Value, Satisfaction and Quality

Customer value is the difference between the values that the customer gains from owning and using a product and the costs of obtaining the product. Customers do usually judge product values and costs accurately or objectively they act on perceived value. Customer satisfaction depends on a product's perceived performance in delivering value relative to a buyer's expectations. If performance exceeds expectations, the buyer is delighted (certainly a worthy goal of the marketing company). The term total quantity management (TQM) is an approach wherein programs are designs to constantly improve the quality of products, services and marketing processes. In a narrow sense, quality means "freedom from defects." However, total quantity satisfaction by the customer is a preferred interpretation.