Which of the following is the relevant concept of value in marketing based on?
A) the ability to satisfy basic consumer needs at the lowest possible cost
B) the form utility of the product
C) the belief of customers that a product is uniquely able to meet their needs
D) objective measures of quality and price

Question

Quizplus · Accepted Answer

The concept of value in marketing is heavily based on customer perception and the belief that a product is uniquely able to meet their needs. This perception may be influenced by factors such as branding, advertising, and product differentiation. While factors such as quality and price may also play a role in a customer's perception of value, the concept is ultimately centered around the customer's beliefs and needs. Choices A, B, and D do not fully capture this aspect of value in marketing.

Which of the Following Is the Relevant Concept of Value