Which of the following statements is most accurate? Multiple Choice Price plays only a small part in a consumer's perceived value of a product or service. Price plays a large role in assessing value but a very minor role in assessing quality. A consumer's view of a product's value depends almost entirely on external assessments of quality. A consumer's view of value is a function of his or her education and income. For some products, price influences the perception of overall quality, and ultimately value, to consumers.

Question

Mina Hart

Business

17 September, 22:27

Which of the following statements is most accurate? Multiple Choice Price plays only a small part in a consumer's perceived value of a product or service. Price plays a large role in assessing value but a very minor role in assessing quality. A consumer's view of a product's value depends almost entirely on external assessments of quality. A consumer's view of value is a function of his or her education and income. For some products, price influences the perception of overall quality, and ultimately value, to consumers.

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Justus · Answer 1

Answer: For some products, price influences the perception of overall quality, and ultimately value, to consumers.

Explanation:

Sometimes price can tell you about the value of a good over it's substitutes and rivals. This is because there is a long standing practice to price goods of higher quality higher because they cost more to make and because the demand for them is higher.

Owning such goods therefore can bring a sense of pride in them which leads to the goods being valued more because the more you pay for something, the more you value it.

Take iPhones for instance. The prices that the phone is sold at leads people to believe that it is of better quality and so they chase after it so much and usually treasure it when they acquire it.