Question

Intense competition in today's fast-paced domestic and global markets has caused massive restructuring of many american industries and businesses. today's managers are seeking ways to achieve success in this new, more dynamic, and globally-focused marketplace. "customer value" can be defined in many ways depending on the needs and wants of the firm's target market. three common ways of providing customer value are by providing the best price, the best product, or the best service to the customer. firms must determine how they can consistently provide value to their customers as they compete in their marketplace. providing value is important because loyal, satisfied customers are likely to repurchase more over time.

Answer 1

With more companies doing business on a global scale, companies are getting massive and competition getting keener. As always, the most successful businesses offer the best the best value to their customers, which produces loyalty. Price, product, and service are three factors that determine value.