Are customer satisfaction and customer value interdependent or mutually exclusive? Can satisfaction occur simultaneously with low customer value?
It is my belief that customer value and customer satisfaction are interdependent. Customer value must exist on some level for there to be customer satisfaction.
Customer value is defined in our textbook (MKTG) as “the relationship between benefits and the sacrifice necessary to obtain those benefits.” This means that customers will value goods and services based on their expected quality of the good, and based on if the good is sold at the price that they’re willing to pay. So if a customer pays the amount that they expect to pay for a good or service and get the quality that they expect from the good or service there is customer value. Therefore, if a customer paid a high price for an item they expect a good quality item, whereas if the customer pays less for an item, they probably expect it to be of a lesser quality. For instance, if one were to buy a car they can either buy new or used. They probably have higher expectations for a new car then they do for a used car, but they would also have to pay a higher price for a new car than a used car. Even in buying the used car there is still customer value if the quality met the customer’s expectations in accordance to the price.
Customer satisfaction is defined by our textbook as “customers’ evaluation of a good or service in terms of whether it has meet there needs and expectations.” More simply put, customers are satisfied if after they receive a good or service it holds up to their expectations and needs. Unlike customer value, it doesn't have to do with price. An item could be cheap but leave a customer unsatisfied because it doesn't meet up to their needs and expectations. Drawing back on the new/used car example, a customer would be satisfied with car if their needs and expectations were met. If the customer bought the used car but it turned out to be a lemon they would be dissatisfied because the car didn’t meet their needs or expectations.
I don’t believe that a customer could be satisfied with a good or service if there is low customer value. Can you think of a time where you have been satisfied with a good or service when you've had low customer value?