Customer Value Refers to

question 144

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 degree to which a customer is willing to sacrifice quality for price.
• C)the range of price (from lowest to highest) a customer will ultimately be willing to pay for a specific level of quality.
• D)the potential long-term profits that can be generated by a single customer over time if a firm is able to keep him or her as a loyal customer.
• E)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.

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Definitions:

Tariffs

Taxes imposed by a government on imported goods to protect domestic industries and generate revenue.

Allocation

The process of distributing resources or tasks among people or groups based on a specific criteria.

Efficient Industries

Industries that achieve maximum productivity with minimum wasted effort or expense.

Comparative Advantage

The ability of an individual, company, or country to produce a good or service at a lower opportunity cost than competitors, leading to more efficient global production and trade.