Monday, January 28, 2013

Customer Value vs. Customer Satisfaction

(2) Are customer satisfaction and customer value interdependent or mutually exclusive? Can satisfaction occur simultaneously with low customer value?

         Customer satisfaction and customer value are interdependent. Customer satisfaction is the customers' evaluation of a good or service in terms of whether that good or service as met their needs or expectations. Customer value is the relationship between benefits and the sacrifice necessary to obtain these benefits. Based on these definitions, if a customer buys a product of a quality that they are satisfied with, their customer value will be high, therefore making the overall customer satisfaction be high as well. 
         If a high quality product is only available at a high price, people will not perceive that as good value, nor will a low quality product selling for a low price. Customers value goods that are of the quality that they expect, and at the prices they are willing to pay. Therefore, if a customer is genuinely satisfied with the quality and price of their product, the customers value will be high, directly effecting their overall customer satisfaction.

What do you think is more important to a business/organization, customer value or customer service?

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