Buad 332|61 Exam 1 Questions With Complete Solutions|2024

Customer value - ️️the customers perception of what they want to have happen in a specific use situation, with the help of a product or service, in order to accomplish a desired purpose or goal. customer satisfaction customer value - ️️= performance =importance 5 key aspects of customer value - ️️1. tradeoff of benefits and sacrifices 2. interaction of both customer and product 3. Relative to competitors, individuals, and situations 4. goal driven by customers desired attributes, desired outcomes, and need goals 5. Dynamic- in that it changes overtime Value judgement - ️️the way that customers make judgment about value. Customer gains (value hierarchy) - ️️- positive (benefits) and negative (sacrifices) effects ON the customer... aka customers world vs. - ANYTHING firm controls (product attributes-physical product/service)...aka marketers world What makes customer's perception of value change? - ️️- the environment (economy, trends) - consumers: life changes changes from other companies