1.(TCOs C, H) Describe customer perceived value, total customer benefit, and total customer cost.

How do the total customer benefit and the total customer cost affect the consumers perception? Customer perceived value

Customer's opinion of a product's value to him or her. It may have little or nothing to do with the product's market price, and depends on the product's ability to satisfy his or her needs or requirements. Customer benefit

It is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the products, services, personnel and image involved. Customer cost It is the perceived bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the given market offering, including monetary, time, energy, and psychological costs.
2. (TCOs C, H) What are some of the ways that a business can attract and retain customers?
3. (TCOs C, H) What are the five stages in the buying decision process? Briefly describe each.

http://www.openlearningworld.com/olw/courses/books/Consumer %20Behaviour%20and%20Motivation/Consumer%20Behavior%20and %20Motivation/Stages%20of%20Buying%20Process.html 4. (TCOs C, H) What is a niche market? What does an attractive niche market look like?
A niche market is a focused, targetable portion of a market. By definition, then, a business that focuses on a niche market is addressing a need for a product or service that is not

being addressed by mainstream providers. You can think of a niche market as a narrowly defined group of potential customers.

One of the things that make niche marketing so attractive to sellers is that their advertising budgets go further. It costs less to advertise to a specialized market than it does to advertise to a broader market. Niche marketing must be designed to meet the unique needs of the targeted audience. Niche marketers must tailor their product to meet those unique needs. If, for example, you have designed a product to make poodle grooming easy enough for the untrained professional to do it, those who own poodles will be most interested in your product.

5. (TCOs C, H) What is a market segment? What are some of the factors that may be used to narrow the
market down into segments?

http://www.netmba.com/marketing/market/segmentation/ 6. (TCOs C, H) How would you describe a brand? What roles do brands play in the market?
This is the first step in the process of developing your brand strategy. By defining who your brand is you create the foundation for all other components to build on. Your brand definition will serve as your measuring stick in evaluating any and all marketing materials and strategies. You will begin this process by answering the questions below.

In any market, brands play an important role for both consumers and investors. They help investors form a better picture of the ability of companies to grow. And they provide consumers with the convenient handles they need so that they can more easily make choices between what is on offer. But what role, if any, do they have to play in a commodity business like energy or water, and is branding utilities really worth it?

7. (TCOs C, H) What is brand equity? Provide an example. Brand equity is the value of the brand in the marketplace.1 Simply put, a high equity brand has high value in the marketplace. However, what this means exactly is often not fully or clearly understood. High brand value, a brand with high equity, means that the brand has the ability to create some sort of positive differential response in the marketplace. This can mean that your brand is easily recognizable when encountered in advertising or seen on a yard sign. It can mean that your brand is one of the first ones recalled when a relevant prompt is used "who would I call to discuss listing my house?" It could mean that individuals would be willing to pay a premium price for your brand's offering. 8. (TCOs C, H) When you analyze your competitors, what are the areas of greatest concern?
Using the soft drink industry, provide examples of the type of information required.