The paper “ Not Only the Product or Service's Constructive Profit Gains Importance to a Client but Something That Confirms a Unique Customer Experience” is a motivating variant of assignment on marketing. This paper seeks to respond to the following problem: “ Value to a customer includes more than the functional benefit a product or service provides. Brand equity is the added value of the brand name. Can there be brand loyalty to a product to the point that it overcomes the product’ s inadequacy? Explain the process of creating a relationship between customer value perception and brand loyalty. ” 2.
Analysis and Discussion2.1 Can there be brand loyalty to a product to the point that it overcomes the product’ s inadequacy? Yes, there can be brand loyalty to a product to the point that it overcomes the product’ s inadequacy. No product is perfect in the market and the proof is the ever-evolving innovation product that could be found in the market. If products are perfect then there would have been no market segmentation. Marketers segment of the product on the basis of the quality and features of the product in relation to the perceived value of the product.
Observe a typical buyer of a cell phone. A buyer would not always look at the lowest price. Sometimes a buyer given a budget to buy a cell phone would even go for a branded product although at a higher price. It should be pointed out however not that brand loyalty is only as good as the product life cycle (Net MBA. com, 2007). Since products have their introductory stage, growth stage, maturity stage, and death or termination stage it could not be said that brand loyalty is perpetual.
To illustrate this, let us take the case of Xerox Corporation. Although Xerox was associated with copying machines for a certain period of time in an industry, there came a point in time where customers’ needs and wants and wants change because of technology. The Canon brand has come to satisfy the changed need and wants that Xerox was not able to respond to. If technology changes, customer needs and wants to change. This need to have a copy of a document has become more refined with Information Technology.
At present one transmit a volume of date by just having a copy of the document scanned and save it a computer file and send to anyone's needs, provided the connection requirements are satisfied using the Internet. 2.2 Explain the process of creating a relationship between customer value perception and brand loyalty. The process of creating a relationship between customer value perception and brand loyalty must start with the knowledge of the need that the product satisfied with the customer. From the generic need, the marketer must be able to perceive what customer’ s value in satisfying the need.
For example, a customer wanting to have his transportation needs satisfied. The marketer of an automobile will not only sell a product that would satisfy the transport needs, hence the marketer could add the value of comfort and speed to be part of building up the value needed by the customer. Since competitors come into the market to match the added feature to satisfy the value that may be demanded by a customer, a creative marketer must provide the product better than competitors.
Under the ‘ comfort’ category as part of the value, the marketer may package and deliver its product, a car in this case, in a way that could not be matched by competitors. Since the marketer will sell his product under a brand name, he or she must also build on that brand name by having the brand name registered and protected so that competitors could not imitate the production of the same. With that registered brand name, the marketer can now have the so-called product positioning, which is, “ a technique which helps in the easy brand recall due to its approach of occupying a separate place in customer’ s mind. ” (Srivastava, n.d. ) . Under the stage of production position, one could use the Unique Selling Proposition (USP) to place the name of the product or service in the minds of the customers.
But recent researches have come with the concept of UCP.