What are the elements of customer value and what are the thr

What are the elements of customer value and what are the three ways to improve value?

Solution

The main elements of customer values can be defined as below:-

Key participants

Revenue System

Key activities

Key resources

Cost stream

Customer relations

Apart from the above-stated elements, a point of parity is of equal significance as if there are some shortcomings in the product which are provided by the competitors, then there is a greater chance that customer will switch to that competitor in order to find out the things which are offered by the competitor.

Point of difference is also important as it is very important for a brand to have some kind of differentiation that they can have a better image than a competitor and thus attracting the customers.

The three strategies which can be utilized to increase the customer values are as below:-

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