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    Dr Afua

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    BUS626

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    Business

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Question

  1. Define the concept of VALUE, clearly discuss how value is created and captured, and provide one clear example of value and its creation and capture.
  2. Define what product satisfaction is and provide one clear example of customer satisfaction and its measurement.
  3. Define customer loyalty, explain how organizations attempt to create loyalty through the creation of value, explain how loyalty and satisfaction are related to each other, and provide one clear example of customer loyalty and its measurement.
  4. Discuss how Competitive Advantage can be created and provide one clear example of how a competitive advantage can be created and how it can be measured.
  5. Define and explain what core competencies are, discuss how core competencies are acquired, and provide one clear example of how core competencies can be used to create competitive advantages.
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Solution Preview

Value, in its simplest form, is what a customer gets in exchange for the price that's paid (Anderson & Narus, 1998). A more expanded definition of value would be that value is the "worth of monetary terms of the technical, economic, service, and social benefits a customer receives in exchange for the price" paid for a product/service (Anderson & Narus, 1998).

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