(Customer) Value
– Difference between “value gained by owning and using a product” and “cost of obtaining the product”
– Value gained not necessarily monetary
– Similarly cost of obtaining not necessarily monetary
– Customers act on perceived value [and perceived cost]
(Customer) Satisfaction
– Perceived performance relative to expectations
Quality
– Closely related to satisfaction
– Narrow definition: no defects
– Broad definition: ability to satisfy customer needs [circular definition!]