Answered

At Westonci.ca, we make it easy for you to get the answers you need from a community of knowledgeable individuals. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform. Connect with a community of professionals ready to help you find accurate solutions to your questions quickly and efficiently.

____ is a customer's subjective assessment of benefits relative to costs in determining the worth of a product.

Sagot :

Lanuel

Answer:

Value

Explanation:

A product can be defined as any physical object or material that typically satisfy and meets the demands, needs or wants of customers. Some examples of a product are mobile phones, television, microphone, microwave oven, bread, pencil, freezer, beverages, soft drinks etc.

According to the economist Philip Kotler in his book titled "Marketing management" he stated that, there are five (5) levels of a product. This includes;

1. Core benefit.

2. Generic product.

3. Expected product.

4. Augmented product.

5. Potential product.

The core benefit of a product can be defined as the basic (fundamental) wants or needs that is being satisfied, met and taken care of when a customer purchase a product.

In Economics, value is a subjective assessment of benefits by a customer with respect to costs in determining the worth of a product.

For example, a hotel provides a comfortable and convenient bed to spend the night (sleep) when you travel for a vacation at a price.

Thank you for your visit. We are dedicated to helping you find the information you need, whenever you need it. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Discover more at Westonci.ca. Return for the latest expert answers and updates on various topics.