What do value expectations encompass?

Value expectations refer to the range of perceptions that customers have about the services they receive, specifically relating to what they consider minimally acceptable standards along with their desired outcomes. This concept reflects the balance between the basic expectations that customers have for a service and their aspirations for an ideal experience.

When customers enter a pharmacy, they typically have certain standards based on their past experiences, market norms, and personal preferences. They expect at least a minimum level of service quality, which constitutes the baseline of their value expectations, while they also hope for an outcome that exceeds those standards. Thus, understanding value expectations is crucial for managing customer satisfaction and loyalty, as it informs pharmacies how well they align their services with customer desires.

While customer satisfaction ratings, the average customer experience, and service quality limits are related concepts, they do not fully capture the dual nature of value expectations as both the minimum acceptable and the aspirational outcomes. These other aspects are typically seen as outcomes of managing value expectations rather than definitions of what those expectations encompass.