Customer Perceived Value

Service quality is referred to a valuation of how good a delivered service meets the customer’s expectation. Upper management

14. What is the perceived monetary value of the bundle of economic, functional, and psychological benefits customers expect from a given market offering because of the product, service, people, and image?

Customer Value is ‘the performance characteristics, features and attributes, and any other aspects of goods and which customers are willing to give up resources’ (Robbins, Bergman, Stagg and Coulter, 2012). This broad definition highlights the fact that there are multiple aspects that contribute to create a sense of value within the customer.

Before i go further let me touch on a brief introduction on customer value, customer value can be defined as the difference between what a customer gets from a product and what he or

Having customer value is very important. Customer value is determined by customers’ perception of what they get in exchange for what they have to give up. In order to meet the buyer’s expectations, the salesperson must be fully honest and lead the buyers at their best interests and needs.

Then the report describes the theoretical aspects of the study in the literature review. This section mainly consists of brief description about different important topics about customer value marketing.

The categories of value creation on which Best Value currently relies most on are product quality, quality of the buyer seller relationship, service quality, salesperson professionalism, corporate reputation, application of technology, and price. BestValue has demonstrated, by their customer reviews, that the quality of their products exceeds their customer’s expectations. The company has also demonstrated that they have been able to develop relationships with their customers that are based on trust. This trust has been demonstrated by BestValue salesperson who explains to their customers what to expect from their products and services. Customers who have trust in a company become loyal long time customers (Blocker, 2012). The salesperson has a level of professionalism and integrity that provides value to the company. Because of the company’s quality products and their ability to leverage the professionalism of their sales team the company has built a reputation of a company that not only exceeds expectations but is a company with integrity and can be trusted. In addition to BestValue’s quality and professionalism they also offer a wide range of technology products and services at reasonable price ranges.

Customer value can be defined as what the customer obtains or benefits from the purchase and use of a product versus what they pay for or sacrifice (Gale 1994; Heard 1993-94; Zeithaml 1988). There are four types of customer values, for instance the functional or instrumental value, experiential or hedonic value, symbolic or expressive value and cost or sacrifice value (Smith & Colgate, 2007).

Source : Adapted from A. Parasuraman, Valerie Zeithaml, and Leonard Berry, “A Conceptual Model of Service Quality and Its Implications for Future Research,” Journal of Marketing, 49 (Fall 1985)

Marketing is a management function which involves creating, communicating and delivering value for an organisation’s customers (Kotler, Brown, Burton, Deans & Armstrong (2010). Although many earlier academics define marketing as merely a process of satisfying customer needs in order to gain profits, more recent developments of the definition include its inherent connection with delivering superior value to customers in order to maintain ongoing relationships (Webster, 1992).

Customer satisfaction and service quality are the two important components that direct anyone’s attention in every concept related to marketing, services, etc. (Spreng and Mackoy, 2006). In today’s competitive era, the success lies in

(2004) 'Customer Satisfaction, Service Quality and Perceived Value: An Integrative Model', Journal Of Marketing Management, 20, 7/8, pp. 897-917 ). I will use to develop the level of fine dining segment. I would be interesting to explore factors influences customer willing to pay for quality service. I would also seek the relationship of quality employee impact to customer repeat purchase patronage

Researcher’s trust that the service quality theory depends on the literature of client satisfaction and product quality. In other words, service quality can be defined as the customer’s overall journey of experience with the product, which can be measured by customer satisfaction while experiencing the service.

A. Wal-Mart realized through third party studies and internal research that the Chinese customer were significantly more cost-sensitive than those in other countries and that there existed a strong, established culture of frequently shopping around to find the absolute lowest prices. Through these studies, Wal-Mart also realized that customer satisfaction level greatly influenced customer loyalty in China. The greatest determinant of this satisfaction was made up of perceived value. The perceived value is composed of three sub factors: (1) Product price, (2) Relative price and (3) Promotion. The other factors for customer satisfaction in descending order of its importance are Image,

Service quality represents a fundamental aspect of delivery, which strongly influences consumer satisfaction and, as a result, loyalty. In today’s global market a customer’s service expectation has to be met and exceeded eventually in order to retain customers as well as achieve success. Perceived quality of a product or a service is becoming one of the major competitive factors in the business world and has led to the innovation of the ‘Quality Era’ (Peeler, 1996). In simple words, the comparison of customer expectations with service performance is service quality. On the other hand, customer satisfaction is defined as a pleasurable fulfilment response toward a good, service, benefit, or reward (Oliver, 1997). Both of these