The buyer chooses the offerings he or she perceives to deliver the most value,the sum of the
tangible and intangible benefits and costs to her. Value, a central marketing concept, is primarily a
combination of quality, service, and price (qsp), called the customer value triad. Value perceptions
increase with quality and service but decrease with price.
We can think of marketing as the identification, creation, communication, delivery, and
monitoring of customer value. Satisfaction reflects a person’s judgement of a product’s perceived
performance in relationship to expectations. If the performance falls short of expectations, the customer is disappointed. If it matches expectations, the customer is satisfied. If it exceeds them, the
customer is delighted.
tangible and intangible benefits and costs to her. Value, a central marketing concept, is primarily a
combination of quality, service, and price (qsp), called the customer value triad. Value perceptions
increase with quality and service but decrease with price.
We can think of marketing as the identification, creation, communication, delivery, and
monitoring of customer value. Satisfaction reflects a person’s judgement of a product’s perceived
performance in relationship to expectations. If the performance falls short of expectations, the customer is disappointed. If it matches expectations, the customer is satisfied. If it exceeds them, the
customer is delighted.
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