To survive in a competitive global environment, an organization must provide targeted customers more value than its competitors, as customer value is the difference between all the benefits derived from a total product/service and all the costs of acquiring those benefits. For instance, owning a car can provide a number of benefits, including flexible transportation, image, status, pleasure, comfort, and even companionship. However, securing these benefits requires paying for the car, gasoline, insurance, maintenance, and parking fees, as well as risking injury from an accident, adding to environmental pollution, and dealing with traffic jams and other frustrations. It is the difference between the total benefits and the total costs that constitutes customer value. Thus, providing superior customer value requires the organization to do a better job of anticipating and reacting to customer needs than the competitor does.
However, providing superior value and anticipating today’s evolving consumer needs requires deep understanding of the emerging consumer networks, which in turn requires thorough understanding of the behavioral principles that guide the different...
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