Final answer:
Customer value reflects the perceived worth or satisfaction a customer gets from a product or service compared to the price they pay for it.
Step-by-step explanation:
Customer value reflects the relationship of a combination of benefits or utilities relative to a specific price, or what the customer gets for what she gives. In other words, customer value is about the perceived worth or satisfaction a customer receives from a product or service compared to the price they pay for it.
For example, if a customer purchases a smartphone for $500, they expect to receive certain benefits such as advanced features, high-quality performance, and reliable customer support. If the customer believes that the benefits they receive are worth more than the price they paid, then they perceive a positive customer value.
On the other hand, if the benefits received are less than the price paid or the customer perceives that the price is too high, the customer value may be negative, leading to dissatisfaction and potential loss of business.