Thursday, February 18, 2010

Meaning of Value, Satisfaction and Quality in Marketing

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Meaning of Value, Satisfaction and Quality in MarketValue, satisfaction and quality are interrelated concept. Because customers focus to value, quality and satisfaction while purchasing the things form the market. To be familiar about these concepts very well below is their details:

i) Value: It is the ratio between what the customer gets and what he gives. The customer gets benefits and gives costs. Product choice is guided by the value provided by the product.
• Benefits of customer may be functional and emotional
• Cost of products can be monetary, time, energy and psychic.

Marketing should provide value to the customers by raising benefits and reducing costs.

b) Satisfaction: It is the customer’s perceived performance from a product in relation to the expectations.

The customer is dissatisfied if the performance matches the expectations; delighted if the performance exceeds expectations. Marketing aims for total customer satisfaction by matching product performance with expectations.

c) Quality: Quality is perception of product excellence by customers. It is linked to customer need satisfaction. Organizations adopt the concept of Total Quality Management (TQM). They continuously improve the quality of their products for customer satisfaction. Everyone is committed and involved to satisfy customer needs though quality improvement.

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5 comments:

  1. When a product's performance falls short of expectation, the buyer "dissatisfied".
    When a product's performance matches or meets the consumer's expectation, the buyer is "satisfied".
    When a product's performance surpasses or exceeds the consumer's expectation, then the buyer is "delighted".

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