Value and Relationship Quality

Consumers choose goods and services based on the assumption that they will be rewarded with value and satisfaction. Consumption is the process by which goods and services are used and assigned a level of value by the consumer.

Quality + Price + Customer Service = Value and Satisfaction\

 That level could be positive, if the customer was satisfied, or it could be negative if they did not find any value in their purchase. Marketers have to provide the right combination of quality, price and customer service in order to give customers positive value and satisfaction. That will in turn create happy, loyal customers. The formula looks like this:

If a product/service is provided that has low quality, and a high price, that does not create a happy, satisfied customer. At the same time, having a great product at the best possible price means nothing if the customer is treated badly, or not provided with the opportunity to return unwanted items.

by Mkt Teachers