Literature of Review
Now in market the trend of consumption has been shifted from commodities, goods, and services to experiences (Schmitt, 1999). From very long time , people have pursued a higher quality and value of life, and the aesthetics economy has thrived. For the development of industry Unique and creative design ideas have been incorporated into , creating another potential marketing arena for Companies (Pine and Gilmore, 1999). Value creation to customers has been emphasized to a great extent in relationship Marketing it enhances the customer perception towards the company. The primary goal of building relationships with customers is to create Customer loyalty. Creating value can be a foundation of not only building relationships with customers but also maintaining the bond with company’s potential customers. The authors (Miao-Que & Yi-Fang, 2010)described that the environment clues impacts the customer perceived value and finally theses perceived value influence the behavioral intention of customers. The importance of the perceived value in travel websites is mentioned by the author in article.The perception about the different value is described by the author.
The customer value is typically built on experiential perception and is the result of direct or indirect interaction during the consumption process. An experiential value scale (EVS) is the only one scale based on Holbrook's (1994)further the theory developed by Math wick et al. (2001) for measuring these four sub-dimensions of customer experiential value in retail environment.
Aesthetics (visual appeal and entertainment) –This value has two major features. One is perceived experience through the senses (e.g. sight, hearing, taste and touch), which may offer...
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...Research Institute working paper. 2008: 2 Oztersund,Isvicre.
Mathwick, C., Malhotra, N. and Rigdon, E. (2001), “Experiential value: conceptualization, measurement and application in the catalog and internet shopping", of Retailing, Vol. 77, pp. 39-56.
Miao-Que, L., & Yi-Fang, C. (2010). The Influence of Store Environment on Perceived Experiential Value and Behavior Intention. Asia Pacific Management Review, 15(2).
Schmitt, B.H. (1999) Experiential Marketing: How to Get Customers to Sense, Feel, Think,
Act, Relate to Your Company and Brands. Free Press, N.Y
Pine II, B.J., Gilmore, J.H. (1999) the Experience Economy: Work Is Theatre and Every
Business a Stage: Goods and Services Are No Longer Enough. Harvard Business School
Press, Boston
Websites: http://www.digitalstrategyconsulting.com/india/ http://en.wikipedia.org/wiki/Makemytrip
http://www.makemytrip.com
1. Customer Perceived Value (CPV) is essentially a consumer's evaluation of total benefits less total costs of a product or service compared against a perceived alternative (Kotler & Keller, 2012). There are a few ways for a company to take to improve CPV on a specific product. First, it may focus on expanding total customer's benefit by improving its product’s image. It may also invest into functional characteristics of the product as well as provide a better and more personalized service. Second, a firm may choose to reduce the time, energy and psychological costs bared by the consumer. Arguably one of the best received approaches would be a monetary costs' reduction technique (lower prices).
Soman,D & Marand, S (2009). Managing Customer Value: One Stage at a Time.: World Scientific Publishing. p9-14.
Weinstein, A. (2012). Superior customer value: strategies for winning and retaining customers (3rd ed.). Boca Raton, FL: CRC Press.
This report, which is from the consumer perspective, will analyze how successful the Value Retail is from three aspects: motivation, consumer decision making as well as culture. Motivation and consumer decision making are individual factors while culture is a social cultural factor(Tao,2013).
Parasuranman, A. Z. and Berry, L.L. 1991. 'Refinement and reassessment of the SERVQUAL scale'. Journal of Retailing.67 (4), 420-450.
the experience economy) is more than just a concept or a business model, because it may also be used as a marketing idea. Customers often make buying and investment decisions based on value proposition. In such a case, the business that offers the highest value proposition (i.e. highest quality per unit for a reasonable price) would most likely prove to be the winner because customers would flock on its side. Therefore, in order for businesses to market their products and or services, they can model their value proposition scheme based on the concept of experience economics. Basically, what they want to achieve is to be able to product the product or service that the market needs, and at the same time, provide a unique experience that would make the customers go back and ask more of business’ products or
Tourists are more dependable on website to get the information and overview of destination. Therefore one of the website of bay of island is www.tourism.net.nz, which gives complete information. In this assignment, we will mainly discuss about marketing mix, customer wants, creating value for the customer, destination location and tangible experience from tourism marketing perspective.
The experience is the next elevation in valued added service for the customer. It takes the ordinary to the extraordinary for the customer with personalization and individualized attention. According to Joseph Pine and James Gilmore in their book “The Experience Economy” a business must create memorable events for their customers rather than merely provided them a service or product. They write that advances in technology have accelerated the natural progression of economic value beyond goods and services economy. This coupled with expanding affluence has created a market for consumers to pay more memories. Pine and Gilmore further argue this progression is essential for a business’s continued prosperity in the market. Without expanding into the experience economy, a business may find its products or services commoditized.
3] Keller, K.L. (1993) Conceptualizing, measuring, and managing customer-based brand equity. Journal of Marketing 57, 1–22.
Compare and contrast two marketing strategies: 4Ps and value approaches to marketing. The 4Ps approach to marketing was introduced in 1950s and is now viewed as a traditional approach to marketing. Unlike the value approach, which is more focused on delivering value to a fantastic read the customer, the 4Ps approach is more focused on the product itself.
In recent years, tourism marketing has gone through strategic changes with the improvement in new technologies, the chase of a relationship between customers and suppliers as well as the importance of sustainability issues in marketing. Marketing Tourism reconsiders the needs of the tourists but does not overlook on the long term economic, environmental, social and cultural interests of the local population. So, it means that marketing consider both the tourist demand and effect to society as
Customer value is a customer’s perceived preference for an assessment of those products, attributes, characteristics, performance and outcome emerging from utilize, that encourages (or block), accomplishing the customers goal and objective in use situations. Woodruff (1997)
MAKLAN, S. & KLAUS, P. 2011. Customer experience: are we measuring the right things? International Journal of Market Research, 53, 771.
I understand the term customer value to define how customers weigh the benefits of individual purchasing decision against the costs of these products.
To promote destinations and build their unique touristic image, DMOs have started using social media as a destination marketing tool. It helps them have a better understanding of how tourists from around the world perceive this touristic destination and build marketing strategies on that basis (Neuhofer et al., 2012 as cited by Kavoura and Stavrianea, 2015) . Social media also help DMOs interact with the tourists and build and maintain online relationships with them which would attract them more to the destination and ensure their loyalty on the long term (Page, Buhalis and Hays,