ABSTRACT
This chapter explains how companies enable customers to experience value. Customer Relationship Management is the core business strategy that aims to create and maintain profitable relationships with customers, by designing and delivering superior value propositions. Physical risk is when the customer feels that there may be some bodily harm done by the product. Social risk is felt when customers feel that their social standing or reputation is at risk. Value-in-use holds that value is realized only when customers possess, use, consume or interact with the good or service. Customization means that companies have to be aware of, and responsive to, customers’ differing requirements, information that should be kept current in a customer database. Mass customization means that an organization is able to offer customized value propositions to individual customers on a massive scale. Companies may make products, but customers do not buy products. Customers buy solutions to their problems.
