Customer value
Attracting and retaining customers can be a difficult task. Customers often face a bewildering
array of products and services from which to choose. A customer buys from the firm that offers
the highest customer-perceived value – the customer’s evaluation of the difference between
all the benefits and all the costs of a market offering relative to those of competing offers. Importantly, customers often do not judge values and costs ‘accurately’ or ‘objectively.’ They act
on perceived value.