ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Advantages or personal satisfaction a customer will get from a good or service. Used when a person buys goods and services that he or she has purchased before, but not on a regular basis. A feeling that a customer associates with a product. Direct contact between a salesperson and a customer.

Detailed explanation-2: -Answer and Explanation: The utility is the benefit or satisfaction gained from the use of a good or service by the users (customers) and based upon this, the price the customer is willing to pay is determined. It is one of the factors in arriving at the market equilibrium price.

Detailed explanation-3: -Customer benefits * are the advantages or personal satisfaction a customer will get from a good or service. These include: The feature helps the product’s performance. Performance information gives the customer a personal reason to buy the product.

Detailed explanation-4: -The term customer benefit is tied to the customer’s needs, which are satisfied by a particular product or service. This need determines which product or service the customer buys. The term benefit sounds very rational. But even needs like fun, luxury or a certain image can be a customer benefit.

Detailed explanation-5: -A company’s value proposition tells a customer the number one reason why a product or service is best suited for that particular customer.