What is brand equity value and maintenance, and value equity, relationship equity, customer lifetime value, and customer equity. Explain the key concepts and provide a personal or professional life lesson that one can “take away” from these concepts
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What is brand equity value and maintenance, and value equity, relationship equity, customer lifetime value, and customer equity. Explain the key concepts and provide a personal or professional life lesson that one can “take away” from these concepts?
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- Provide an original example of a product or service to which you are brand loyal, meaning no other brand can be substituted. How long have you been using this particular brand? Explain the reasons for your brand loyalty. Consider the four aspects of market segmentation, and describe how the company segments the market for this particular product or service.Discuss the relationship between brand equity, brand value and share of heart. How can a company use these concepts in practice?What is the four-step process a company must engage in to build customer value?
- How does customer education and empowerment contribute to overall satisfaction and brand loyalty?Define the concept of customer lifetime value (CLV). What are your thoughts on this concept? Is it sometimes more profitable for a company to invest more resources in retaining current customers than trying to attract new customers?To what does the lifetime value of the customer refer, and how is it calculated?