VALUES

Perceived Value

Not all benefits or costs can be quantified in dollars. A product’s aesthetic appeal, extra technical support, and reputation are harder to quantify in economic terms, yet they can have a profound impact on customer perceptions of value.

WEEK 2 DISCUSSION POST

· Provide a brief introduction of the company with which you are working.

· Discuss ways you can improve perceived customer value.

· Analyze how psychological motives help shape emotional benefits and customer perceptions of value.

· Analyze how the personality of an endorser shapes the emotional benefits of the product.

WEEK 2 INTERACTIVE RESPONSES TO CLASSMATES

1st Interactive Response:

· Select one student's post on perceived customer value and provide a real-world researched example to back-up one scenario presented in the discussion.

2nd Interactive Response:

· Select another student's post on endorser effects and share an ad campaign that works for you. Explore the reasons for the positive connection.

Each reply should be one paragraph in length (or about 75 words) and must be substantive in nature. Do not simply say “I agree” or “That is great.” Specify why and be detailed in your explanation. You may use research in your responses, but it is not required.

In your own words, respond to the discussion and comments of classmates.

1. RESPONSE 1 Hello Everyone!

Get one of the signature “Mac your Cheese “flavors—such as the seafood and lobster mac and cheese, chicken pesto, bacon cheeseburger, or Cajun shrimp—or go your own way by choosing your pasta, proteins, veggies, and toppings. Mac and cheese can be enjoyed in various ways. In marketing seminars, offering discounts is almost always used to increase sales and retain customers. Sometimes it works like this, but we also need to realize that asking people to donate less for what we do or provide can also bring some value to them. If you do this often, you may never find it back (Melanivic.R, 2015 ).

 Indeed, value can change from one customer to another, and there are many factors that need to be evaluated (such as how much our competitors require or how much the customer may pay), these factors are far beyond our control.  We need to look to the future, think carefully, and then execute the plan (Melanivic.R, 2015 ).

 When it comes to the perceived value of customers, trimming the fat may be easier than you think. After all, perceived value is perception. Instead, focus on your unique value and the benefits it can provide to minimize the risk of trying to increase the perceived value of the product or service (Melanivic.R, 2015 ).

LisaMarie Wells

Reference:

Melanivic.R, 2015 . Food Thought perceived value your products or services. Retrieved by

https://www.socialmediatoday.com/marketing/2015-03-20/food-thought-perceived-value-your-products-or-services

2. RESPONSE 2 Web Design Marketing

With the increased demand for online influence by companies, businesses and individuals, the web design business has been on the rise. Shifting to digital methods in public appearance and advertisements has led to web design businesses and generally business in the IT sector be lucrative. My business is web design, coupled with a series of other IT services. Roy, (2019) notes that the formula for perceived value is; Satisfaction = Perceived value – expectation. This means that when satisfaction and expectation are added up together, then we get customer’s perceived value. The company will achieve value through the following three steps; the results, the emotions, and the process. The company must produce original and attractive websites, by using the right process and not delaying delivery of the service, which will automatically appeal to the emotion of the customer. Every business decision is primarily bestowed on the customers psychological satisfaction and attraction. If the customer is attracted to a product, they certainly will purchase it. When the psychological aspect of a customer is interfered with, in the negative way, they are likely to abandon an item. If a customer is happy and shows others the goodness of a product or service, they affect one another’s emotions positively, which boosts the perception that the item is good. This is basically the psychological motives. Thus, the psychological motives are a key factor in emotions and perceptions of value geared towards a product or service. The personality of an endorser influences emotional benefits of a product. This is true because, and endorser’s personality is the outward expression of value of the product. If an endorser is gloomy, the picture portrayed is that there is no good thing in the product. This will affect the emotional benefits of the product.   References Roy, E. (2019). Trade Ready: Improve the perceived value of your products or services in target markets Retrieved from: http://www.tradeready.ca/2019/topics/marketingsales/improve-perceived-value-products-services-target-markets/