Which of the following statements are true in context of customer value and satisfaction concept?

(A) Value perceptions increase with quality, service and price

(B) Customer value triad is primarily a combination of quality, service and price

(C) Marketing is the identification, creation, communication, delivery and monitoring of customers value

(D) If the perceived performance of the product matches with perceived expectations, the customer is delighted

(E) Satisfaction reflects a person's judgement of a product's perceived performance in relation to expectations

Choose the correct answer from the options given below

Question

Question

This question was previously asked in

UGC NET Paper 2: Management 29 Oct 2022 Shift 2

Answer 1

The correct option is

(B) Customer value triad is primarily a combination of quality, service, and price

(C) Marketing is the identification, creation, communication, delivery, and monitoring of customers' value

(E) Satisfaction reflects a person's judgement of a product's perceived performance in relation to expectations

Key Points

Customer value

Customer value is the benefit that the customer gets from a product in comparing its cost
organization has a strong focus on customer value will form a sustainable competitive advantage.
customer is valuing a product based on how their requirement is met by the product and they compare the cost incurred for the same with their value.

Customer satisfaction

Customer satisfaction is nothing but the reflection that how the customer satisfaction with the product
if the product meets the requirement of the customers and they are happy with its usage bans are considered customer satisfaction
customer satisfaction achieving not only from sales but also from after-sales services.Eg-product which required service during their lifetime such as electric products.

Hence the correct answer is

(B) Customer value triad is primarily a combination of quality, service, and price

(C) Marketing is the identification, creation, communication, delivery, and monitoring of customers' value

(E) Satisfaction reflects a person's judgement of a product's perceived performance in relation to expectations