Answer to Question #207396 in Economics for kmn

Question

Reflect on the statement given below and give your insight/s. Write you answer in your portfolio.

“Marketing involves, among others, the delivery of value to consumers. 

However, the value of consumer places on a particular product or service is subjective. “

Answer 1

Marketing theory is actively working with the concept of customer value, since consumers do not buy goods, but values. At the same time, marketers investigate the structure of customer value, that is, the elements of value and their role in meeting a specific need. The higher the role of any element in the total consumer value, the more this element determines the value (price) of the proposal.

For each consumer, value is a subjective value, that is, in order to satisfy the needs of the marketer, it is necessary to take into account the entire spectrum of buyers' desires.