Creating and Sustaining Customer Value
Published: 2011
Author(s) Name: Surabhi Singh
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Abstract
This paper focuses on the significance of creating value proposition for the customer and maintaining the glorious long term association. The purpose of a business is to create and keep a customer. If a business successfully creates and keeps customers in a cost-effective way, it will make a profit while continuing to survive and thrive. If, for any reason, a business fails to attract or sustain a sufficient number of customers, it will experience losses. Too many losses will lead to the demise of the enterprise. Hence creating the bundle of value for the customer and retaining the customers is of utmost importance as the brand image of the company gets enhanced.
Changing the economic characteristics of the product, a market, or an industry – by creating utility, or pricing, or adaptation to the customers social and economic reality, truly represents the value to the customer. As always, a satisfied customer is a happy customer and will be loyal.
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