Marketing Quizz 2

(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. |

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| Student Answer: | | Customer perceived value Customer's opinionof aproduct's valueto him or her. It may have little or nothing to do with the product'smarket price, and dependsonthe product'sabilityto satisfy his or her needsorrequirements. Customer benefit It is the perceived monetary value of the bundle of economic, functional, andpsychological benefits customers expect from a given market offering becauseof theproducts, services, personnel and image involved.Customer costIt is the perceived bundle of costs customers expect to incure in evaluating,obtaining,using, and disposing of the given market offering, including monetary, time,energy, and psychological costs. |

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2. | Question : | (TCOs C, H) What are some of the ways that a business can attract and retain customers? |

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| Student Answer: | | It is often said, “Customers go where they are wanted and stay where they are appreciated”. When businesses lose customers, they often assume it was related to price, a new competitor, the economic climate or even the brother-in-law who now does what you do. Yet research has shown that over 65% of customers leave because of perceived indifference — they just don’t think you care. 7 WAYS TO ATTRACT AND RETAIN VALUED CUSTOMERS Never assume you know what customers want – ask them! Customer needs change. So does competition. Customer surveys are a great tool for understanding what customers want and need, evaluating your (or your teams) performance and uncovering innovative ways to solve their problems or exceed their expectations. One of the best questions you can ask is “On a scale of 1 to 10, with 10 being the best, how would you rate our service? Anything less than a 10 (and most are), should be followed with...