What is meant by the concept "customer value?" How do organizations build customer value and loyalty? What is product differentiation? Describe the relationship between product differentiation and product positioning.
The concept of customer values comprises perception and satisfaction level in itself. In simple term the meaning of customer value is the difference between the get product and desire product level (Boone & Kurtz, 2005). Customer value can be discussed as the difference between the realization that he get from the received products and services and scarifies that customer gives up by using the available products (Kotler, 2002). Customer also wants some better and quality products that are available in the market. It might be very difficult for the marketers to fulfill their needs and serve them the products and services according to their desire level (A Special Report: Look beyond Money- Building Customer Value, n.d.).
Scarifies of the customers is their value, which includes various aspects such as the amount of the product that are paid by customer, learning of the customer to use the product, time and efforts of the customers, etc. (Naumann, 1995). Realization and scarifies are directly proportional to each other to achieve the level of customer value.
Build Customer Value and Loyalty
Building customer value and loyalty provides a competitive advantage to the business organizations. In ...
What is meant by the concept of customer values is determined.