Customer-Perceived Value and Total Customer Satisfaction

Marketing Management
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Marketing Management
Explain customer-perceived value
Customer-perceived value refers to what the customers stand to gain or believe they will benefit from by consuming a particular brand vis-à-vis the price they pay. This concept is about what consumers think is the worth of a business brand. Before purchasing a product from a specific brand, consumers should always consider how such products can transform their lives. If the consumer-perceived value of the product benefits is higher than the cost, consumers are more likely to purchase the brand and embrace it. However, if shoppers find the value of products lower than the cost of consuming them, the consumer-perceived value for the brand will be low (Fehrenbach & Herrando, 2021). There are several levels that consumer gauge when measuring a product's and brand's value: physical, logical, and emotional. First, consumers determine the physical aspects of the product and examine how it looks, its color, size, and how feels. Next, from the logical element, consumers ask whether or not they need the product, what problems the product will solve, how it will improve their life, and whether or not they stand to lose anything when they buy it. The final aspect is the emotional aspect, where the consumer considers how the product makes them feel and if it elevates their social status. Consumer-perceived value, therefore, is essential for any brand as it helps increase sales.
Total Customer Satisfaction
Total customer satisfaction is the concept of a brand or business meeting all consumer needs. Complete customer satisfaction is a fundamental strategy for any brand because it helps meet all business objectives. In the long run, consumer satisfaction leads to brand growth as it starts with increasing sales and earning consumer loyalty. Total customer satisfaction improves a brand's overall consumer experience by providing high-quality services and products. The concept gives a brand a competitive advantage when rivals offer similar products and services (Arora & Narula, 2018). A brand must embrace total customer satisfaction in all business aspects. The concept should be rounded to offer the best prices, quality products, services, and streamlined operations. Another way to achieve total customer satisfaction is to focus on consumer-centric solutions. Focusing on the consumer means that the brand gets interested in understanding the consumer needs and offering products and services that meet those needs directly, including customizing products. Total customer satisfaction, however, is not a mean achievement; companies need to strategize effectively and ensure they achieve it. An excellent way to start includes getting customer feedback to identify areas needing improvement.
What valuable functions can brands perform for a firm?
Branding is valuable for firms as brands play several beneficial roles in any business. The first function vital to the company is that a brand simplifies product tracing. If a business has a brand recognized by the public, it becomes easy for consumers to trace its products. A brand increases public awareness and the popularity of a company as it becomes a recognizable identity. A brand is also essential for a firm because it offers legal protection for particular product features, including the brand name using registered trademarks. The brand uses patents to protect manufacturing processes and proprietary designs to protect packaging (Wilson & Grammich, 2020). The brand's intellectual properties enhance a fir...