What Is Value

question 9

Multiple Choice

What is value?

• A) A function of the short-term benefits of a product or service
• B) How long the product will last
• C) The price of the product
• D) A function of the short and long-term benefits of a product or service exceeding the costs of purchasing and maintaining it

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Definitions:

Loss-leader Pricing

A marketing strategy where a product is sold at a loss to attract customers in the hope they will make additional purchases.

Customary Price

The expected or typical price range for a product or service within a particular market or industry, based on tradition or standard practice.

Nationally Branded

Products or services that are marketed under a manufacturer's brand name and widely recognized across a country.

Price Premium

An additional amount that consumers are willing to pay for a product or service perceived to have a higher value compared to its competitors.