Customer Value: The procedure of marketing facilitates the exchange of products and services between the buyers and the sellers. The buyers, however, make buying decisions on their perceptions of the value of the product or service in fulfilling they require, in relation to its cost.
A buyer analyses the cost and the satisfaction that a product provides before buying it. When he/she finds that the satisfaction that it provides outweighs the cost factors, only then he/she buys it.
The seller should produce the product keeping in view this propensity of the consumer. A seller who does not pay concentration to the significance that a buyer pays to a product is sure to lag behind in the race of competition.
A product will be purchased only if it is perceived to be giving maximum advantage or value for the money. The job of a marketer, therefore, is to add to the value of the product so that the customers favour it in relation to the competing products and decide to purchase it.