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).
Harley-Davidson (HD) has taken a number of steps to deliver a higher value to clients. One of the core activities in that field is establishing personalized relationships with their customers by face-to-face and social media channels. Harley Owners Groups (H.O.G.) alongside with the riding clubs were founded all over the world setting up multiple types of membership based events like major destination rides, rallies, local charity events, and etc. There is a significant personal benefit offered through such events in the face of socializing and bonding with fellow bike enthusiasts, fostering closer ties between them, sharing a spirit of freedom and adventure.
Another significant achievement in increasing value to the costumers is a thorough and diligent feedback follow-up. HD's management listened to the buyer’s preference and saved the authentic qualities of the bike, keeping it to be a unique product on the market.
Finally, the firm spends a great deal of effort in training its staff, providing the best possible service a...
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...ey buy. Nordstrom’s loyalty Fashion Rewards Program splits the customers into four levels according to their annual spending. Different types of complimentary services and experiences are offered to the customers of various levels. Those services differentiate from small, pleasant things, such as free shipping or a glass of champagne together with live piano music, to the more extraordinary ones like personalized travel and fashion packages to major events. Nordstrom is constantly tracking the customers’ specific preferences and uses this information to further adapt its products to the buyers and personalize their shopping activities. As many other big retailers Nordstrom stays in touch with its customers in social media (Pinterest, Facebook, Twitter). The company creates structural ties with its clients by building a long-term relationship and providing discounts.