The Value a Consumer Attaches to a Product or Service

question 45

Multiple Choice

The value a consumer attaches to a product or service is captured in the

• A) least price a consumer is willing to pay for it.
• B) consumer's maximum willingness to pay for it.
• C) expenses incurred by the firm in manufacturing it.
• D) difference between the price charged for it and the cost to produce it.

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Definitions:

Categories

Groups or classes of items, people, or concepts that share common characteristics or attributes.

Consumer Decision-making Process

The steps a consumer goes through when deciding whether to purchase or not purchase a good or service, typically involving problem recognition, information search, evaluation of alternatives, purchase decision, and post-purchase behavior.

Extended Problem Solving

Consumer decisions requiring considerable cognitive activity, thought, and behavioral effort.

Stages

The distinct phases or steps in a process or life cycle, marking significant points of development or change.