Question

Which of the following statements about value is FALSE? a. Value is critical to maintaining long-term customer relationships. b. Value, unlike quality, means the same thing to all customers. c. Value includes the concept of quality, but it is broader in scope. d. Value takes into account every marketing program element. e. Value allows for the necessary balance among the five types of utility.

Answer 1

Answer:

Value, unlike quality, means the same thing to all customers.

Explanation:

Value refers to the benefits a customer receive from a product or service compared to its costs. As the value refers to the perception the customers have and every person has different needs, different people will assign a distinct value to the same product. According to that, the answer is that the statement  about value that is false is that value, unlike quality, means the same thing to all customers.

The other options are true because if the customer feels that the product offers value, he/she will maintain a long-term relationship. Also, value refers to the quality of a product relative to the price and the marketing program elements describe what the company has to do to create value to customers. Moreover, the five types of utility are used together to develop a solution that generates value.