Marketing Management Essay Example | Topics and Well Written Essays - 3250 words

Marketing Management - Essay ExampleAccording to Kotler (2003), customer sensed value (CPV) is the difference between tote up customer value and total customer cost. sum of money customer value includes four factors product value, services value, image value and personnel value and total customer cost includes time cost, monetary cost, psychic cost and energy cost (Tseng & Et. Al., 2007).The enhancement of the consumer perceived value can be achieved by increasing total consumer value or by step-down total consumer cost. This can be understood better with the help of an example of Wal-Mart, the UK based retail chain of mountains of stores. To enhance the consumer value they offer huge assortments in merchandises. There are assorted options available for the consumers to chose from the various brands and their private level brands. In reduction to consumer cost, Wal-Mart offers everyday low pricing strategy. This offering allows the consumers to save certain amount of money thr ough the low pricing strategy of Wal-Mart. This helped Wal-Mart to cater its consumers added value through higher(prenominal) level of satisfaction (IMD, 2009).This model suggests that how received and desired values adjust well into a disaffirmation causa satisfaction model. The overall satisfaction can be known as the consumers judgment in reaction to assessment of understanding with the products and services.When the consumers make an evaluation, they create certain notions, developed from the past and present experiences near the value that they desired. The desired value directs consumers when they structure perception of the products or services whether it has performed excellently or run-down in the utilisation circumstances. The consumers derived value is evaluated upon experiences they use on certain attributes of the experiences, performances and consequences.The received value whitethorn guide in the creation that is generally