March 15, 2011

Customer value and Satisfaction

Cunsumers usually face a broad array of products and services that might satisfy a diven need. How do they choose among these many marketing offers? Customers form expectations about the value and satisaction that various marketing offers will deliver and buy accordingly. Satisfied customers buy again and tell others about their good experiences. Dissatisfied customers often switch to competitors and disparage the products to others.
Marketers must be careful to set the right level of expectations. If they set expectations too low, they may satisfy those who buy but fail to attract enough buyers. If they raise expectations too much, buyers will be disappointed. Customer value and customer satisfaction are key building blocks or developping and managing customers relationships. We will revisit these core concepts later in the next posts.

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