When the customers have so many choices to choose from to satisfy a particular need, how do they choose from among these many products?
Value and Satisfaction
When the customers have so many
choices to choose from to satisfy a particular need, how do they choose from
among these many products? They make their buying choices based on their
perceptions of a product’s value. The guiding concept is customer value. A
customer will estimate the capacity of each product to satisfy his need. He/She
might rank the products from the most need-satisfying to the least
need-satisfying. Of course, the ideal product is the one which gives all the
benefits at zero cost, but no such product exists. Still, the customer will value
each existing product according to how close it comes to his/her ideal product
and end up choosing the product that gives the most benefit for the rupee – the
greatest value.
Tags : MARKETING MANAGEMENT - Marketing Concepts
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