Overview Managing and optimizing brand equity is one of the long-term goals of any organization and thus it is a joint respo
Overview
Managing and optimizing brand equity is one of the long-term goals of any organization and thus it is a joint responsibility of all the functional departments. Brand equity is the set of assets linked to the brand. These assets include brand awareness, brand loyalty, and brand associations. Appropriate alignment of key departments with marketing is a key element in the brand management and optimization process.
As the regional marketing director leading a phased marketing strategy to reopen parks after a safety incident, you must ensure key functional departments in the organization coordinate for a smooth reopening of the parks. There is a need for clear, concise, and frequent communication for helping departments understand their responsibilities and their interdependencies with other departments. As a part of your initial analysis about the brand implications, create a presentation to help the departmental heads understand the alignment needs and the roles and responsibilities of the cross-functional departments.
Prompt
In this assignment, you will identify the responsibilities of three functional departments of the organization in the course scenario: sales, operations, and marketing. You will also share the need for alignment between these functional departments to ensure the smooth reopening of the park and to improve brand equity.
Specifically, you must address the following rubric criteria:
- Describe the need for alignment among the sales, operations, and marketing departments to ensure the successful reopening of the park. Consider the following key elements (1–2 slides):
- Interdepartmental communication
- Knowledge and feedback sharing
- Identify and describe the roles of these cross-functional departments and how they can contribute to improve brand equity. Consider the following points for your description (3–5 slides):
- Sales
- If the sales department's primary role is to create individual and group sales for the company, what strategy can they undertake to grow sales considering the current situation? Ground your response in research and rich detail.
- Operations
- If the operations department’s primary role is the safety of the guests and employees, what strategy can they undertake to ensure a safe and fun experience for both guests and employees? Ground your response in research and rich detail.
- Marketing
- If the marketing department’s primary role is to attract, retain, and grow revenues from the park’s target audience, what strategy can they undertake considering the current situation? Ground your response in research and rich detail.
- Sales
Guidelines for Submission
Using PowerPoint, create a narrated presentation that is 5 to 7 slides in length. Consult the Shapiro Library APA Style Guide for more information.
E L E V E N T H E D I T I O N
STRATEGIC MARKET
MANAGEMENT
David A. Aaker Vice-Chairman, Prophet
Professor Emeritus, University of California, Berkeley
Christine Moorman T. Austin Finch Sr. Professor of Business Administration
Fuqua School of Business, Duke University
VP AND EDITORIAL DIRECTOR George Hoffman EDITORIAL DIRECTOR Veronica Visentin EXECUTIVE EDITOR Lise Johnson SPONSORING EDITOR Jennifer Manias EDITORIAL MANAGER Gladys Soto CONTENT MANAGEMENT DIRECTOR Lisa Wojcik CONTENT MANAGER Nichole Urban SENIOR CONTENT SPECIALIST Nicole Repasky PRODUCTION EDITOR Bharathy Surya Prakash COVER PHOTO CREDIT © Qweek/iStockphoto
This book was set in 10/12 NewCaledoniaLTStd by SPi Global, Chennai and printed and bound by Strategic Content Imaging.
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ISBN: 978-1-119-39220-0 (PBK) ISBN: 978-1-119-39226-2 (EVALC)
Library of Congress Cataloging-in-Publication Data
Names: Aaker, David A., author. | Moorman, Christine, author. Title: Strategic market management / by David A. Aaker, Vice-Chairman,
Prophet, Professor Emeritus, University of California, Berkeley, Christine Moorman, T. Austin Finch Sr. Professor of Business Administration, Fuqua School of Business, Duke University.
Description: Eleventh edition. | Hoboken, NJ : John Wiley & Sons, Inc., 2017. | Includes bibliographical references and index. |
Identifiers: LCCN 2017029437 (print) | LCCN 2017034381 (ebook) | ISBN 9781119392224 (epub) | ISBN 9781119392217 (pdf) | ISBN 9781119392200 (pbk.)
Subjects: LCSH: Marketing—Management. | Strategic planning. Classification: LCC HF5415.13 (ebook) | LCC HF5415.13 .A23 2017 (print) | DDC
658.8—dc23 LC record available at https://lccn.loc.gov/2017029437
The inside back cover will contain printing identification and country of origin if omitted from this page. In addition, if the ISBN on the back cover differs from the ISBN on this page, the one on the back cover is correct.
