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Value creation in buyer-seller relationships - Coggle Diagram
Value creation in buyer-seller relationships
Product quality
Performance
Main operating characteristics in a product which having long term benefit for customers.
Features
Supporting characteristics to the basic performance of a product. Is a supplement for the basic function of product.
Reliability
Is about how long the product fails in terms of performance.
Comformance
Degree to which a product designed and its operating characteristics meets the established standards of quality control.
Durability
How long th product lasts.
Serviceability
How competence is the product whether the product is easy to fix or not.
Aesthetics
The external look of the product such as colour of the product.
Perceived quality
The customer's perception towards the quality matches to its actual quality.
Brand equity
Is a marketing terms that describe brand's value.
Higher brand recognition when more people target the brand in market. This will increase the brand exposure and value of brand as target market is engaged with the brand.
Corporate image / reputation
Corporate image is important to a company as when customers have a wrong perception on the company, this will lead to a bad reputation to the whole company.
Application of technology
Add substantial value to customer relationships. Company have to follow the footstep of the technology in order not to kick out from the market.
Synergy between sales and marketing
Marketing department is a department that set a target for a company.
Sales department is a department that execute the plans set by marketing department.
Both department have to work together in order to sell right product to the right customers in the right time.
Execution of marketing mix programs
Combining marketing mix and provide opportunities for value-added selling environment. Combining 4Ps and give it as an extra benefit selling point to communicate the sales message to the potential customers.
Quality of buyer-seller relationship
The relationship between buyer and seller is measured by the trust. Trust is essential to successful relationship selling.
Service quality
Service is intangible, inseparable, and perishable.
Reliability - The ability to perform the promised service accurately. Deliver promises on time and helped in resolving customer's problem on time.
Assurance - Defined as the employee's knowledge in inspiring the customers to make purchase with us.
Empathy - Providing caring and personalized attention to customers.
Tangible - Service cannot be touched but customer able to feel the service such as the ongoing communication between doctor and nurse, equipment and so on.
Salesperson professionalism
Professional service able to make customers feel that the service provided is worth.
Channel deliverables
A system that add value for customers and business. It is a proper supply chain that able to deliver products on time with proper quality and performance. It also able to create competitive advantage in the market.
Integrated Marketing Communication (IMC)
Managing customers relationship through marketing communication. This will help customer to choose the right product that suit their need.
Price
Valued service and product able to let customer pay with a willing heart even though the price is high.