Customer perceived value is best represented by the difference between:
Correct answer: A. Total benefits and total costs
- A. Total benefits and total costs
- B. Sales revenue and production cost
- C. Market share and sales growth
- D. Price level and advertising cost
Explanation
Customers compare the benefits they expect with the total costs of obtaining and using an offering. Total costs can include money, time, effort, and psychological costs, not only the price.
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About Marketing Basics
Marketing begins with identifying customer needs and ends with creating, communicating and delivering value through exchange. Coverage includes market research, consumer behaviour, segmentation, targeting, positioning and the marketing mix of product, price, place and promotion, with marketing distinguished from selling and advertising.
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