P R E F A C E
This eleventh edition of Strategic Marketing Management continues its mission to help business leaders develop business, brand, and marketing strategies that lead to enduring competitive advantage—a task that has become more daunting over the years. In most markets, competitors are reaching parity on basic functional benefits. As a result, creating and protecting strong customer relationships and ongoing innovation is more important than ever and requires a strong marketing strategy and organization to make it happen.
Developing and implementing strategies is now very different from only a few decades ago when business environments were more stable and simpler. Every market can now be described as dynamic—with Internet entrants, new business models, global competitors, and customers who seek engagement and quality. As a result, firms need to be able to adapt strategies in order to stay relevant. It is a challenging and exciting time—full of opportunities as well as threats.
Several unique aspects of the book have been retained:
A business strategy focus that includes consideration of product/market scope, value proposition, assets and competencies, and functional area strategies.
A structured strategic analysis, including customer, competitor, market, environmental, and internal analyses, leading to an understanding of market dynamics that is supported by tools, frameworks, and planning forms.
A detailed discussion of the various types of customer value propositions as the basis for strong customer relationships and brands. A strategy requires a compelling value proposition to be customer driven and successful over time. A deep discussion of how to grow the company by energizing the business, leveraging the business into new areas, creating new businesses, and going global.
A comprehensive analysis of how to harness the key organization activities to create an effective strategy for long-term performance.
A view of strategy emphasizing the dynamic nature of markets, which requires customer- driven strategies. It also details paths to break from the momentum of the past to generate creative strategies and offerings.
THE ELEVENTH EDITION The eleventh edition reflects the following revisions:
Chapter 5, “Environmental and Strategic Analyses,” has been updated to focus on contemporary trends. It combines materials from the previous Chapter 6 to integrate firm strengths and weakness with environmental threats and opportunities in SWOT analysis as well as scenario and impact analysis. Details on firm performance metrics from the previous Chapter 6 have been retained and put into Appendix A at the end of the book.
Chapter 6 (old Chapter 8), “Creating Advantage: Customer Value Leadership,” offers a concise overview of alternative value propositions and how a firm achieves customer value leadership through points of parity and points of difference. It also overviews key threats
iii
to customer value leadership, including failure to select a focus and to align the business model. The concept of synergy is introduced in Chapter 6 as part of achieving customer value leadership.
Chapter 7, “Building and Managing Customer Relationships,” and Chapter 8, “Creating Valuable Customers,” are both new to the book. These chapters include several of the customer-related ideas in different chapters in the tenth ediction. Chapter 7 examines managing the customer journey and customer experiences—two emerging topics important to practice. Chapter 8 offers a tutorial on how to ensure that companies not only create value for customers, but also that the company has valuable customers that contribute to its performance. Using customer lifetime value tools, the concept of customer equity is introduced and evaluated. Chapter 16, “Harnessing the Organization,” has been revised extensively to focus on a broader array of factors associated with a customer-centric organization, including culture, competencies, structure, metrics and incentives, leaders, and employees.
Chapter 17, “How Marketing Creates Value for Companies,” is new to the book. This chapter examines customer equity and brand equity discussed in earlier chapters with a focus on how these assets improve firm value—both revenues and stock market performance. The latter is shown to be achieved by influencing the speed, level, volatility, and vulnerability of company cash flows.
Each chapter (except Chapter 1) contains two new “Best Practice” case studies—one digital and one global. These case studies were written to focus on successful companies— large, small, product, service, B2B, and B2C—and to highlight aspects of their strategies that correspond to the chapter topic. Discussion questions at the end of each case will allow instructors to turn to these mini-cases during class to discuss what these companies did well and to examine challenges to their success going forward.
The “Case Challenges for Part I and II” in the tenth edition have been moved to the end of the book into a section called “Case Studies.” The following cases have been retained and updated, “The Energy Bar Industry,” “Assessing the Impact of Changes in the Environment,” “Contemporary Art,” and “Dove.” “Competing Against Walmart” has been changed to focus on “Competing Against Amazon” given it now appears to be the “industry giant.”
AN OVERVIEW Chapter 1 introduces concepts of business strategy and strategic market management. The goal of sustainable competitive advantage (SCA) is discussed in detail because it drives all chapters that follow. Part I of the book, Chapters 2–5, covers strategic analysis with chapters discussing customer, competitor, market, environmental, and internal analyses.
