benefit

Examples of benefit in the following topics:

• Identifying Product Benefits

  • You've just seen the difference between features and benefits.
  • Features are important as they may help back up the benefit.
  • But consumers will not buy the car unless it provides them with a benefit.
  • A benefit answers the question, "So What?
  • Demonstrate the application and use of product benefits in advertising campaigns

• Understanding Copywriting + The Elements of Copy

  • • Direct Benefit – Highlight a specific benefit or promise a result
  • Benefit: Class
  • Benefit: Escape
  • Benefit: Wisdom
  • Benefit: Trust

• Competition Based on Value

  • The customer's perceived value of a product is the relationship between the perceived benefits in relation to the perceived costs of receiving those benefits.
  • Value is thus subjective (i.e., a function of consumers' estimation) and relational (i.e., both benefits and cost must be positive values).
  • For a firm to deliver value to its customers, it must consider what is known as the "total market offering. " This comprises the organization's reputation, staff representation, product benefits, and technological characteristics as compared to competitors' market offerings and prices.

• Negotiating

  • B2B buyers and sellers use negotiating tactics to agree upon terms and pricing that benefit both the customer and the seller.
  • Both buyers and sellers use negotiating tactics to agree upon terms and pricing that will benefit both the customer and service provider.
  • Buyers may be interested in modifying their purchase via enhanced product features, price adjustments, or other customer benefits.

• Benefits and Solutions

  • The core benefit is what consumers feel they are getting when they purchase a product.
  • Goods will need to be displayed to show the tangible benefits, such as their quality and features.
  • The department store will also need ample parking, bathrooms, changing rooms, escalators, elevators, helpful staff, and other augmented benefits.
  • Finally, while the products in the store have a promised benefit - that of status, and of winning the admiration of peers - there is no guarantee that this will hold true.
  • The core benefits derived when an overweight 45-year-old male purchases a $250 ten-speed bicycle is not transportation--it is the hope for better health and conditioning.

• Adding Value

  • It also manages customer relationships in ways that benefit the organization and its shareholders.
  • It is important to identify and define benefits as opposed to features.
  • Assess the quantitative importance of the different attributes and benefits.
  • In other words, attempt to assign an actual price differentiation for products with value-adding benefits.
  • Assess the company's and competitors' performance on each attribute and benefit.

• Motivating and Compensating Salespeople

  • These mechanisms allow firms to get the most benefit from the skills of their human capital.
  • Reward systems include compensation, bonuses, raises, job security, and benefits.
  • In order to attract, retain, and motivate the best employees, benefits and other sources of non-monetary compensation should be considered.
  • Companies can offer different types of benefits in order to create a positive culture for their employees.
  • Depending on the industry and job type, benefits may be more attractive than salary figures.

• Value of Branding

  • Effective branding of a product enables the consumer to easily identify the product because the features and benefits have been communicated effectively.
  • Branding enables the retailer to benefit from brand marketing support by helping to attract more customers (ideally ones who normally don't frequent the establishment).

• Societal Role and Nonprofits

  • While for-profit organizations exist to produce profit, non-profit institutions exist to benefit a society, regardless of whether profits are achieved.
  • Corporations also use mission-driven marketing to promote the goals of the organization as outlined in its mission statement and to communicate the benefits of achieving those goals to its stakeholders.
  • Cause marketing or cause-related marketing activities involve the collaboration of for-profit businesses and non-profit organizations for mutual benefit.
  • The marketing message, especially one based on societal benefit or good, shapes consumer buying decisions.
  • Identify, from a marketing perspective the societal role of non-profit organizations as stand alone organizations and in collaboration with for profit companies, and how a marketing message can be used as a benefit to consumers and society

• Organizational Objectives

  • End-benefit effect – This effect refers to the relationship a given purchase has to a larger overall benefit and is divided into two parts.
  • Derived demand: The more sensitive buyers are to the price of the end benefit, the more sensitive they will be to the prices of those products that contribute to that benefit.
  • Price proportion cost: The price proportion cost refers to the percent of the total cost of the end benefit accounted for by a given component that helps to produce the end benefit, such as with computers.
  • The smaller the given component's share of the total cost of the end benefit, the less sensitive buyers will be to the component's price.