Q. ‘Customer value is a combination of quality, service and price.’ Explain. Or Write a brief note on customers.
Ans. Customer value is a combination of quality, service and price as it is based on these factors only. Customer value increases with the increase in services and quality and decreases with a decrease in quality and services.
The firm can enhance customer value by adjusting any of the elements of the marketing mix. For example, it can enhance value through:
1. Increasing the functionality of the product.
2. Reducing the price.
3. Giving the customer easy access to the product.
4. Giving better service support.
5. Offering beneficial communication.
When the firm is ingeniously customers, it becomes a winner in the market. And offering such value is the essence of a winning mark and uses all the elements of the marketing mix for providing more value r strategy.
The people select that product which gives them relatively more satisfaction than the competitor’s product. Thus, a wise marketer sells product benefits rather than just a product. Today, the cost is not the consideration in selecting and purchasing the product but also customer value and satisfaction more important. Hence, each and every product is valued in terms of its customer value.