What Are The Value, Satisfaction And Quality Of A Product?

Customer value is the difference between the values the customer gains from owing and using a product and the costs of obtaining the product. For example, FedEx customers gain a number of benefits the most obvious being fast and reliable package delivery. However, when using FedEx customers also may receive some status and image values. Using FedEx usually makes both the package sender and the receiver feel more important.

When deciding whether to send a package via FedEx, customers will weigh these and other values against the money, effort, and psychic costs of using the service. Moreover they will compare the value of using FedEx against the value of using other shippers Airborne, the U.S Postal Service and select the one that gives them the greatest delivered value.
Customer satisfaction depends on a product's perceived performance in delivering value relative to a buyer's expectations. If the product's performance falls short of the customer's expectations, the buyer is dissatisfied.

Customer satisfaction is closely linked to quality. In recent years, many companies have adopted total quality management programs, designed to constantly improve the quality of their products, services and marketing processes. Quality has a direct impact on product performance and hence on customer satisfaction.