DICGIM - DIPARTIMENTO DI INGEGNERIA CHIMICA, GESTIONALE, INFORMATICA, MECCANICA. Prof. Paolo Roma Marketing Class slides - Academic Year

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1 1 Short info about the instructor: - I have been Assistant Professor of Marketing since December 2011; - I obtained a Ph.D. in Industrial Engineering (Management & Economics specialization) in 2009 from the University of Palermo and I hold a M.Sc. in Management Engineering ( ) from the same University; - I did long periods of studies and research at the University of California ( ), University of Pittsburgh (2010) and Toulouse of School of Economics (2011) in the areas of marketing, operations management and industrial organization. - My current publication list consists of 12 articles of which 4 are published in International Journals (specifically Production & Operations Management (top journal), International Journal of Production Economics (gold journal), Review of Marketing Science (copper journal), Applied Economics (silver journal)), 5 are published in Proceedings of International Conferences, 3 in Proceedings of National Conferences. I have also 2 articles currently under review at International Journals, 2 working papers. - The course (and the relative slides) I teach is mainly based on the Marketing course held formerly by Prof. Sergio Noto La Diega, to whom I will always be grateful. * Meeting with students by appointment on Wednesday from 3 pm to 4.30 pm 2 1

2 The main goals of this class: Students will gain knowledge and methodologies necessary to face and solve typical issues in Marketing. Students will be able to analyze the market, evaluate opportunities and threats, elaborate Marketing strategies and a Marketing plan and translate such strategies into Marketing operative decisions. Learning outcomes (based on Dublin descriptors): Knowledge: Students will gain knowledge and methodologies necessary to face and solve typical issues in Marketing. Students will know how to analyze the market and the competition, will know the essence of the Marketing strategic decisions and operative decisions, will gain knowledge of the specific features related to retailing, international marketing and online marketing. 3 Learning outcomes continued: Competences: Students will be able to carry out a SWOT analysis, to use portfolio techniques for business development, to use statistics methods for Marketing, to estimate the market demand and set up a Marketing plan. Skills: Autonomy of judgments and assessment on Marketing issues and the effectiveness and efficiency on Marketing plans and activities carried out by firms. Communications skills and appropriate language in a Marketing environment. Ability to autonomously deepen further and more advanced Marketing issues. 4 2

3 About this class: It is basic course in Marketing (it actually is what the Americans call Marketing Management course), but with a more quantitative (engineering-based) approach!!! Lessons and Discussions About the final exam (in ENGLISH): + Exercises and Lab of Statistics for Marketing Marketing Project (to be presented during the exam) + Oral Exam 5 How to study: SLIDES ARE OK FOR PASSING THE COURSE But a Marketing book should always be in the personal bookcase of a good Management Engineer, so I strongly encourage you to buy the following book: Kotler, Philip and Keller, Kevin Lane Marketing Management 14 th Edition Pearson Education Inc., publishing as Prentice Hall, One Lake Street, Upper Saddle River, New Jersey, USA. 6 3

4 Syllabus (i.e., what we will do in a few words): 1. An introduction to Marketing 2. The Analysis of the Industry and Competition 3. Understanding the Buyer and Estimating the Demand 4. Marketing Information System and Marketing Research 5. Marketing Strategy, Planning and Development 6. Market Segmentation, Differentiation, Positioning and Branding 7. Marketing Mix 1: Brand, Product and Service Management 8. Marketing Mix 2: Pricing 9. Marketing Mix 3: Distribution Channel Management 10. Marketing Mix 4: Promotion & Sales Management 11. Retailing 12. International Marketing 13. Internet Marketing Specific Marketing areas Market Knowledge Strategy Operational decisions 7 About the Marketing project (NEW!!!): ANALYSIS OF APP MARKETS 1. You will set up a group of at most 4 students; 2. You will inform me about the above choices tomorrow morning; 3. You will have to DAILY collect publicly available data from the TOP 100 paid apps rankings of the major app stores (i.e., Apple Store, Google Play, Blackberry World, ). The spreadsheet I will show contains all the data you will have to collect. 4. Based on data, you will have to analyze and provide marketing implications But by regarding way of anticipation: some marketing variables, such as impact of strategic/tactical variables (business model, reputation, etc.) on prices and/or sales; 5. The analysis should be based on descriptive statistics as well as econometric analysis (e.g. linear regression model); 6. In addition to the stores websites, some useful data can be obtained from ; + ; ; ; ; ; ; etc. 8 4

