3.2 value and value equity

Question 1

Woodruff: Customer value is

Answer 1

is a customer’s perceived preference for and evaluation of those product
attributes, attribute performances and consequences arising from use that facilitate (or block) achieving the customer’s goals and purposes in use situations.

Question 2

Customer value is: 5 bullet points

Answer 2

• Perceived by consumers (vs objective)
• Personal; depends on needs, knowledge, experience and resources
• Specific to a use situation
• Linked to a product or service (vs value in general)
• Experiential; value is not in product as such, but in the consumption experiences derived from it

Question 3

Means end chain can explain and tell how much value is so MEC is

Answer 3

customer perceived value.

Question 4

Values in Rokeach value survey
Terminal values:

Answer 4

: preferred end states of being
- Comfortable life
- Equality
- Happiness
- Wisdom

Question 5

Values in Rokeach value survey

Answer 5

Instrumental values: preferred modes of conduct
- Polite
- Cheerful
- Clean
- Independent