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Creating customer value - Coggle Diagram
Creating customer value
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Economic Value
Marketing implications: EVC is the total economic benefit to a consumer; hence, this is the maximum price that a firm can charge for its products
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Functional Value
Marketing Implications: Launch campaigns with comparative advertising to bring down ratings of competitive brands, bring consumer's attention a new attribute that may not be top of mind.
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Experiential Value
Branding: Signal quality, image and status that represent huge psychological value to consumers. They also allow firms to charge premium prices.
Design: this can benefit the company by adding value to the product or by adding a cleaner ambiance.
Customer experience and Customer service: sources of significant competitive advantage, employee satisfaction also link the improvement of customer experience.
Emotional benefits: there has to be an emotional bond with customers to create an emotional bond and a long-term loyality. It is difficult for competitors to imitate.
Social Value
Network Effects: the value of a product/service for a customer increases as more and more customers adopt it.
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