Part II of the book, Chapters 6–17, covers the development, implementation, and evaluation of strategy. Chapter 6 examines alternative value propositions that can be adopted by the company and the importance of achieving customer value leadership. Chapters 7 and 8 focus on the all- important role of the customer relationship, including building and managing strong customer relationships and managing customer equity. Chapters 9 and 10 consider how to create valuable brands and to develop brand equity. The next four chapters present growth strategies—energizing the business (Chapter 11), leveraging the business (Chapter 12), creating new businesses
iv Preface
(Chapter 13), and managing global strategies (Chapter 14). Chapter 15 discusses setting priorities among business units and managing investment and divestment decisions for future growth.
Chapter 16 examines the organizational challenges underlying the implementation of market- ing strategy and offers solutions in the form of developing a customer-centric organization. Finally, Chapter 17 examines how strong marketing assets in the form of strong customer relationships and brands produce value for the company.
THE AUDIENCE This book is suitable for any course in a school of management or business that focuses on the management of strategies. In particular, it is aimed at:
The marketing strategy course, which might be titled Strategic Market Management, Strategic Market Planning, Strategic Marketing, or Marketing Strategy.
The policy or entrepreneur course, which might be titled Strategic Management, Strategic Planning, Business Policy, or Entrepreneurship.
The book is also designed to be used by managers who need to develop strategies in dynamic markets—those who have recently moved into general management positions or who run small businesses and want to improve their strategy development and planning processes. Another intended audience is general managers, top executives, and planning specialists who would like an overview of recent issues, frameworks, and tools in strategic market management.
A WORD TO INSTRUCTORS The eleventh edition is accompanied by a revision of the extensive instructor’s resource guide authored by David Aaker and Christine Moorman, which is located on the book’s companion Web site at www.wiley.com/college/aaker. The resource guide has a set of lecture suggestions for each chapter, a test bank, several course outlines, case notes, recommended external cases to be used with select chapter, and case notes. An Image Gallery, containing all figures and tables in the text, will also be available for instructors.
ACKNOWLEDGMENTS This book could not have been created without help from friends, students, reviewers, and colleagues at the Haas School of Business and at Prophet. Special thanks to research assistants at the Duke University Fuqua School of Business who supported this revision, including Ishita Anil, Dion Aviki, Danilo Haliz, Maddie Hilal, Brittany Holland, Anant Johri, Shreyas Jayanth, Emily Madden, Sarah Memmi, Debra Origel, Nishant Samuel, Dana Vielmetti, Scott Wallace, and Hillary Weiner. Your insights and support were essential to this revision. Thanks to Leah Porter, John Carmichael, and Mark Brodeur at Nestle who helped with the pet food example used in the planning forms and to Ricardo Guerra from Itau for his assistance in constructing the best practice case study. Finally, thanks to Edward Holub for his outstanding editorial support.
We are pleased to be associated with the publisher, John Wiley, a world class organization, and its superb editors—Rich Esposito (who helped give birth to the first edition), John Woods, Tim Kent, Ellen Ford, Jeff Marshall, Judith Joseph, Jayme Heffler, Franny Kelly (who guided the
Preface v
ninth and tenth editions), and Lise Johnson who supported us in this edition. Special thanks to Bharathy Surya Prakash, Wiley’s Production Editor, who supported us during each stage of the publication process.
Thanks to friend and colleague Jim Prost, a strategy teacher extraordinaire who made numerous suggestions about prior editions of the book and has helped create a world-class teacher’s resource manual in previous versions of the book. Thanks to Scott Wallace, Ph.D. student at Duke, who updated the teaching guides and test bank for this eleventh edition.
From Dave: This book is dedicated to the women in my life—my wife, Kay, and my three girls, Jennifer, Jan, and Jolyn, who all provide stimulation and support.
From Christine: This book is dedicated to all of my students—thank you for inspiring me to think harder and teach better.
