The business practice wherein companies operate with the understanding that products provide value in multiple ways is called the _____.
A) augmented product concept
B) total value concept
C) marketing concept
D) product concept
E) multifaceted product concept

Question

Quizplus · Accepted Answer

The total value concept is the business practice wherein companies operate with the understanding that products provide value in multiple ways, such as through their features, durability, reputation, and other intangible benefits. This concept emphasizes the importance of understanding the entire customer experience and tailoring products to meet their needs and preferences beyond just the physical attributes of the product itself.

The Business Practice Wherein Companies Operate with the Understanding That