With reference to the definition of value, loyal customers are:
A) not concerned about the quality of a product if the price is kept constant.
B) willing to pay more for their products than switch to lowercost competitors.
C) more price sensitive than consumers who switch brands.
D) lowvalue consumers who are of the opinion that low cost means high value.

Question

With reference to the definition of value, loyal customers are:
A) not concerned about the quality of a product if the price is kept constant.
B) willing to pay more for their products than switch to lower­cost competitors.
C) more price sensitive than consumers who switch brands.
D) low­value consumers who are of the opinion that low cost means high value.

Quizplus · Accepted Answer

Loyal customers are defined as those who are willing to pay more for a product than switch to lower-cost competitors. This is because they perceive a higher value in the product and have developed an emotional attachment to the brand. Thus, they are less likely to be price-sensitive and more concerned with the overall quality and satisfaction they receive from the product.

With Reference to the Definition of Value, Loyal Customers Are