Lawrence recently bought a brand new '69 Mustang, but he is not completely satisfied with it. He wished he had bought something that made a bigger impression on his colleagues at his posh Wall Street office. Lawrence's friend Howard, on the other hand, bought a Porsche 911 and is extremely happy with it. Howard becomes even more proud of his purchase when his friends compliment his car. From the marketing point of view, which of the following concepts has contributed to Howard feeling satisfied with this car?
A)Residual value of the car
B)Actual value of the car
C)Perceived value of the car
D)Salvage value of the car

Question

Quizplus · Accepted Answer

The concept that has contributed to Howard feeling satisfied with his car is perceived value, which refers to the value that a customer perceives a product to have based on factors such as brand image and social status. Howard's friends' compliments on his Porsche have likely boosted his perception of the car's value and contributed to his satisfaction with the purchase. The other options (residual value, actual value, and salvage value) do not play a direct role in Howard's satisfaction with the car.

Lawrence Recently Bought a Brand New '69 Mustang, but He