"Value" involves the judgment by a consumer of the worth and desirability of a product or service __________
A)relative to the amount of time and energy a consumer puts into the purchase process.
B)based upon the value assigned to similar items owned by the consumer's peers.
C)that results from performing a careful break-even analysis.
D)relative to substitutes that satisfy the same need.
E)based upon the differential between the customer's "needs" and the customer's "wants."

Question

Quizplus · Accepted Answer

Value is determined by the customer's perception of the product or service in relation to substitutes that can satisfy the same need. It is about comparing the benefits received to the price paid, and therefore, it is relative to the availability and quality of substitutes in the market.

"Value" Involves the Judgment by a Consumer of the Worth