UGM June 2019 Q13
- Option : B
- Explanation : Customer value is defined as the ratio between the customer’s perceived benefits (economic, functional, and psychological) and the resources (monetary, time, effort, psychological) used to obtain those benefits. Perceived value is relative and subjective.
For example, the perceived value of customers who visit a famous art gallery varies, based on their knowledge, involvement, understanding abilities, and other situational factors. Customers who are artists perceive differently to that of art lovers and both to that of ordinary tourists. Some may perceive exceptionally high value and some may get dissatisfied by comparing costs including opportunity costs against the value they could perceive from the art gallery. Many customers visit McDonald’s restaurants to purchase standard, inexpensive meals from franchise owners. The employees are systematically trained by McDonald’s Corporation to deliver the company’s four core standards: quality, service, cleanliness, and value. Customers flock to McDonald’s outlets repeatedly because the restaurants are uniform, customers know what to expect and feel that they are getting value for the resources they expend.
