Asked by Dasia Monique' on Jul 15, 2024
Verified
Which of the following statements about value is FALSE?
A) Value includes the concept of quality, but it is broader in scope.
B) Value takes into account every marketing program element.
C) Value, unlike quality, means the same thing to all customers.
D) Value is critical to maintaining long-term customer relationships.
E) Value allows for the necessary balance among the five types of utility.
Value
The importance, worth, or usefulness of something to a person or in the market.
Quality
The degree to which a product or service meets or exceeds customer expectations in terms of reliability, design, functionality, durability, and satisfaction.
Long-Term Customer Relationships
The development and maintenance of enduring relationships between a business and its customers, leading to repeat business and loyalty.
- Distinguish among the concepts of transactional costs, life-cycle costs, and the overarching notion of value within customer relationships.
Verified Answer
JB
Jenna BrooksJul 19, 2024
Final Answer :
C
Explanation :
Value is subjective and can vary greatly among different customers based on their individual needs, preferences, and perceptions. Unlike quality, which can be more objectively measured, value is inherently subjective and does not mean the same thing to all customers.
Learning Objectives
- Distinguish among the concepts of transactional costs, life-cycle costs, and the overarching notion of value within customer relationships.