CUSTOMER VALUE AND SATISFACTION

VALUE

• Customer value is when we take the quality of the product compared to the price of it and judge whether we feel it is worth paying the requested price.
• For example, Lexus, a car company which is considered to be very good quality for moderately priced vehicles
• Markets cannot create satisfaction without creating a product with value

Total customer value = customer benefits - customer costs

CUSTOMER SATISFACTION

• Satisfaction measures how products and services supplied by companies meet or surpass customer expectations
• An example of this could be the Peninsula Paris, exceeding customers expectations by doing airport pick ups in a Rolls Royce, providing maximum comfort

Product that satisfies needs/wants/demands in addition to the cost of the product creates the

SATISFACTION

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