Customer Value Refers to

question 106

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 most of the basic benefits.
• C) a statement that, before product development begins, identifies (1) a well-defined target market; (2) specific customers' needs, wants, and preferences; and (3) 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:

Fitness Payoffs

The benefits an organism gains from a particular behavior or trait in terms of reproductive success and survival.

Reciprocity

A form of social interaction where an action benefiting another is repaid at a later time, often contributing to social bonding and cooperation.

Lions Hunt

A cooperative behavior seen in lions, where members of a pride work together to stalk, chase, and bring down prey, highlighting their social nature.

Fitness Payoffs

The benefits to an organism's genetic contribution to the next generation resulting from a particular behavior or trait.