What does customer value refer to?

Customer value is fundamentally about how customers perceive the benefits they derive from a product relative to the costs they incur, which is often captured in terms of satisfaction. When consumers evaluate a product, they consider various factors including quality, functionality, and emotional satisfaction. The correct answer reflects this understanding that customer value is primarily about a customer’s assessment of how well a product meets their needs and expectations, which leads to overall satisfaction.

In the context of the other potential answers, while brand loyalty and emotional connections can influence customer value, they are not the definition itself. Price, on the other hand, is just one of many factors in the value equation and does not encompass the entire concept of customer value.