The document discusses key concepts related to customer value, satisfaction, loyalty and relationship management. It defines customer perceived value as the difference between benefits and costs of an offering compared to alternatives. Steps in a customer value analysis include identifying valued attributes, assessing importance and performance. Loyalty is a commitment to rebuy from a preferred brand. Measuring satisfaction involves surveys, customer loss rates and mystery shopping. Maximizing lifetime value means increasing annual revenue, retention time and profit margins per customer. Customer relationship management uses detailed customer data to improve knowledge, customize interactions and focus efforts on high-value customers.

1. Creating Customer Value, Satisfaction, and Loyalty Marketing Management, 13 th ed 5

4. Figure 5.2 Determinants of Customer Perceived Value Image benefit Psychological cost Personal benefit Energy cost Services benefit Time cost Product benefit Monetary cost Total customer benefit Total customer cost

9. What is Quality? Quality is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.