What are the steps in a customer value analysis?
Answer: Managers conduct a customer value analysis to reveal the company's strengths and weaknesses relative to those of various competitors. The steps in this analysis are:
1. Identify the major attributes and benefits customers value.
2. Assess the quantitative importance of the different attributes and benefits.
3. Assess the company's and competitors' performances on the different customer values against their rated importance.
4. Examine how customers in a specific segment rate the company's performance against a specific major competitor on an individual attribute or benefit basis.
5. Monitor customer values over time.