The Equation a Buyer Applies to Assess a Product's Value

question 105

Multiple Choice

The equation a buyer applies to assess a product's value is

• A) value = monetary price − customer benefits.
• B) value = customer costs − customer benefits.
• C) value = customer benefits − customer costs.
• D) value = customer benefits − monetary price.
• E) value = customer benefits − time and effort.

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Definitions:

Unconditional Statement

A statement or proposition that is true or asserted without any conditions or limitations.

Classical Conditioning

A training approach involving the regular pairing of two cues, where a response originally provoked by the second cue becomes triggered by only the first cue over time.

Instrumental Learning

A learning process that uses rewards and punishments to promote or discourage a behavior, also known as operant conditioning.

Observational Learning

A learning process where an individual acquires new behaviors by watching and imitating others.