In a competitive market, perceived value is determined by consumers mostly
A)by quantitative analysis of brand personalities.
B)in relation to the value of its close competitors.
C)by weighing primary versus secondary benefits.
D)by trying out different products.
E)through brand association and brand licensing.

Question

Quizplus · Accepted Answer

In a competitive market, perceived value is determined by consumers in relation to the value of its close competitors. Consumers compare the benefits and prices of similar products before making a purchase decision. Therefore, it is essential for businesses to understand their competitors' offerings and position their brand accordingly to stand out.

In a Competitive Market, Perceived Value Is Determined by Consumers