1. Question : (TCOs C, H) Describe customer perceived value, total customer benefit, and total customer cost. How do the total customer benefit and the total customer cost affect the consumer’s perception? Explain.
Customer perceived value primarily consist of the difference between the total customer benefit and the total customer cost and the perceived alternatives. For example, store brands vs. nationally known brands. The Total customer benefit involves the perceived monetary value and psychological benefits customers expect from a given market offering (product) because of the services, personnel, and image involved. The Total customer cost consist of the perceived bundle of costs ...view middle of the document...
3. Evaluation of alternatives: Through gathering information, the consumer learns about competing brands and their features. 4. Purchase decision: Making buying decision based on brand, dealer, quantity, timing, and payment method. 5. Post-purchase behavior: Based on the quality, price and satisfaction, buyers might experience with post purchase satisfaction, post purchase actions and post purchase use and disposal.
4. Question : (TCOs C, H) What is a niche market? What does an attractive niche market look like?
A niche market consists of a narrowly defined customer group seeking a distinctive mix of benefits. Generally, marketers usually identify niches by dividing a segment into sub-segments. For example, consumers who purchase a specific type of bottled water (Fiji) and will not accept alternatives. I judge, an attractive niche market looks like satisfying the needs and desires of a distinct set of customer needs that are willing to pay a premium to obtain the product and/or service.
5. Question : (TCOs C, H) What is a market segment? What are some of the factors that may be used to narrow the market down into segments?
Market segmentation is a marketing concept which divides the complete market set up into smaller subsets comprising of consumers with a similar taste, demand and preference. There are several factors that can be used to narrow down markets into segments such as Psychographic; Behaviouralistic; and Geographic segmentation
6. Question : (TCOs C, H) How would you describe a brand? What roles do brands play in the market?
Brand is an image or group of words; or logo that is distinctive to a products and/or a service. Brands help the consumer to identify the source of a product and assign responsibility for its performance to a particular manufacturer or distributor. In addition, Brands also convey information pertaining to the product or service such as quality and value.
7. Question : (TCOs C, H)...