Customer Value Refers to

question 111

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 it with 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:

Market Entry Strategy

The planned method of delivering goods or services to a new target market and establishing a foothold in it, which could involve exporting, licensing, franchising, or direct investment.

Research And Development

The investigative activities a business conducts to improve existing products and procedures or to lead to the development of new products and procedures.

International Market Entry Strategies

Approaches and methods used by companies to enter foreign markets, including exporting, licensing, franchising, and direct investment.

Market Entry

The strategy or method by which a company enters a new market or industry.