David A. Aaker and Christine Moorman, 2017
vi Preface
C O N T E N T S
Chapter 1 Strategic Market Management—An Introduction and Overview 1 What Is a Business Strategy? 3 Strategic Market Management 10 Marketing and Its Role in Strategy 14
PART ONE STRATEGIC ANALYSIS 17
Chapter 2 External and Customer Analysis 19 External Analysis 19 The Scope of Customer Analysis 23 Segmentation 23 Customer Motivations 28 Unmet Needs 31
Chapter 3 Competitor Analysis 39 Identifying Competitors—Customer-Based Approaches 40 Identifying Competitors—Strategic Groups 42 Potential Competitors 44 Competitor Analysis—Understanding Competitors 44 Competitor Strengths and Weaknesses 49 The Competitive Strength Grid 52 Obtaining Information on Competitors 55
Chapter 4 Market/Submarket Analysis 59 Dimensions of a Market/Submarket Analysis 59 Emerging Submarkets 61 Actual and Potential Market or Submarket Size 62 Market and Submarket Growth 63 Market and Submarket Profitability Analysis 65 Cost Structure 68 Distribution Systems 69 Market Trends 69 Key Success Factors 70 Risks in High-Growth Markets 71
Chapter 5 Environmental and Strategic Analyses 78 Environmental Analysis 79 Strategic Analysis 89 From Analysis to Strategy 96
vii
PART TWO CREATING, ADAPTING, AND IMPLEMENTING STRATEGY 101
Chapter 6 Creating Advantage: Customer Value Leadership 103 Alternative Value Propositions 104 Customer Value Leadership 110 Managing for Customer Value Leadership 114
Chapter 7 Building and Managing Customer Relationships 122 The Customer Decision Journey 122 Managing Customer Experience 128 Toward Long-Term Customer Relationships 137
Chapter 8 Creating Valuable Customers 146 The Purchase Funnel 147 Customer Lifetime Models and Strategy Effectiveness 152 Customers as Valuable Assets 157
Chapter 9 Building and Managing Brand Equity 162 Brand Awareness 163 Brand Loyalty 164 Brand Associations 165 Brand Identity 171
Chapter 10 Toward a Strong Brand Relationship 180 Understanding and Prioritizing Brand Touchpoints 180 Focusing on the Customer’s Sweet Spot 182 How to Create or Find a Customer Sweet Spot 184 Get Beyond Functional Benefits 185 Broadening the Concept of a Brand 187
Chapter 11 Energizing the Business 194 Innovating the Offering 195 Energizing the Brand and Marketing 200 Increasing the Usage of Existing Customers 208
Chapter 12 Leveraging the Business 214 Which Assets and Competencies Can Be Leveraged? 215 Expanding the Scope of the Offering 220 New Markets 221 Evaluating Business Leveraging Options 222 The Mirage of Synergy 224
Chapter 13 Creating New Businesses 230 Create “Must Haves,” Rendering Competitors Irrelevant 231 The Innovator’s Advantage 234 Managing Category Perceptions 236 Creating New Business Arenas 237 From Ideas to Market 242
viii Contents
Chapter 14 Global Strategies 248 Motivations Underlying Global Strategies 249 Standardization vs. Customization 253 Expanding the Global Footprint 257 Strategic Alliances 259 Global Marketing Management 262
Chapter 15 Setting Priorities for Businesses and Brands 266 The Business Portfolio 267 Divestment or Liquidation 269 The Milk Strategy 272 Prioritizing and Trimming the Brand Portfolio 275
Chapter 16 Harnessing the Organization 283 Customer-Centric Organizational Cultures 284 Customer-Centric Competencies 286 Customer-Centric Organizational Structure 288 Metrics and Incentives for Customer Centricity 291 Leading for Customer Centricity 292 Customer-Centric Talent 294
Chapter 17 How Marketing Activities Create Value for Companies 303 The Impact of Customer and Brand Equity on Firm Revenues 304 The Effect of Marketing Assets on Firm Value 307 How Markets Value Marketing Assets 311 Managing Marketing to Contribute to Firm Value 314
Case Studies 320 The Energy Bar Industry 320 Assessing the Impact of Changes in the Environment 322 Creating a New Brand for a New Business 324 Competing Against the Industry Giant 326 Leveraging a Brand Asset 329
Appendix A: Internal Analysis 332
Appendix B: Planning Forms 339
Notes 354
Index 367
Contents ix
C H A P T E R O N E
Strategic Market Management—An
Introduction and Overview
Plans are nothing, planning is everything. —Dwight D. Eisenhower
Even if you are on the right track, you’ll get run over if you just sit there. —Will Rodgers
If you don’t know where you’re going, you might end up somewhere else. —Casey Stengel
All markets today are dynamic. Change is in the air everywhere, and change affects strategy. A winning strategy today may not prevail tomorrow. It might not even be relevant tomorrow.
