When buying your first car, you choose to buy a used Mazda 3 from a dealer rather than a slightly cheaper Mazda 3 advertised privately. Your mum thinks you made a good choice, but your dad thinks the privately advertised car would have been a better deal. Why is there a difference in opinion?
A) Value means different things to different people.
B) Value can be based on perception.
C) Value can be a comparison of the benefits a customer receives from a product in relation to its price.
D) Value can include product quality and after sales service.
E) All of the options listed.

Question

Quizplus · Accepted Answer

recognise that marketing involves a mutually beneficial exchange of value. Value is a customer's overall assessment of the utility of an offering based on perceptions of what is received and what is given. Some marketers view this simply as a ratio between quality and price. This is the economic view of value. According to this view, value is a comparison between what a customer gets and what a customer gives; in other words, the benefits a customer receives from a product in relation to its price. Other marketers view value as unique and determined by the beneficiary. According to this view, value is idiosyncratic, experiential, contextual and meaning laden.

When Buying Your First Car, You Choose to Buy a Used