TOYOTA

Customer Perceived Values for Toyota

Customer Perceived Values for Toyota

Task 1: Literature Review

Customer perceived value

Concept of customer perceived value

Generally, companies aim to create and deliver value to their customers by implementing marketing concepts through meeting the needs of the customers within the competition. The way customers perceive the benefits of an offering and the purchasing sacrifices made, marks the quality of the customer value. The actual product can produce the perceived benefits related to the company and with the relationship with the customer.

While customer loyalty is challenging to achieve for marketers and to explain by researchers, it nevertheless continues to be a great importance and interest. In this study, the focus is on customer loyalty, and the antecedents of perceived value, and the marketing mix that creates the value. This relationship is supported in the theoretical literature (McCarthy, 1971; Oliver, 1997; Zeithaml, 1988), and has been tested in various empirical studies (Bloemer & Odekerken-Schröder, 2002; Cronin, Brady, & Hult, 2000; Yoo, Donthu, & Lee, 2000).

It is been learned through various corporate branding models and studies that corporate branding is the corner stone of corporate reputation. In the similar regard, a study was conducted by Dr Hsinking chi and his fellows on the influence and impact of perceived value on the purchase intention of the final consumer. The study revealed the before buying the final product most of the final users or consumers compare it with similar products. This comparison might include comparison in terms of quality or the price. The study revealed that products with strong brand image can result in high level of customer satisfaction and will eventually result in the purchase of that product by the consumer. Therefore, with higher perceived value the rate of purchase intention will be higher. The study also suggested that there has been rising influence on the behavior of the consumer because of the advertising endorser which is primarily endorsed by famous celebrities (Chi, Yeh& Huang, 2009, pp 224-233.) A similar study has been conducted by Yang and Peterson on the perceived value and customer loyalty and satisfaction. The results of the study suggested that companies striving to maintain for customer devotion and loyalty should primarily focus on customer satisfaction and the value perceived by the consumer. The study highlighted that the prime determinants of online satisfaction are order fulfilment, security/privacy, customer services, product portfolio and finally the ease of use. Furthermore the study also examined the effects of switching costs on the loyalty of customer through perceived value and customer satisfaction are primarily conditional upon the levels of customer satisfaction and perceived value. In fact, the switching costs acts as a moderator only when a firm achieves above-average performance regarding perceived value and customer satisfaction (Yang &Peterson, 2004, pp 67-85).

CPV related with relationship marketing

Relationship type strategies related to the product and service markets consumer and business is known as relationship marketing. The competitive advantage of the relationship marketing is based on the characteristics of product and profitability with the existing ...