There was a time, not too many decades ago, when the world held still long enough for strategies to be put into place and refined with patience and discipline. The annual strategic plan guided the firm. That simply is no longer the case. New products, product modifications, subcategories, technologies, applications, market niches, segments, media, channels, and on and on are emerging faster than ever in nearly all industries—from snacks to fast food to automobiles to financial services to software. Multiple forces feed these changes, including digital technologies, the rise of China and India, trends in healthy living, energy crises, political instability, and more. The result is markets that are not only dynamic but risky, complex, and cluttered.
Such convoluted markets make strategy creation and implementation far more challenging. Strategy has to win not only in today’s marketplace but also in tomorrow’s, when the customer, the competitor set, and the market context may all be different. In environments shaped by this new reality, some firms are driving change. Others are adapting to it. Still others are fading in the face of change. How do you develop successful strategies in dynamic markets? How do you stay ahead of competition? How do you stay relevant to the customer?
1
The task is challenging. Strategists need new and refined perspectives, tools, and concepts. In particular, they need to develop competencies around six management tasks—strategic analysis, innovation, getting control of multiple business units, developing sustainable competitive advantages (SCAs), and developing growth platforms.
Strategic analysis. The need for information about customers, competitors, and trends affecting the market is now stronger than ever. Furthermore, the information needs to be continuous and not tied to a planning cycle, because a timely detection of threats, opportunities, strategic problems, or emerging weaknesses can be crucial to getting the response right. There is an enhanced premium on the ability to predict trends, project their impact, and distinguish them from mere fads. That means resources need to be invested and competencies created in terms of getting information, filtering it, and converting it into actionable analysis.
Customer value. A strategy that fails to create customer value has no future. This value must resonate with a segment of customers and offer more benefits and/or lower costs than competitors. Creating that value for customers and ensuring that company profits from it over time are central tasks in strategy.
Innovation. Markets evolve and competitors imitate customer value. Therefore, it is important that the company creates new sources of value over time. The ability to innovate is key to winning in dynamic markets as numerous research studies have shown. Innovation, however, turns out to have a host of challenges. There is the organizational challenge of creating a context that supports innovation. There is the brand portfolio challenge of making sure that the innovation fits among current offerings. There is the strategic challenge of developing the right mix of innovations that ranges from incremental to transformational to ensure the company can maintain profits while also preparing for the future. There is the execution challenge; it is necessary to turn innovations into offerings in the marketplace. There are too many examples of firms that owned an innovation and let others bring it to market.
Multiple businesses. It is the rare firm now that does not operate multiple business units defined by channels and countries in addition to product categories and subcategories, countries, and product categories. Decentralization is a century-old organizational form that provides for accountability, a deep understanding of the product or service, being close to the customer, and fast response, all of which are good things. However, in its extreme form, autonomous business units can lead to the misallocation of resources, redundancies, a failure to capture cross-business potential synergies, and confused brands. A challenge, explored in Chapter 16, is to adapt the decentralization model so that it no longer inhibits strategy adaptation in dynamic markets.
Creating sustainable competitive advantages (SCAs). Creating strategic advantages that are truly sustainable in the context of dynamic markets and dispersed business units is challenging. Competitors all too quickly copy product and service improvements that are valued by customers. What leads to SCAs in dynamic markets? One possible cornerstone is the development of assets such as customer relationships, brands, and distribution channels, or competencies such as digital marketing skills or marketing analytics expertise. Another is leveraging organizational synergy created by multiple business units, which is much more difficult to copy than a single new product or service.
Developing growth platforms. Growth is imperative for the vitality and health of any organization. In a dynamic environment, stretching the organization in creative ways becomes an
2 Chapter 1 Strategic Market Management—An Introduction and Overview
essential element of seizing opportunities and adapting to changing circumstances. Growth can come from revitalizing core businesses to make them growth platforms as well as by creating new business platforms.
This book is concerned with helping managers identify, select, implement, and adapt market- driven business strategies that will enjoy a sustainable advantage in dynamic markets, as well as create synergy and set priorities among business units. The intent is to provide concepts, methods, procedures, and best practice case studies that will lead to competencies in these six crucial management tasks—and, ultimately, to high-quality strategic decision making and profitable growth.
