Describe customer perceived value, total customer benefit, a

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1. 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.

- The customer perceived value is essentially the customer's ideal of the value of the product that he or she is purchasing, or considering purchasing, from the company. The customer bases their perceived value on the main factor of how the product will work to improve his or her life, and if the cost of the product is basically worth the improvement or the benefit that will be received from the product. The total customer benefit takes into account the totality of the benefit that will be derived by the customer from purchasing the product. It includes all possible benefits that will be gained. The total customer cost is the total amount that the customer will incur in each step of the decision purchase, including the costs to evaluate, obtain, use, and dispose of the product after use. It is a comprehensive cost for the customer, to include the costs from all facets of the purchase decision. The total customer benefit and the total customer cost affect the consumer's perception in that if the customer determines that the product simply is not worth their time, trouble, and the money paid for the item, or if any one of those factors outweighs the other factors, the consumer's perception of the product will go through a period of rationalization, where the consumer actually rationalizes that the total consumer benefit is less than the perceived value. If on the other hand, the consumer decides that the total price, time, trouble, and resources to obtain the product will produce benefits set at the consumer's expectations, the consumer perception increases to an even greater degree, in which case the consumer makes the purchase, and becomes confident in the total customer cost of the product.

2. What are some of the ways that a business can attract and retain customers?

- There are several steps that a business can take to attract and retain customers. The most successful strategies include:
1) Listen to the current customers, and ask for feedback. The company needs to utilize the feedback to their advantage, and look at redesigning processes that the customer finds troublesome, or that the customer has rated low. By using customer feedback and making positive changes, the company is showing that they are working to retain their current customer base.

2) Use innovate, creative thinking in planning promotions and in each phase of ...