Econonmics Essay

359 Words2 Pages
When purchasing goods there are several reasons why customers choose what products are more likely to fit their needs. Some include the benefits and cost associated with buying certain products and making a decision based off economics and or emotions. Customer value is the difference between the benefit in what consumers see in a marketing offer and the cost of obtaining those benefits. For example, a customer plans to buy a wrist watch but before he or she makes the purchase the cost and benefits of that purchase may become a comparison. Some will likely choose the watch because of such benefits as status, attractiveness, or durability. On the other hand, cost can play a role in the decision of consumer value and many will weigh other options such as the price, warranty or maintenance repairs. While many customers rely on what benefits of their choice, they also consider cost when viewing product offers. Likewise, another point of concern or interest could be a weight loss supplement. Many consumers are not overly concerned about the cost as they are seeking benefits in what the product can do as far as losing weight or how their body may be attractive to others in the process. In the same manner, other examples include the benefits and cost of a luxury cruise liner. Most will enjoy the higher cost as it satisfies the desired gain of pleasure, relaxation and excitement but it can also have opposite effects such as the fear of boarding a ship. Lastly, one can relate customer value to obtaining a checking account in a bank. Some advantages or benefits include being able to manage your money or the ability to have convenience to take out cash when needed. Others might view it as a disadvantage or a waste of time to go to the bank and a hassle with dealing with checks. As noted in. A consumer is likely to be more satisfied when the customer value is higher and when
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