefit? Find Out More...
A good way to think about the firm’s value proposition is consider what is different and beneficial about the firm’s (or brand’s) offering/s in the marketplace.Over time, firms/brands will develop and enhance multiple offerings for their target markets. If consumers perceive that the firm/brand offers good value then they are more likely to become and
Value proposition example for McDonald’s Find Out More...
When a firm or brand strives to create and distribute a product that delivers utility for the end consumer, there are five types of different utilities that may be generated, these are: Form utility, Task utility, Time utility, Place utility, and Possession utility.
What is Utility in Marketing? Find Out More...
Marketing isn’t just about selling products; it’s about creating value and building lasting relationships with consumers.
What is marketing? In simple terms Find Out More...
This articles outlines the main INTERNAL factors that influence a firm’s price decision, namely marketing objectives, marketing strategy, and cost structure.
Internal factors influencing price Find Out More...
Generation Edge, also known as Gen Z, is a demographic group that is currently coming of age and significantly impacting consumer culture. Born after the Millennials, they are the children of Gen Xers.
Age Cohorts and Gen Edge Find Out More...
Brand equity is a financial valuation of the firm’s brand contribution to profit.Most brand equity valuation firms – such as Millward Brown (as discussed in the link below) – look at brand equity on economic use basis.So what is an economic use basis?Economic use in the brand equity valuation is the proportion of extra profitability
Top 100 Brands in the World Find Out More...
Market share can be decomposed into three components, namely:Penetration ShareShare of CustomerUsage IndexThe following video explains how these three components work together to calculate overall market share.
How to decompose market share: VIDEO Find Out More...
When it comes to brand development, there are four main brand approaches, as shown in the following diagram.As you can see, this diagram is a matrix built around the two attributes of existing/new product category and existing/new brand name. This then determines one of the four boxes, namely:Product line extensionMulti-brandBrand extensionNew brandPlease note that the
Four brand strategies Find Out More...
