Total Customer Cost Definition and Explanation PDF Download
Learn Total Customer Cost definition in marketing with explanation to study “What is Total Customer Cost”. Study total customer cost explanation with marketing terms to review marketing course for online MBA programs.
Total Customer Cost Definition:
Bundle of costs customers expect to incur in evaluating, obtaining, using, and disposing of the given market offering, including monetary, time, energy, and psychic costs.
Principles of Marketing by Philip T. Kotler, Gary Armstrong
Total Customer Cost Explanation:
Absolute client cost is the finished parcel or expenses a client hopes to pay in the investigating, purchasing, acquiring and keeping up of a given item or administration. For instance, a client purchasing a portion of bread hopes to spend little in the method for research and support, though a client purchasing another vehicle has the desire that costs will keep on collecting through yearly investigations, fuel expenses and upkeep. A business considering the all-encompassing expenses of client buys in deciding absolute client cost has preferable command over deals over an organization disregard complete expense. For instance, a shaving razor organization can set low basic costs for its items to urge more clients to purchase, however charge a more expensive rate for substitution cutting edges. Conversely, a business charging high basic costs alongside high costs for new parts may lose clients since shoppers would prefer not to pay the expanded all out cost when a less expensive elective exists.
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