Customer value, customer satisfaction, customer loyality and many more, the marketing literature is replete with information on them. It has been put forward that customer value is a source of competitive advantage.
Academics and marketers have always promoted the notion that in order to compete in this competitive landscape – one must provide superior customer value relative to competition. But really what is customer value?
Down to a simple formula; Would the below attempt be it? What are your thoughts? Any truth? Can it expand?
From the customer’s perspective:
Customer Value = (Quality + Emotional appeal + meet expressed needs + a hosts of other benefits) / Price.
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