Marketing Management 3(2+1)

Lesson 02 : Marketing, Selling and Merchandising

Value, Cost and Satisfaction

In choosing product its value and price or cost is greatly considered. Value is the consumer’s estimate of the product’s overall capacity to satisfy his or her needs. It is the satisfaction of the customer when he owns the product and can use it at the lowest possible cost. Marketers must be careful to set the right level of expectation. Customer's value and satisfaction form the building blocks for developing and managing customer relationships