"Value" Involves the Judgment by a Consumer of the Worth

question 37

Multiple Choice

"Value" involves the judgment by a consumer of the worth and desirability of a product or service __________

• A)relative to the amount of time and energy a consumer puts into the purchase process.
• B)based upon the value assigned to similar items owned by the consumer's peers.
• C)that results from performing a careful break-even analysis.
• D)relative to substitutes that satisfy the same need.
• E)based upon the differential between the customer's "needs" and the customer's "wants."

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Definitions:

Poisson Model

A statistical model that predicts the probability of a given number of events happening in a fixed interval of time or space when these events occur with a known constant mean rate and independently of the time since the last event.

Probability

The quantification of the probability that an event will take place, expressed as a number from 0 to 1, with 0 signifying that the event cannot occur and 1 signifying absolute certainty of occurrence.

Defects

Imperfections or faults in a product, process, or system that deviate from desired specifications.

Fabric

A material made by weaving, knitting, pressing, or bonding that may be used in the production of clothing, household items, and other goods.