GENERAL KNOWLEDGE

Detailed explanation-1: -Total customer benefit is the total monetary benefit of the product and the total customer cost is the total monetary costs the customer expects to incur in evaluating, obtaining, and using the product.

Detailed explanation-2: -Customer satisfaction is the difference between the values the customer gains from owning and using a product and the costs of obtaining the product. A firm’s value proposition is the set of values and benefits it promises to deliver to customers.

Detailed explanation-3: -With a consumers’ wants and resources (financial ability), they demand products and services with benefits that add up to the most value and satisfaction. The four types of value include: functional value, monetary value, social value, and psychological value.

Detailed explanation-4: -The perceived value is very different from the actual value of a product. The perceived value is what a customer believes the product is worth. This perception is formed by the opinions of the market and by the benefits that the customer expects to receive if he makes a purchase.