The concept of customer value means:
A) firms want to offer value to customers
B) value-based sales are strong
C) it can be comprised of both tangible and intangible benefits
D) everyday low prices mean value for customers
E) companies can't influence customer perceptions of value

Question

Quizplus · Accepted Answer

Customer value refers to the perceived benefits a customer receives from a product or service in relation to the price paid. This can include both tangible benefits such as quality, convenience, and price, as well as intangible benefits such as brand reputation and customer service. Therefore, option C is the best choice as it highlights that customer value can be a combination of both tangible and intangible benefits. Option A is not specific enough and could be applied to any business strategy, while options B and D focus on sales and pricing rather than the overall concept of customer value. Option E is also incorrect as companies can influence customer perceptions of value through marketing, branding, and other tactics.

The Concept of Customer Value Means