1. The emphasis on customer value goes a step further by establishing the reasons a customer chooses a specific product and by analyzing what attributes: Explain
Customer value goes a step further by establishing the reasons a customer chooses a specific product and by analyzing the entire range of products, services, and intangibles that constitute the company’s image and brand, including its stand on social and environmental issues (Simchi et al, 2023). Customer value is through customer perception which includes the dimensions of product innovation, product selection and availability, price and brand, value-added services, and relationships and experiences.
Product innovation is important to customers as designing products to match customer requirements is key to market success
(Simchi et al, 2023). This can be achieved through the development of functional and innovative products and understanding the effect of functional and innovative products in relation to product
innovation speed. Product selection and availability by offering products in a variety of styles, colors, shapes, and managing product proliferation and ensuring the customers’ products choice are available for purchase or delivery. The price of products is essential for understanding that customers have a range of acceptable processes for products. Brands can affect price as customers that are loyal to brands are willing to pay additional cost for a brand they can trust, this can also be established through a company’s social economical, and environmental status (Simchi et al, 2023). Simchi-Levi, D., Kaminsky, P., & Simchi-Levi, E. (2023). Designing and Managing the Supply Chain: Concepts, Strategies, and Case Studies (Fourth).
McGraw-Hill Education
Nice post Diamond,
When it comes to developing distinct value proposition for customers one of the biggest things, I find fascination about the behavior of purchasing is how a company can make absolutely no changes to a product aside from offering different colors, and that’s enough to peak consumer interest and purchasing! There of course is a psychology behind colors in products, for example yellow signifying optimism and warmth, blue for trust and strength, and red for excitement and youthfulness (Guevara, 2021), but when the pastel color line was released, for a company like Yeti, it would immediately be sold out solely because it was new color. My partner wanted to buy the exact same cooler size because it was a different shade of blue, spending over $100 because of a different color, makes no sense to me, but it works.
