This document discusses key concepts relating to customer value, satisfaction, and loyalty. It defines total customer benefit as the actual benefits of a product or service to the customer. Total customer cost refers to the monetary, time, energy, and psychological costs of a product or service. Perceived value is determined by the difference between total customer benefit and total customer cost. Customer satisfaction results from a product or service offering more benefits than costs and competitive advantages over alternatives. Satisfaction leads to customer loyalty, which in turn leads to company profits.