5 About the Marketing project (NEW!!!): ANALYSIS OF APP MARKETS 7. First collection date: Saturday, March 9 th, Last collection date: Thursday, May 16 th, Every day collection: 68 days. 10. Rest days: Easter days (March, 30 th and 31 st and April 1 st ), April 25 th weekend (25 th, 26 th, 27 th, and 28 th ), Labour Day (May 1 st ) 11. Then, the actual number of days is: Don t worry about the number of data everyone will need to collect because But by only way a portion of anticipation: of the total amount of data will be allocated to each group. To give you an idea: 300 observations per day (i.e. 300 complete rows), about 60 students (15 groups). Therefore, 5 rows per day per student. 13. The amount of data will be split based on positions within rankings. 14. I will communicate how the amount of + data will be divided after you tell me the group members, i.e. tomorrow afternoon. 15. The rest will be clearer step-by-step. 9 Any questions? If not, I really hope you will enjoy this class!!! and LET S START WITH THE BEAUTIFUL OF WORLD OF MARKETING 10 5

6 LET S START WITH A GAME I will offer a snack/beverage at the bar to the winner(s) of this game. INSTRUCTIONS: you have to guess (in a piece of paper) what 2/3 of the average of the guesses of all of you will be. You are allowed to write (SECRETELY) only real numbers between 0 and 100 (including the extremes). The winner is the one closest to the 2/3 average. Example with four players: A = 10.5, B = 54, C = 79.4, D = The average is: Then 2/3 of the average is: So the winner is player D as he/she is the closest one. 11 HINTS FOR THE GAME: - Remember that you have to get close to 2/3 of the average of the guesses of N-1 plus you! - So, try to play as rational (strategic) as possible. - Consider that you are playing against N-1 people who also should try to play rationally. 12 6

7 SOLUTION: How rational players should play, so which strategy should be adopted by rational players?: There is a unique pure strategy equilibrium. This equilibrium can be found by iterated elimination of weakly dominated strategies. Guessing any number that lies above (2/3 of 100) is weakly dominated for every player since it cannot possibly be 2/3 of the average of any guess. That is, if all would write 100, will be the outcome, but no number higher than that can obviously be obtained. So, values higher than can be eliminated. Once these strategies are eliminated for every player, any guess above (2/3 of 66.67) is weakly dominated for every player since no player will guess above and 2/3 of is approximately This process will continue until all numbers above 0 have been eliminated. So the rational strategy should be writing zero. 13 WHY THIS EXAMPLE: Because in real life several times people do not behave strategically (i.e., fully rational)!!! In Marketing, especially when consumers (B2C Marketing) are involved, the rational sphere often plays a secondary role compared to the emotional/irrational sphere. In our class, we will take both perspectives, i.e., rational and irrational, as both are relevant to deal with Marketing issues in different contexts. 14 7

8 15 TOPICS: 1. What is Marketing? 2. Evolution of Marketing 3. Some recent trends in Marketing: a. Relationship Marketing, b. Socially Responsible Marketing and Social Marketing 4. Basic Marketing Concepts 16 8

9 The story of the Hong Kong shoe manufacturer Philip Kotler, Marketing Insights from A to Z: 80 Concepts Every Manager Needs to Know, Wiley A Hong Kong shoe manufacturer wondered whether a market existed for his shoes on a remote South Pacific island. He sent an order taker to the island who, upon a cursory examination, wired back: The people here do not wear shoes. There is no market. Not convinced, the Hong Kong manufacturer sent a sales person to the island. This salesperson wired back: The people here don t wear shoes. There is a tremendous market. Afraid that this sales representative was being carried away by the sight of so many shoeless feet, the manufacturer sent a third person, a marketer. This marketing professional interviewed the tribal chief and several natives and wired back: The people here don t wear shoes. As a result their feet are sore and bruised. I have shown the chief how shoes would help his people avoid foot problems. He is enthusiastic. He estimates the 70% of his people will buy the shoes at $10 a pair. We probably can sell 5,000 pairs of shoes in the first year. Our cost of bringing the shoes to the island and setting up distribution would amount to $6 a pair. We will clear $20,000 in the first year, which, given our investment, will give us a rate of return on our investment (ROI) of 20%, which exceeds our normal ROI of 15%. This is not to mention the high value of our future earnings by entering this market. I recommend that we go ahead. 17 Some considerations: MKTG includes selling but it is not just selling! Actually MKTG is much more than selling. As a matter of fact, Peter Drucker said: The main goal of MKTG is to make selling superfluous. This actually means that the main task of MKTG is to discover latent needs and find solutions to satisfy them so that consumers will appreciate products and no selling activities will be necessary. Of course, satisfying such needs MUST be an opportunity to make long-term profits for the firm, otherwise it will just make no sense to undertake such projects. 18 9

