Barter is the exchange of goods, services, and ideas without the use of money. B. The Customer's Value Equation 1. Customers weigh what they expect to get from a marketer against what they expect to give in exchange. From the customer's perspective, value is the ratio of perceived benefits to perceived price. Marketers can increase perceived value by increasing the perceived benefits or by lowering the perceived price.
Perceived benefits are anything customers believe they receive from the overall value package.
The perceived price may include the time, inconvenience, and extra money a customer must invest to buy a product. Customer perceptions of value drive the marketer's pricing process. Marketers can sell only at a price customers are willing to pay for perceived value. The value equation changes as customer needs change, products and benefits change, and prices change. Also consider what customers might substitute for your product.