Business:Understand what Customers Value

Article Synthesis

In your own words, define and explain “value” from a customer’s perspective.

In your discussion be sure to explain 1) the different factors that can increase the “value” to a customer for a given product/service, and 2) whether “value” is a tangible or intangible element?

Explain the relevance of customer value models for marketing managers and address whether the benefits provided by a product should be equal, inferior, or superior to the cost paid by the customer for the product. Why/Why not?

Summarize and compare the strategies, techniques, and tools used by BT Products and WW. Grainger to create, communicate, and deliver value to their customers.

Assess the pros and cons for each and identify which one does a better job at mastering the value concepts for profit maximization purposes.