Consumer value is the relationship between benefits and sacrifices of quality and price of a quality product. Quality is a product/services aptitude to convene customer satisfaction. Quality is difficult to classify, and it varies with each consumer.
The product includes all the specification that are required. It also includes safety procedures. Having high quality product will send out right message to the consumers.
Consumers choose goods and services based on the assumption that they will get high quality product with all requirements. Marketers have to provide the right amalgamation Of price, quality and consumer service in order to give consumers response in a positive way. If the product is of low quality, then the consumer will give response or reviews in a downbeat way.
Attributes of a superior quality product:
It must have high feat.
It must be consistent, long-lasting.
It must have the quality of good service ability i.e. to maintain it in an easy way by consumer.
The presentation and brand must be maintained.
Services provided by a quality product:
Services are performed in a punctual manner.
It must provide assurance to the consumers.
It must offer special attention to every consumer.
Highly durable, safety-focused and comfortable product will be cordially accepted by the consumer. This could lead to improved productivity. The relationship between price and quality has been a central focus on consumer movements.
In determining what products to purchase and test at a given time, various organisations consider a number of rudiments, including patterns of consumer expenses and expressions of readers interest.
In order to provide ratings to the products depends upon the estimated overall quality without consider to price.
The stronger the quality-product beliefs, the more likely the consumer will be pleased. In the competitive situation higher the price reflects higher the unit cost of production.