A consumer's ability to gauge the value of a product is referred to as the ________.
A)psychological price
B)price/value proposition
C)exchange rate
D)comparative price
E)value exchange

Question

Quizplus · Accepted Answer

The ability to gauge the value of a product is known as the price/value proposition. It refers to the overall benefit a consumer receives in exchange for paying for the product. This includes both the tangible benefits (such as the features and quality of the product) and the intangible benefits (such as the emotional value or brand image). The price/value proposition helps consumers make informed decisions about whether a product is worth its price.

A Consumer's Ability to Gauge the Value of a Product