Customer Value, Satisfaction and Quality:

Customer Value: The difference between the values the customer gains from owning
and using a product and the costs of obtaining the product.

e.g.
KFC is an well known brand for it's fast paced service. For buying KFC's food,
customer will think about food content and the values against the money, effort and
compare KFC's with HELVETIA and BFC - and select the one that gives them the
greatest delivered value.

Customer Satisfaction: The extent to which a product's perceived performance

matches a buyer's expectations. Customer might be dissatisfied or satisfied.
- If the product's performance falls short of expectations, the buyer is dissatisfied.
- If performance matches or exceeds expectations, the buyer is satisfied or delighted.

Customer satisfaction depends on a product's perceived performance in delivering

value relative to a buyer's expectation. Smart companies aim to delight customers by
promising only what they can deliver, then delivering more than they promise.

e.g.
A customer of KFC's expects quality food within short period of time after placing
their order. If they get their food in hand within their expected time then they
become satisfied. Otherwise, dissatisfied.

Total Quality Management: Programs designed to constantly improve the quality of

products, services, and marketing processes.

A company achieves total quality only when its products or services meet or exceed
customer expectations. Thus the fundamental aim of today's total quality movement
has become total customer satisfaction. Quality begins with customer needs and
ends with customer satisfaction.