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TOPIC 2 STRATEGIC MARKETING - PERSONAL APPLICATION

TOPIC 2  STRATEGIC MARKETING - PERSONAL APPLICATION

Q Value has different meanings to different people. To some it means the price of certain goods and to others it means benefit. It also means the worth of something. That is why we can relate with the term “value for money”. Value is created by a focus on processes and systems as it is set by the mind and culture. Customer Value explains the level of satisfaction of the customers towards the business ("Customer Value: What it Means and How to Create It [5+ Ideas]", 2020).

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Companies create value for customers by providing quality products. Customer worth explains whether the customer feels that he/she have received the benefits and services over what he has paid. So, we can say Customer Value = Benefits – Cost.