Question

Question 14

A Steinway piano-any Steinway piano-costs a lot. But to those who own one, a Steinway is a great value: This is an example of __________.

customer share

customer perceived value

customer experience

customer lifetime value

share of customer

Answer 1

A Steinway piano-any Steinway piano-costs a lot. But to those who own one, a Steinway is a great value: This is an example of customer perceived value. Consumers use perceived values to evaluate a product's price — so company must work to measure them. A company first assesses customer needs
and value perceptions. It then sets its target price based on customer perceptions of value. As a result, pricing begins with analyzing consumer needs and
value perceptions, and the price is set to match perceived value.