10 Definitions of Marketing Marketing is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. (by American Marketing Association, approved in 2007) The science and art of exploring, creating, and delivering value to satisfy the needs of a target market at a profit. Marketing identifies unfulfilled needs and desires. It defines, measures and quantifies the size of the identified market and the profit potential. It pinpoints which segments the company is capable of serving best and it designs and promotes the appropriate products and services. (by Philip Kotler) The management process responsible for identifying, anticipating and satisfying customer requirements profitably. (by Chartered Institute of Marketing) 19 Five necessary conditions for Marketing existence (conditions for an exchange to happen) 1. Two or more parties with needs to satisfy, e.g., airlines and travelers. 2. Each party has something that might be of value to the other party, e.g. airlines have aircrafts and seats available and travelers have money and time to travel. 3. A way to communicate, e.g., both parties needs to know each other and have to find each other. 4. Each party is free to accept or reject the offer. 5. Each party believes appropriate or desirable to exchange value with the other party, e.g., tickets on one side and money on the other side

11 Evolution of the Marketing role 21 Marketing is a system at three levels: Thinking; Analysis; Action. Levels Activity Organization Hierarchy Level Thinking Analysis Management philosophy Market Knowledge Top Management MKTG Dept. Action Strategy and MKTG plan set up MKTG Dept

12 We can separate Marketing activities in two main phases: 1. Analytical-Knowledge Development phase: aimed at obtaining knowledge and tools to understand the market; 2. Marketing Management phase: where decisions at the strategic and operative levels are made and relationships with customers, suppliers, competitors, intermediaries (and related activities) are managed. 23 Marketing Evolution From the statements above, it is understandable that Marketing can exist in a market economy and when firms are market-oriented. Marketing is not a somehow modern practice, but a system that evolved and still evolves. However, it is not a mere chronological evolution, but it is more about the way different firms relate to the market as a consequence of the supply and demand structural changes. As a result, we can still find today firms adopting the same approaches as those adopted in the past by firms now adopting other models. As a matter of fact, firms can adopt different models in regard to the market

13 PRODUCTION ORIENTED FIRMS: Common in the mass production era (demand exceeds supply); Common in presence of very low competition and homogeneous needs; Consumers choose based on price; Main management goal: production efficiency, i.e., production costs reduction. Activities that vaguely resemble marketing: mere sales management. 25 SALES ORIENTED FIRMS: Common when production efficiency (and economies of scale/experience) leads to over-supply (supply exceeds demand); Common in presence of fierce competition and lowly heterogeneous demand; Consumers would not buy enough product quantity; Main management goal: sales, i.e., revenue growth. Activities that vaguely resemble marketing: sales management, sales team management, aggressive selling and sales promotion (e.g., encyclopedias, insurance, beauty-care products)

14 MARKET ORIENTED FIRMS: Common in the current context (supply exceeds heterogeneous demand); Common in presence of fierce, dynamic and uncertain competition and heterogeneous demand; Consumers would not buy enough product quantity; Main management goal: customer satisfaction as the long-term profit driver. Central role MARKETING at both strategic and operative level!!! 27 Production Selling Market Starting point Focus Means Goals Factory Product Sale and sale promotion Profit (by means of high sales) Sales oriented firms 28 14

15 INFO MKTG PRODUCTION FIRM Sales TRANSACTIONS Revenues TARGETED MARKET MARKET Starting point Market COMMUNICATION Focus Means Goal Customer satisfaction Marketing Profit (by means of customer satisfaction) Market oriented firms 29 No or small interaction Medium interaction High interaction Market oriented firms Production oriented firms Sales oriented firms Market-driving Firm Marketing to anticipate OPERATIVE MKTG Market-driven Firm Marketing to respond STRATEGIC MKTG Demand > Supply PASSIVE MARKETING Supply > Demand ACTIVE MARKETING 30 15

