Management must provide value to customers. Value is defined as the performance features, characteristics, and attributes, or any other aspects of goods and services for which customers are willing to give up resources.

Question

Quizplus · Accepted Answer

Value is indeed defined by the benefits, features, and attributes of goods and services that customers consider worth exchanging resources for, including money, time, or effort. Management's role includes ensuring that the products or services offered meet or exceed customer expectations in these areas.

Management Must Provide Value to Customers