The role of customer value has been largely recognized over time by the firms as an instrument towards stimulating market share and profit optimization. The customer values for a new product of firm in competitive markets are shaped more by habits, reinforcement effects, and situational influences than strongly-held attitudes. A basic premise of the paper is that the focus should be on maximizing total customer value and customer satisfaction which are inter-dependent in the decision making process towards buying new products. The framework of the construct is a proposed model which integrates all aspects so as to maximize the potential of the organization and all its subsystems to create and sustain satisfied customers. The discussion in the paper on the customer value gaps in the process of marketing new products and explores the possible situations that may lead to lower the customer value. The model discussed in the study has been subject to empirical testing through analysis of data collected from 369 respondents purposively selected. The study was conducted in the 11 retail auto service stores located in Mexico City.
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Paper provided by EconWPA in its series Econometrics with number
0508012.
Find related papers by JEL classification: B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Estimation C44 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: Special Topics - - - Statistical Decision Theory; Operations Research C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation D11 - Microeconomics - - Household Behavior - - - Consumer Economics: Theory M21 - Business Administration and Business Economics; Marketing; Accounting - - Business Economics - - - Business Economics M31 - Business Administration and Business Economics; Marketing; Accounting - - Marketing and Advertising - - - Marketing
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