Customer Value Refers to

question 80

Multiple Choice

Customer value refers to

• A) the need of a customer to receive the highest-quality product at the lowest possible price.
• B) the least expensive product that will provide customers with most of the basic benefits.
• C) a statement that, before product development begins, identifies a well-defined target market; specific customers' needs, wants, and preferences; and what the product will be and do to satisfy consumers.
• D) the unique combination of benefits received by targeted buyers that includes quality, convenience, on-time delivery, and both before-sale and after-sale service at a specific price.
• E) the cluster of benefits that an organization promises customers to satisfy their needs.

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Definitions:

Weber's Law

A principle of perception that states the smallest change in a stimulus that can be detected is a constant proportion of the stimulus level.

Fechner's Law

A principle in psychophysics stating that the perceived intensity of a stimulus changes proportionally to the logarithm of the actual stimulus intensity.

Thorndike's Law

A principle stating that behaviors followed by positive outcomes are more likely to be repeated, whereas behaviors followed by negative outcomes are less likely to be repeated.

Ames Room

An optical illusion room designed to manipulate perceived size and perspective, where objects appear larger or smaller than they really are.