The perceived benefits,both monetary and nonmonetary,that customers receive from a product compared with the cost associated with obtaining it is referred to as

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The concept described in the statement is known as customer value, which refers to the benefits received by customers from a product or service compared to its cost. These benefits can be both monetary (such as discounts or savings) and non-monetary (such as convenience or quality). By providing superior customer value, businesses can differentiate themselves from their competitors and build stronger relationships with their customers.

The Perceived Benefits,both Monetary and Nonmonetary,that Customers Receive from a Product