16 It is the most common approach. It is used when needs are well defined (e.g. home appliances). Market pulls innovations. Market Analysis Unfulfilled needs Can it be profitably done? (Marketing to respond) 31 MARKET DRIVING MARKETING It requires a very intense R&D activity. Firms create new products, new markets, new distribution channels, new services (e.g., Apple, Sony, Ikea). Firm pushes innovations. R&D activity New product idea Does a need exist? (Marketing to anticipate) 32 16

17 Reasons behind Marketing evolution Yesterday Today All the activities and production process within firm boundaries Strategic outsourcing Improvements with look only with firm boundaries Benchmarking with other firms Stand-alone firm Networking Domestic market Global market Production oriented firms Market oriented firms Product standardization Personalization Focus on product Focus on the value chain Mass marketing Targeted or personalized marketing Slow NPD Fast NPD Weak relationships with many suppliers Strong relationships with a few suppliers Market Market + Internet 33 Some problems Marketing can help solve: How to define and select the market to be served? How to differentiate firm s marketing offering with respect to that of competitors? How to compete with firms which enjoy lower costs and can practice lower prices? To what extent personalize products? Which strategies should be pursued to develop firm s business? How to brand effectively? How to reduce customer acquisition costs? How to make customer more loyal? How to select and focus on the most important customers? How to improve the effectiveness of the promotional mix? How to make all the firm divisions oriented to customer? Adapted from: Philip Kotler Il Marketing secondo Kotler Ed. il sole 24 ore 34 17

18 Does a winning Marketing formula exist? Source: Philip Kotler Il Marketing secondo Kotler Ed. il sole 24 ore 35 From the discussion above, it turns out that there is not an always successful strategy and there is no a winning Marketing formula for all the contexts. In order to be successful, irms should interpret and anticipate changes in the market and catch new business opportunities. Here is the thing: Marketing is a social science. So the answer to any Marketing issue is: it depends!!! It depends on the industry, the firm resources, the customers, the market, the period, the technology, etc That s why some strategies are successful in some business settings, but can lead to failure in some other contexts

19 Some recent trends in Marketing 1. Relationship Marketing 2. Socially Responsible Marketing & Social Marketing 37 Relationship Marketing (1) The traditional approach in marketing can be defined as transactionoriented as it focuses on single transactions. Under such an approach, the seller manages the marketing mix (product, price, placing and promotion: the 4Ps) to differentiate its own offering from competitors to maximize the value of the single transaction. The relationship marketing goes beyond the 4Ps paradigm and maximize the overall value of all the transactions in the long term within the supply chain and, especially, between the firm and the consumers, adopting a collaborative approach among the involved actors. Under such an approach, the marketing department starts, negotiates, develops and maintains long term relationships between suppliers and customers

20 Relationship Marketing (2) Customer Relationship Management (CRM) Instead of focusing on a single product at a time and try to sell it to as many as possible customer, focus on a customer at a time and try to sell as many as possible products to him/her during his/her lifecycle. CRM Overview P. Aloisi Politecnico di Milano. Example: Peppers & Rogers Group is a management consulting firm, recognized as the world's leading authority and acknowledged thought leader on customer-based strategies and underlying business initiatives. 39 When did it start? Relationship Marketing (3) This Marketing paradigm has been utilized since the end of the 70s for services and industrial goods. Only in the 90s it has been widely applied also the consumer goods sectors

21 SERVICE INDUSTRY Relationship Marketing (4) The Relationship Marketing has been initially applied in the service industry due to the sector specificities (the so-called 4 Is): Intangibility; Inconsistency; Inseparability; Inventory; Because of the 4 Is service quality can be evaluated only upon consumption. 41 SERVICE INDUSTRY Relationship Marketing (5) For critical services, e.g., healthcare, utilities, babysitting, customers look for a stable and trustful relationship with just one service provider in order to reduce risk of opportunistic behavior from the provider side and cut negotiation costs. Due to recent deregulations, customers care a lot about prices. As a result, services marketing necessarily has to focus on actions to increase customer loyalty

