Customer satisfaction and customer value are two different ideas. But, I feel like they are interdependent with one another because they have something in common; to benefit their customers.
In our marketing book, customer value is defined as "the relationship between benefits and the sacrifice necessary to obtain those benefits" (pg. 7). Customer value is not simply a matter of high quality. In this case, customers value goods and services that are of the quality they expect and that are sold at prices they are willing to pay. For example, a high quality product that is available only at a high price will not be perceived as a good value or a low quality good selling at a low price. Value all depends on what the customer is looking for and seeing what offers they can get based on different company competitors. For example, I know when I am trying to purchase something I would go to different stores to try and compare the prices of that same product. I mean, why spend more on an item if that same product is being sold somewhere else for much less?
Customer satisfaction is defined in our marketing book as "customers' evaluation of a good or service in terms of whether it has met their needs and expectations" (pg. 9). What this basically means is that failure to meet needs and expectations results in dissatisfaction with the good or service. In this case, customer value does not have to come into play because if they are satisfied with their product then, it doesn't have anything to do with the price. For example, when I got my blackberry I was unsatisfied with the product that the price had something to deal with it because my battery was draining and I had to charge my phone several times a day. But, when I bought my iPhone I was satisfied with the product and what it has to offer. The iPhone has met my needs and expectations more than my blackberry and I could not be happier with the decision I have made.
No, I don't think that satisfaction can occur simultaneously with low customer value because if the customer value is low then I don't think it would turn out to be a good satisfaction rate. I know that for most people if they had low customer value, then their satisfaction would also be low too. Therefore, customer value and customer satisfaction are interdependent since they both have something in common with what they are trying to give their customers.
Do you think customer value would affect more than customer satisfaction when customers are choosing what product they purchase?
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