CHAP 1 CREATING AND

CAPTURING CUSTOMER VALUE

Marketing Process
Needs Wants and Demands
Customer Value and Satisfaction
 Value is when a consumer perceives that they will
get a good deal from the company, brand, product
or service.
 To put this in more marketing terms, the consumer
will see value when the benefits they expect to
receive exceed the expected costs and effort
involved in acquiring the product
Take the example of two bottles of Coca-Cola; one being a large family size
and the other being an individual serving size. In supermarkets, in
particular, the family size bottle sits on the shelves at room temperature,
whereas the smaller size is in a refrigerator near the checkout.
If we take the view that value is simply how much I get for what I pay, this
situation makes no sense at all. It only makes sense when you think about
the range of benefits that the consumer will receive from a particular
purchase.
 In this case, the benefits received from the smaller bottle purchase are:

 convenience, easy to carry, easier to fit in a bag,

 less socially conspicuous,

 less wastage, and

 more refreshing.
Therefore, because the smaller product, in many ways provides a greater
range of benefits for an individual, consumers will be willing to purchase
such an item, even though on a straight value for money (on a quantity
basis) it is not as attractive as the larger family size bottle.

So the key question, when considering customer value, is: “Which product
offering better suits my needs?”