22 SERVICE INDUSTRY Relationship Marketing (6) Customer loyalty is important!!! Retaining customers is, in general, less costly than acquiring new ones. Relationship Marketing focuses on increasing customer loyalty. 43 Relationship Marketing (7) INDUSTRIAL GOODS Many B2B markets are characterized by market concentration, firm size and product/service complexity. Often the ten major customers account for 2/3 of firm turnover. (Bottinelli, 2004, La nascita e lo sviluppo del Marketing Relazionale) Firms look for long-term relationship especially when complex products are involved, frequency and uncertainty tend to be high. In such a setting, Relationship Marketing studies relationships models, factors influencing them, and how they evolve

23 CONSUMER GOODS Relationship Marketing (8) DATABASE MARKETING CUSTOMER RETENTION PARTNERSHIP Customize the communication + Long term perspective + Collaboration Relationship Intensity Source: Corso di Marketing, Il marketing relazionale applicato ai beni di consumo, Università di Urbino Carlo Bo, A. Y Relationship Marketing (9) CONSUMER GOODS: DATABASE MARKETING Based on the Marketing Information System (MIS) this approach exploits customer info to establish a customized relationship and activate several forms of interaction. CONSUMER GOODS: CUSTOMER RETENTION This approach focuses on developing customized marketing strategies to increase customer loyalty, by means of customer lifetime value and loyalty based segmentation

24 Relationship Marketing (10) CUSTOMER LIFETIME VALUE Average purchases (in value) x Frequency x Average customer lifetime CUSTOMER RETENTION RATE (Customers at the end of the year Acquired customers during the year)/ (Customers at the beginning of the year) 47 Relationship Marketing (11) CONSUMER GOODS: PARTNERSHIP This approach focuses on the adoption of marketing strategies to involve consumers in product concept and design in order to deliver higher value and learn from consumers

25 SOCIALLY RESPONSIBLE MARKETING Socially responsible marketing is a marketing philosophy that states a company should take into consideration what is in the best interest of society in the present and long term. (Armstrong, Gary, and Philip Kotler. Principles of Marketing. 12th ed. Upper Saddle River, NJ: Pearson Education, Inc., 2008) This suggests that marketers should take into account society interests in their profit-focused decisions. For instance, as stated by Andreasen (1994), the issue is: how could marketers change consumer attitudes so that they would treat the environment or minorities better and how could commercial marketers be induced to desist from evil practices? 49 SOCIAL RESPONSIBILITY Corporate Social Responsibility (CSR) PROFIT RESPONSIBILITY toward shareholders ENVIRONMENT COMMUNITY LAW RESPONSIBILITY TOWARD STAKEHOLDERS i.e., consumers, employees, suppliers, distributors, etc 50 25

26 SOCIALLY RESPONSIBLE MARKETING Managers should operate within a set of ethics, i.e., values an individual uses to interpret whether an action or behavior is acceptable or appropriate. (Peter Stanwick and Sara Stanwick (2009) Understanding business ethics.) Definition of CSR from the European Commission: A concept whereby companies decide voluntarily to contribute to a better society and a cleaner environment. A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. 51 SOCIALLY RESPONSIBLE MARKETING Green Marketing is a good example: developing and marketing products or services that are environmentally safe or that have limited adverse impact on earth. Examples of Socially Responsible Marketing: - A beer company that avoids advertising its products to minors, e.g., through late night TV ads. - A firm using recycled paper for mail order catalogues

27 SOCIAL MARKETING Socially responsible marketing should be confused with Social Marketing. Social marketing is the application of commercial marketing technologies to the analysis, planning, execution, and evaluation of programs designed to influence the voluntary behavior of target audiences in order to improve their personal welfare and that of the society of which they are a part. (Andreasen, Alan R. (1994) Social Marketing: Definition and Domain, Journal of Public Policy & Marketing 13(1): ) Essentially, according to Andreasen (1994), socially responsible marketing relates to socially responsible behavior, whereas social marketing makes this behavior happen. I encourage you to read the book Andreasen and Kotler (2008), Strategic marketing for nonprofit organizations. 53 CAUSE RELATED MARKETING The term Cause-related marketing has been utilized for the first time in 1983 by American Express to define the campaign promoted to fund works for renovating the Statue of Liberty. Every user would have donated a cent for each credit card transaction. In a few weeks the owners of American Express credit cards increased by 45% and transactions increased by 28%. In Italy, it appears for the first time in 1987 when Dash launched the campaign Mille lire per un mattone. In cause-related marketing, profit and nonprofit firms cooperate. Cause related marketing is included in Social Marketing

