The value a consumer attaches to a product or service is captured in the
A) least price a consumer is willing to pay for it.
B) consumer's maximum willingness to pay for it.
C) expenses incurred by the firm in manufacturing it.
D) difference between the price charged for it and the cost to produce it.

Question

Quizplus · Accepted Answer

Value denotes the dollar amount (V) a consumer would attach to a good or service. Value captures a consumer's willingness to pay and is determined by the perceived benefits a good or service provides to the buyer.

The Value a Consumer Attaches to a Product or Service