Define customer value ?
In today's competitive business environment it is essential for all business organizations to formulate and bear the best customer value. This applies to all types of business organizations.
Customer value is the increased benefit that a customer gains by using a product after being paid as a reward. The term value refers to the benefits a customer gets from a product. Value is not only based on the money a customer spends but also the time it takes to receive a purchased product and the interactions with customer service officials. Customer value can be enhanced when companies find ways to deploy their critical skills with the customer’s primary concerns. It is contingent on three elements namely quality, service and price.
Step by step
Solved in 3 steps
