CUSTOMER PERCEIVED VALUE

Customer Perceived Value

Relationship Marketing

Task 1: Literature Review

Marketing and Service Quality

Marketing is typically understood as activities aimed at satisfying the desires and wishes of customers through the processes of change or understanding and prediction consumer needs, integration of resources, measures and actions the organization to profitable, efficient delivery and communication of relevant goods and services more efficiently than competing organization. In both of these definitions emphasis is on understanding and meeting the needs of consumers through replacement transactions. That is why this marketing philosophy is often called transactional marketing (Bansal, 2001, pp. 76). The activities of companies in a competitive environment are subject to appear in their surrounded by the variety of constraints and extortion.

Related to service quality is the concept of customer satisfaction. Writers and practitioners in the popular urge incline to apply the term quality interchangeably and satisfaction, but scholars have endeavoured to be accurate about the measurements and meanings of the 2-concepts, leading in significant argument. Though, the two concepts have some common things, satisfaction is generally deemed as a wider phenomenon. However, service quality emphasizes on service's dimensions. On the basis of this view, service quality is an element of customer satisfaction. Researchers have proposed that service quality offers a superior indicator of clients' satisfaction and indicates that service quality can be influenced clients' satisfaction. All over, frequent satisfaction with service meets effects in a service quality's perception.

Source: (Zeithaml et al. 2006, p.107)

The global society has given priority to the quality of goods and is responsive to better services today. Low quality products together with lower than expected services reduce the customers' trust in producers of goods and providers of services. Evaluating the quality of services is an essential prerequisite for a better planning for the organizations' services. Today, quality is defined by what the customers want, and their perceptions and expectations are the most important factors in determining the quality. Customers and service receivers compare the quality of goods and services with their own perceptions and expectations and thus evaluate them. Parasuraman, et al (2005) believe that perceptions indicate the customers' evaluation of the quality of services provided, and expectations are the same as the customers' wants and reflect their feelings about what services should be like in reality. Quality is a term meaning different things to different people. We have to have a clear understanding of the concept of quality to improve services. Defining quality is not just important from a conceptual point of view; it is also an incentive to direct the service provider to attain greater quality (James, 1992,, 356).

Customer Perceived Value

Perceived customer value is a marketing and branding related concept that points out that success of a product is largely based on whether customers believe it can satisfy their needs. This phrase emphasizes that when a company develops its brand and markets its products, customers ultimately determine how to interpret and react to marketing messages. Companies spend significant time researching the market to get a sense of ...