MANAGEMENT

Detailed explanation-1: -Examples include price, quality, and what the product or service can do for that particular person. There are also monetary, time, energy, and emotional costs that consumers consider when evaluating the value of a purchase.

Detailed explanation-2: -With a consumers’ wants and resources (financial ability), they demand products and services with benefits that add up to the most value and satisfaction. The four types of value include: functional value, monetary value, social value, and psychological value.

Detailed explanation-3: -Test Marketing is a controlled experiment conducted by companies in a carefully selected market to test the viability of their new product and marketing strategy. It provides you an opportunity to learn, adapt and refine your product.

Detailed explanation-4: -In software development, a common example of test marketing is a beta test run. Beta testing, also known as user acceptance testing (UAT) or end-user testing, involves providing an early release product to a limited sample of the intended audience.