The book emphasizes the customer because in a dynamic market, a customer orientation is critical to company success. The current, emerging, and latent motivations and unmet needs of customers need to influence strategies. Because of this, every strategy needs to have a value proposition that is meaningful and relevant to customers.
This chapter starts with a very basic but central concept, that of a business strategy. The goal is to lend structure and clarity to a term that is widely employed but seldom defined. It continues with an overview of the balance of the book, introducing and positioning many of the subjects, concepts, and tools to be covered. Finally, the role of marketing in business strategy is discussed. There is a significant trend for marketing to have a seat at the strategy table and to see the chief marketing officer (CMO) as empowered to create growth initiatives.
WHAT IS A BUSINESS STRATEGY? Before discussing the process of developing sound business strategies, it is fair to address two questions. What is a business? What is a business strategy? Clarifying these concepts is a necessary start toward a winning, adaptable strategy.
A Business
A business is an organizational unit with a defined strategy and a manager with sales and profit responsibility. The organizational unit can be defined by a variety of dimensions, including product line, country, channels, or segments. An organization will thus have many business units that relate to each other horizontally and vertically.
There is an organizational and strategic trade-off in deciding how many businesses should be operated. On one hand, it can be compelling to have many units because then each business will be close to its market and potentially capable of developing an optimal strategy. Thus, a strategy for each country or each region or each major segment may have some benefits. Too many business units become inefficient, however, and result in programs that lack scale economies and fail to leverage the strategic skills of the best managers. As a result, there is pressure to aggregate businesses into larger entities.
Business units can be aggregated to create a critical mass, to recognize similarities in markets and strategies, and to gain synergies. Businesses that have similar market contexts and business strategies will be candidates for aggregation to leverage shared knowledge. Another aggregation motivation is to encourage synergies among business units when the combination is more likely to realize savings in cost or investment or create a superior value proposition.
There was a time when firms developed business strategies for decentralized business units defined by product, countries, or segments. These business strategies were then packaged or
What is a Business Strategy? 3
aggregated to create a firm strategy. That time has passed. There also now needs to be a firm strategy that identifies macro trends and strategy responses to these trends as a firm, allocates resources among business units, and recognizes synergy potentials. So there needs to be a strategy for the Ford company and perhaps the SUV group as well as the Ford Explorer, a major SUV brand.
The Business Strategy
Four dimensions define an effective business strategy: the product-market investment strategy, the customer value proposition, the assets and competencies, and the functional strategies and programs. These four dimensions are depicted in Figure 1.1. To be effective, all four elements should be based on the idea of customer value. This foundation drives subsequent decisions about where and how to compete to win.
The Foundation of Customer Value
A critical foundation of any strategy is to ensure that the company’s actions offer value to customers. Without offering value, decisions about where and how to compete are unlikely to succeed. Unfortunately “value” may be one of the most overused and misused terms in business. Thus a “value” price is often wrongly used to mean a low price or a bundled price. Low-priced products can offer customers excellent value. However, equating customer value with low price obscures the more fundamental role value plays in how markets operate and how firms must compete.
Ultimately, customer value is about the difference between the benefits customers perceive they are getting from an offering minus the perceived cost of obtaining these benefits—adjusted
Assets & competencies
Functional area strategies & programs
Value proposition
How to Compete
Where to Compete
The product-market investment decision
A BUSINESS STRATEGY
Figure 1.1 A Business Strategy
4 Chapter 1 Strategic Market Management—An Introduction and Overview
for the riskiness of the offering. Think about customer value using the following approach: Customer Value [1 Perceived Risk] [Perceived Benefits Perceived Costs]. The greater the perceived benefits and/or the lower the perceived total costs and/or risks of a product, the greater the customer value and the higher the likelihood the customer will choose that product. Each component will now be examined in detail.
Theodore Levitt, famously observed “People don’t want to buy a quarter-inch drill. They want a quarter-inch hole!” Perceived benefits are these outcomes that customers associate with a product, service, or relationship from a company. What people want from a copier are machine up-time, speed of through-put and print quality, but customers also make choices based on the quality and speed of customer service. What people want from a video game is fun, excitement, and escape.
Customers’ perceived costs also have many dimensions. Price paid is the most straightforward cost. However, examining the full range of costs customers incur in thei
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