ABSTRACT
Consumer perception of value is critical for any product or service provider, regardless of the industry. Consumers seek value in products, but not all consumers view value the same. This naturally leads to market segmentation. Product and service providers, therefore, must address the needs of various market niches to enhance their overall market penetration and share. Profitability for organizations depends on quality, cost, and the timely delivery of their products and services. The most important driver is quality because it can be used to drive down cost for the producer and the consumer, improve productivity, and facilitate fast product-development cycles and short delivery times. Accordingly, the goal of the producer is to deliver a product or service that is reliable and durable and has long-term resale value while creating consumer enthusiasm.
