This figure (from the lecture) shows that not only manufacturing creates value. During the whole process value is added and from value, some satisfaction of the customer is generated. From the satisfaction some behaviour follows. From the behaviour in turn the companies earn the money.
The following video is done by some students to explain the concept of customer value in Marketing. It is a very funny video, with serious content.
This video contains important information:
- Starting at 3:00 the term "customer value" is defined
- After that "total customer benefits" and "total customer costs" are analysed
- At 5:50 a definition of "customer satisfaction" is provided