Next - Customer Satisfaction & Monitoring Satisfaction of Customers - https://www.youtube.com/watch?v=NjjX8YruseM Prev - Market Research Process - https://www.youtube.com/watch?v=mkEOGRakQ0s Playlist - Marketing Course - https://www.youtube.com/watch?v=BKuvAr7gdpw&list=PLvDdvz8B_JZv3c4nI-KTOjxi6y4JNrr4l&index=1 Building Customer Value refers to the efforts that an organization puts on its best customers to boost customer value and grow their business. Customer Value refers to the perception of a customer about the worth of a product or a service against its possible alternatives. In simple terms, Customer Value means whether the customer feels he has benefited from the product or service over what was paid for it. Traditional Organization vs Modern Organization Traditional Organization refers to a hierarchical business structure where the power is concentrated at the top and flows upward and the employees follow a chain of command Modern Organization refers to an organizational structure where power is distributed vertically amongst everyone and people collaborate and network together to get the work done. In a Traditional Organization pyramid, the top authority is at the top followed by middle management, frontline people, and customers at the lowest level whereas in a Modern Organization the pyramid is reversed with customers at the top followed downward by frontline workers, middle management, and lastly top management. Example – Listening to Customer 1. Tesla 2. McDonald Value and Customer Perceived Value Value refers to the relationship between perceived costs and perceived benefits. Customer Perceived Value refers to the difference between a customer’s assessments of the total gained benefits after buying a product and the cost incurred for it Total Customer Benefits refers to the perceived monetary value of the various benefits that a customer expects from a given market Total Customer Costs refer to the complete cost that a customer expects to incur in evaluating, obtaining, using, and disposing of a given product. Example – Increased Customer Benefit 1. One Plus 8 Pro Example – Reducing Customer Cost (Time and Energy) 1. Amazon Prime This video is about building value for the customer. It also describes customer perceived value. It has the following sub-topics Time Stamps 0:00 Introduction 00:14 Traditional Organization vs. Modern Organization 01:19 Example: Listening to Customer 02:09 Value and Customer Perceived Value 03:02 Example: Increased Customer Benefits 03:40