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Timm chapter 10
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Timm chapter 10

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Berrett Test File

Berrett Test File

Published in: Business, Economy & Finance
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Transcript

  • 1. Chapter 10 Exceed Expectations with Value
  • 2.
    • Value is perceived
    • Value is a tradeoff
    • Benefits gained
      • Costs expended
    • Value is a sense of the product or service’s quality
  • 3.
    • A customer’s perception of value includes:
    • Internal (core) value
    • External value
    • Perception of the buying experience
  • 4.
    • Intrinsic value must be satisfactory.
    • Extrinsic value that exceeds expectations can create long-term customer relationships
  • 5.
    • If a product or service exceeds customer expectations, the customer is highly likely to become a loyal, long-term customer.
  • 6.
    • Enhance the perception of value with:
    • Packaging
    • Boxed items vs. items lying on a shelf
    • Gift wrapping
    • Notes or engravings
  • 7.
    • Enhance the perception of value with:
    • Guarantees or Warranties
    • Long-term guarantees
    • Short guarantees may encourage returns
    • Return rates equal
  • 8.
    • Enhance the perception of value with:
    • Goodness of Fit
    • Think of customers as individuals
    • Avoid stereotyping
    • Create “industrial intimacy”
    • Use intelligent systems
  • 9.
    • Enhance the perception of value with:
    • Memorable Experiences
    • The experience may be the highest level of economic value
    • Connect with customers through experiences, not just products
  • 10.
    • Enhance the perception of value with:
    • Uniqueness and Shared Values
    • Employees sharing corporate values
    • Customers sharing corporate values
    • Customers bonding with employees
  • 11.
    • Enhance the perception of value with:
    • Credibility
    • The degree of trust for a company
    • Communicate clearly to build trust
    • Follow up with customers to build trust
  • 12.
    • Enhance the perception of value with:
    • Add-ons
    • Give customers something unexpected
    • Sell them something else they will need
    • Add-ons make customers feel cared for
  • 13.
    • Use the principles of exceeding expectations and A-Plus value with employees (internal customers) as well as with paying customers.
  • 14.
    • Even if customers don’t consciously realize that you are giving them “external value” with their purchase, they will believe that you offer them greater value when you exceed their expectations.

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