The buyer chooses the offerings that according to his perception deliver the most value, the sum of tangible and intangible benefits and costs. Value, a fundamental sales concept, is primarily a combination of quality, service and price called the customer value triad.
"Perceptions of value increase with quality and service but decrease with price."
"Marketing should be thought of as the identification, creation, communication, delivery and monitoring of customer value."
Satisfaction reflects a person's judgment of a product's perceived performance relative to expectations.
"If performance is less than expectations, the customer is disappointed. If it is equal to expectations, the customer is satisfied. If it exceeds them, the customer is delighted."
The Sales Glossary is a compendium of all the most commonly used terminology in sales strategy. Many of the concepts listed here are used when implementing a CRM system or a digital sales funnel, no matter if they are legacy systems or an online CRM. See also our blog that deals with sales techniques, marketing and sales culture.