Practice Quiz

CLEP Marketing

Category - Concepts

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The Customer Value of a product newly developed by a company will be:
  1. The difference between the value of the product and the price the customer pays
  2. How closely the product specifications match customers’ needs
  3. The speed with which the product is transported to major outlets
  4. The quality of the product in comparison to the main competition
  5. The recall rate in comparison to similar products’ rates
Explanation
Answer: A - The Customer Value of a product newly developed by a company will be the difference between the value of the product and the price the customer pays. Customers will estimate the value extracted from a product (e.g., in durability, multiple usages, and so on) and make a purchasing decision based on the product price.
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