28 CAUSE RELATED MARKETING 55 CAUSE RELATED MARKETING 56 28

29 BASIC MARKETING CONCEPTS

30 BASIC MARKETING CONCEPTS NEEDS WANTS DEMAND 59 NEEDS (1) A need is something that is necessary for organisms to live a healthy life. Needs are distinguished from wants because a deficiency would cause a clear negative outcome, such as dysfunction or death. Examples: Food; Esteem; Safety 60 30

31 NEEDS (2) NEEDS The examples shown that individuals can feel the sensation of privation in several situations. Under this feeling each individual develop several expectations which depend on the individual s psychology, economic and socio-cultural environment where the individual grew up and live. Marketing actions have no impact on needs. EXPECTATIONS: Structured set of alternatives 61 WANTS - DEMAND NEEDS EXPECTATIONS WANT Wants can be defined as the identification and choice of something specific able to satisfy the deepest needs. Marketers can push consumers wants into a specific product among numerous alternatives (a few needs can generate many wants). Although marketing has not effect on needs, can determine the demand of a given product, i.e., the number of products that can be sold depending on the number of individuals that want to purchase it (potential demand) and those who can really acquire it (qualified demand)

32 NEEDS EXPECTATIONS WANTS DEMAND Sensation of privation; Example: thirst. Set of alternatives identified by the consumer to win the feeling of privation, depending on the individual s psychology, economic and socio-cultural environment where the individual grew up and live. Example: water, coke, ice tea Choice of a specific product within the set of alternatives. Example: a specific mineral water brand. Sum of all wants (supported by purchase willingness and ability) for a specific product. Example: number of customers wanting a specific brand of mineral water times pro-capita consumption. 63 PRODUCT (1) Everything that can be offered in a market to satisfy a need or a want. Physical goods Service People Place Project Organization Idea 64 32

33 PRODUCT (2) Usually, Marketing does not distinguish between physical goods and services. However, as mentioned earlier, services have some specific features that requires specific Marketing strategies and actions to deal with. Let us recall them (but we will focus on them later on): Intangibility; Inconsistency; Inseparability; Inventory; 65 VALUE - SATISFACTION (1) Consumers see products as a set of functions able to satisfy their own needs or wants. To choose a specific product, consumers create a system of relationships between the different ways in which products are able to satisfy the given need/want and the multitude of objectives related to the need/want. CHOICE Product Objective1 Objective2 Objective3 Product1 Product2 Product

34 Example: VALUE - SATISFACTION (2) Need/Want: purchase a product to go from house to the workplace. Objectives : Speed, Safety, Comfort, Health & Wellness; Punctuality Product / Alternative Modalities: Bike (Modality: Biking); Car (Modality: Driving); Bus or Metro (Modality: Public Transportation). System of product-modality-objectives relationships: 67 Example: VALUE - SATISFACTION It should be noted that the system of relationships is strongly affected by the environment, is very subjective and because of this it is food for marketers!!! By means of such a system of relationships consumers value different products differently depending on the number of achieved objectives and the extent to which a certain objective is reached. To purchase the product consumers have to correspond something (i.e., money) to which he/she assigns an equivalent value to the purchase cost. Therefore, he/she will rank alternatives products based on value/cost ratio

35 VALUE - SATISFACTION (4) In other words, customers measure the satisfaction as the difference between the value assigned to the product and the overall purchase, usage, maintenance and disposal costs. On the other hand, firm unit profit on product is the difference between the unit revenue and the unit production & marketing cost. It is true that customer is crucial for market-oriented firms, but remember that the goal is always the long-term profit for firm. 69 FROM VALUE TO SATISFACTION VALUE PROFIT Perceived benefits of owning and using a given product. It is a subjective assessment based on the extent to which the product allows to satisfy a need/want. Difference between the value of the perceived benefits and the overall cost of purchasing, using, maintaining and dismissing the product. SATISFACTION The higher the customer s profit, the higher the customer s satisfaction

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