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Value & The Consumer Value Framework

Delve into the Consumer Value Framework to explore internal and external influences, decision-making processes, utilitarian vs. hedonic value, and marketing strategies for optimal value creation.

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Value & The Consumer Value Framework

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  1. Value & The Consumer Value Framework Chapter 2

  2. Consumer Value Framework • Consumer Value Framework • What is it? • See slide • Relationship Marketing/Management • Relationship quality

  3. Consumer Value Framework • Internal Influences • AKA Psychological • External Influences • Social & Situational • Decision-making Process

  4. Source: http://business.latech.edu/~bbabin/MKT530/CVF.jpg

  5. Value • Definition • Can vary, depending on product • Value of fast food: • Value of Wal-mart: • Value = Benefits – Costs • Benefits • Costs Source: http://latimesblogs.latimes.com

  6. Utilitarian v. Hedonic Value • Utilitarian Value • What is it? • Examples: • Hedonic Value • What is it? • Examples: Source: http://www.southlaketahoe.com

  7. Marketing Strategy & Value • Strategy • “Planned way of doing something” • Marketing Strategy • Corporate • Business unit • Department/Functional

  8. Marketing Strategy & Value • Total Value Concept • Looks at EVERYTHING • Augmented Product • Ferrari • Benefits: • Costs: Source: http://www.gothamdreamcars.com

  9. Market Characteristics • Target Markets • Market Segmentation • Types of segmentation • Product differentiation

  10. Product Positioning • Product positioning • Perceptual map • Ideal points Source: http://www.wikipedia.org

  11. Customer Lifetime Value • If you are close to ideal, you provide value!! • Customer Lifetime Value • 80/20 rule

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