Mgt301 Final Term Short Lectures 6 to 12
Customer Perceived Value (CPV)
When making a purchase, a
customer always considers the costs they bear whether in money, effort, time,
or a mix of these in exchange for the benefits they receive. If customers feel
that the benefits outweigh the costs, or at least justify them, they perceive
the product as having value. This perceived value is critical, so marketers
strive to ensure that the CPV offered by their products or services is strong
enough to encourage purchase decisions and build positive perceptions among
consumers.
Customer Satisfaction
Customer satisfaction is achieved
when a customer’s expectations for a product or service are fully met or even
surpassed. Every purchase comes with some expectations how the product will
perform or what experience it will provide. If a product or service delivers on
those expectations, customers are satisfied. If it surpasses expectations, they
are delighted. Satisfied customers are more likely to become loyal, return for
repeat purchases, and share positive feedback, bringing in even more customers
through word-of-mouth recommendations.
Customer Engagement Marketing
This marketing strategy
encourages customers to be actively involved in shaping conversations around
the brand, sharing their experiences, and becoming part of the brand’s
community. With advancing technologies and digital platforms, companies are
increasingly engaging customers directly listening to them, involving them in
marketing campaigns, and making them feel like an important part of the brand’s
journey. Engaging customers this way not only strengthens their loyalty but
also enhances the credibility and genuineness of the brand.
Customer-Generated Marketing (CGM)
Customer-generated marketing
(CGM) empowers customers to contribute directly to marketing activities, either
by producing content for campaigns or by sharing their own feedback and reviews.
Earlier, only companies were responsible for marketing products, but now,
customers themselves are active participants in marketing through social media,
blogs, and reviews. This type of marketing is increasingly popular, as people
trust recommendations and shared experiences from other customers more than
direct advertisements from brands.
Digital and Social Media Marketing
Digital and social media
marketing utilizes online tools like websites, social media platforms, email
campaigns, blogs, mobile advertising, and online videos to engage customers
worldwide at any time. Businesses now invest more resources in these areas as
the digital age has brought a massive transformation in marketing. With the
rapid spread of information, globalization, and evolving technology, digital
marketing has become essential for reaching today’s connected consumers.
The internet has been especially
impactful, connecting people across the globe and making it easier for
businesses to share information and interact directly with their audience.
Customers are now more empowered to share feedback and experiences instantly,
shaping public perceptions of brands in real time. It has also made it easier
for businesses to gather customer insights and respond accordingly. Whether the
feedback is positive or negative, it goes directly to the marketing team, which
then decides if the product or service needs to be maintained, improved, or
adjusted to meet customer needs better.
Marketing Environment
The marketing environment
encompasses all internal and external elements that influence how a business
develops and implements its marketing plans. This environment includes
everything from human factors to technological, economic, and natural elements.
Just like an ecosystem influences how living things behave, the marketing
environment shapes how businesses act and succeed. According to Philip Kotler,
marketing operates within this environment, and its success depends on
understanding and adapting to these forces and actors to build strong customer
relationships and deliver maximum value.
Microenvironment
The microenvironment consists of
the close, immediate factors that impact an organization’s capability to meet
its customers’ needs effectively. It includes the company itself, suppliers,
intermediaries, competitors, customers, and the public. These players are part
of the value network and delivery system each plays a crucial role in ensuring
the company’s success. When these actors work well together, they create a
supportive environment that strengthens customer service and drives business
growth. Conversely, if any of these actor’s face issues, the entire system can
be disrupted, ultimately affecting customer satisfaction.
Consumers in the Digital World
In our modern digital age, consumers are more informed and influential than
ever. They have countless options to find information and record their
behaviors. This new generation of consumers, often called “consumer 2.0,” is
far more informed and connected than earlier generations.
Digital consumers fall into six main categories, based on how they use the internet:
- · Basic digital consumers
- · Retail scouts
- · Brand scouts
- · Digitally driven consumers
- · Calculated shoppers
- · External shoppers
As technology advances rapidly, consumers’ access to information and
expectations have also increased. With smartphones equipped with 4G and 5G
connections, we can instantly find or share anything online. This creates a
challenge for marketers who must understand the factors shaping this behavior
to stay competitive.
Marketers today must focus on maintaining high product standards, building
responsive websites, and using multiple communication channels to reach
consumers. Establishing genuine dialogue and responding to customer needs
quickly is also essential to reduce consumer frustration and keep up with their
rising demands.
Digital Promotion
Digital promotion refers to using various online tools and platforms to
promote products or services. Unlike traditional advertising, digital promotion
allows two-way communication: businesses can reach out to consumers, and
consumers can also share feedback or opinions directly with businesses. While
this creates exciting new opportunities, it also means marketers must work
harder to build trust and prove their credibility. Consumers now compare
companies not only through ads but also by checking reviews and asking friends
or family about their experiences.
Digital Pricing
The internet has transformed how products are priced in the digital world.
Since customers can easily compare digital products online, pricing becomes a
major challenge. Companies must find a balance that provides value to the
customer while staying competitive with other businesses. Different pricing
strategies have emerged:
Value-based pricing sets the cost of a product according to
how valuable it is seen by consumers, with higher value commanding a higher
price.
Conclusion
In conclusion, understanding
these interconnected elements customer perceived value, satisfaction,
engagement, and the overall marketing environment is crucial for modern
marketers. Businesses must adapt continuously, leveraging digital tools and
involving customers directly to create positive, long-lasting relationships. By
balancing these strategies and responding to changes effectively, companies can
thrive in today’s fast-paced, ever-evolving market.
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