What is customer value, and why is it important to
marketers?
Value is something which is worth compared with its price. Value for one customer can not be the same as another customer. Customer value plays an important role in marketing due to which marketers understand the perception of customer towards product or service. Values stands for honesty, morals, ethics, sustainability, integrity and trust.
Customer Value
Customer value is the perception of customer towards a product or service which is worth for a customer versus the possible alternatives. Worth means a kind of feeling which customer feels that he or she received benefits and services over what was paid.
Customer value can be calculated in mathematically form as:
Where benefits includes quality of product, advantages of ownership, image of company, company brand and affiliation, experience, success from use of the product or service, long term takeaways, etc.
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