Customer experience is derived from a larger concept of customer value and is a customer's perception based upon interactions through either direct usage or distanced appreciation of goods or services. There are three values measuring user experience: usability, social value and usage pleasure. Usability can be defined through efficiency, learnability, memorability, errors and satisfaction and represents a broader construct integrating perceived ease of use and perceived usefulness. Social value accrues to the user because of possession of a particular product. Finally, pleasure in use forms the third important experiential value and is referred to as soft functionality of a product representing hedonic value that defines emotional relationship of a user with a product (Mishra, 2016). There are some concepts that are related to consumer-brand relationships (CBR) such as brand identification, brand trust and brand commitment (Fullerton, 2005)
1.1.1. Brand identification
Brand identification is defined as the psychological
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It can act as a motivator in shaping and maintaining close relationships between customers and the organization. Love is linked to positive emotions including pleasure which could influence the duration of relationship that a customer can have with a brand. When a customer loves a brand, the brand will shape a consumer’s identity to be similar to what the brand is perceived as. Brands that are lovable are likely to have stronger brand loyalty and competitive advantage (Anggraenia & Rachmanitab, 2015). When the customer is attached to a brand with love, it is difficult to change it. Therefore, it is very important for any organization to create a love towards a brand in order to be competitive. As Brand love is considered a new concept in theory and practice, it is still being investigated and discovered (Unal & Aydin,
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).
Customer Value is a very important factor to all businesses let along business that supply products or services to the public. Value is relative to each individual customer but many researchers have found a simple way of defining customer value. Customer value equal the result produced for the customer plus process quality divided by the price to the customer plus the costs of acquiring the product (McMurrian & Matulich, 2016). The customer must purchase the product or service and experience it for the company to be able to benefit from the feedback. The four mechanisms within customer value, the results, process quality, price and customer access cost, are all very important for a company to understand in order to fully understand customer value.
Kevin Keller’s brand equity model is known as the Customer Based Brand Equity Model (CBBE). This model was first introduced in his book, Strategic Brand Management. According to the model, a company must shape how customers think, feel, and act towards a product in order to build a strong brand. A consumer must have the right type of experience around the brand, which foster positive thoughts, opinions, perceptions, beliefs and feelings. By building strong brand equity, customers will recommend company products and will buy more of them. Moreover, this increases brand loyalty and decreases brand switching to competitors. One’s memory consists of a network of associations and connecting links, and any association ever processed about a brand
Brands create inspirational lifestyles based on these consumer relationships. Associating oneself with a brand transfers these lifestyles onto consumers. Marketing is very
Therefore, value is perceived as a subjective measurement of the usefulness or desired satisfaction that results from consumption. According to her, although what is received and what is given varies among consumers, value represents a tradeoff of the salient of “give” and “get” components. “The benefit components of value include salient intrinsic attributes, extrinsic attributes, perceived quality, and other relevant high level abstractions” (Zeithaml, 1988). Furthermore, value is defined as “whatever it is that the consumer seeks in making decisions as to which store to shop or which product to buy” (Chain Store Age, 1985). One more definition about value is given by Schelter (1984), supporting that value is all the factors, qualitative and quantitative, subjective and objective, that shape the complete shopping experience. In this definition, value includes all relevant choice criteria. The most common definition of value is the ration or tradeoff between quality and price, which a value-for-money conceptualization. These two components (quality and price) have different effects on perceived value for money. According to Zeithaml (1988) some customers perceive value when the price is low, whereas other people perceive value as a balance between quality and price. Therefore, the
People are buying the product which gives them prestige. Marketers have interest on consumer psychology and they are playing with every day by showing that their product will give prestige in the society. It’s true that the transparent societies now needs brands image. Marketers analyze the interest and needs of consumer than create the product according to the need of the society. Brand can attain the people attraction and the business can have the good reputation by giving satisfaction to consumer. If the brand gives satisfaction and function are according to the expectation of consumer than the brand gets good image on the mind of consumer. brand image is great weapon to use for the competitors it builds in years , at once the business gets brand image it has competitive edge from other brands in the market. When consumer rely on the brand the company can create the long term relation with the consumer, in other words (CRM) consumer relationship management. The brand image has effect on the choice of every individual there believe and attitude change their preferences. Brand image can be effected by price as price is an important part for consumer when they are making purchase decision if they find the value of brand is equal to the pricing they purchase that brand if not they refuse it. Similarly the image of brand can be effected by the attributes and features or
Any brand can be positioned as either functional or experiential, and some brands offer a mixture of functional and experiential benefits. Consumers purchase goods and services and perform consumption behaviors for two basic reasons: consummator affective (hedonic) gratification and/or instrumental, utilitarian
We claim that it is the customer's entire experience with us that determines his or her declaration of satisfaction. We say that this experience is not objective at all but totally subjective. It is the customer's call. That call is based upon the customer's perception of the experience. This perception is his/her interpretation of the value received played back against his expectations.
The source of the brand features is in a connection between customers and companies that sell services or products. Consumers who choose a specific company fundamentally acknowledge to prefer that brand more than other brands rooted from the recognition of the brand’s worth.
This theory was further studied by Keller (2001) and develops a model of Consumer Based- Brand Equity, which is framework for most of the studies conducted on brand equity suggests that the power of brand lies in the what customer think and feel about the brand. The CBBE model defines what brand equity is, how it is built, measured &
Batra, R., Ahuvia, A., & Bagozzi, R. (2012). Brand Love. Journal of Marketing, 76(2), 1-16.
Marketing professionals create, manage and/or enhance brands in order to create or bolster demand for the product. A successful marketing plan will help assure that consumers look beyond just the price or function of a product when making a purchasing decision, in part, a well planned marketing effort will create a “feel good” association about the product the consumer is about to purchase (Petty) A key part of a career in marketing is to understand the needs, preferences, and constraints that define the target group of consumers or the market niche corresponding to the brand. This is done by market research. This is accomplished through market research, essentially using survey techniques, statistics, psychology and social understanding to help gather information on what consumers want and/or need, and then designing products, or services, to hopefully meet ...
In conclusion, the customer- based brand equity model is an important platform that may help in building a strong brand. It could assist a company in assessing its progress as well as providing a blueprint for marketing research activities. If properly planned and implemented, it could help the company in achieving its marketing strategies and in the realization of an increased profit margin
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)
Even with commodities, there are quite a few parameters which brands can use to position themselves to capture a place in the consumer’s memory and consequently in their shopping basket. A few of the more widely accepted of them are: Consistency of Product Quality, Customization of the product to the extent possible, Providing a wider range of products, Identifying the most profit generating segments of the market and modifying or adding an offering to cater to their specific needs, Unique packaging, Emotional Branding and even basing branding on building a unique image to the extent of professing to have a brand personality. In fact focusing on getting consumers to build an emotional identification with the brand and its personality has a far longer lasting effect and builds far greater loyalty than focusing on just functional and utility attributes which a competitor would also able to easily match if not surpass.