Customer Value can be defined as the perception of what an organization product is worth to a customer Vis-à-Vis, versus the value the clients might get when they purchase products or services offered by rival firms. In other words, customer value is the feeling a customer gets when they are getting the value for their money when they purchase a product (Maiyaki & SMokhtar, 2011). A few years ago, I worked in Wal-Mart, which happens to be the biggest chain stores in the world. The organization has mastered the art of maximizing its customer value. Many factors have helped influence Wal-Mart’s ability to optimize its customer value. One factor is that Wal-Mart is a big organization that enjoys several economies of scale and these makes it possible for the organization to price its products and services competitively (Roger, Ndjodo, Lopez, & Ghislain, 2010). These low prices make it possible for the organization’s customers to feel they are getting value for their money when they purchase a product from one of Wal-Mart stores. Another factor that has enabled the organization to achieve this objective is the ability of the organization to employ highly skilled employees who can cater to the needs of their clients fast.
Wal-Mart has systems that help ensure its operations run efficiently and without any errors that can compromise the quality of services and products sold to clients. These systems also work in making sure that client satisfaction is attained. The organization has a system that only ensures that it operates under the six-sigma concept that aims at minimizing errors and inefficiencies while increasing customer value and satisfaction. This is what has enabled the organization to have a big customer following in all its stores across the United States and beyond.
Maiyaki, S SMokhtar(2011) The Relationship Between Service Quality And Satisfaction On
Customer Loyalty In Malaysia Mobile Communication Industry School of Doctoral Studies (European Union), 32 – 38.
Roger, M. F. Ndjodo, A. C. Lopez, A. A. Ghislain, (2010), Knowledge Management-Driven
Business Process And Workflow Modeling Within An Organisation For Customer Satisfaction, International Journal Of Engineering Science And Technology (IJEST), Vol. 2 (12), 7350-7362
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