The value a consumer expects to obtain from a purchase Answer: 1

This definition refers to what marketers and economists often call "customer perceived value." In other words, it’s the benefit or utility a consumer expects to receive from a product or service relative to what it costs. Essentially, it’s a consumer’s anticipated net benefit—what they believe they will gain (in terms of quality, satisfaction, functionality, etc.) minus what they must sacrifice (price, effort, time, and so forth). To break it down: • Benefits: The positive outcomes such as quality, performance, convenience, and any added features or emotional rewards. • Costs: Not only the monetary price but also any associated costs like time, effort, or even the psychological cost if the experience doesn’t meet expectations. When a consumer evaluates a purchase, they weigh these benefits against the costs involved. If the expected benefits surpass the costs, the perceived value is high, making the consumer more likely to buy. Conversely, if the costs seem to outweigh the benefits, the perceived value is low, which can deter purchase. Thus, when the statement says “The value a consumer expects to obtain from a purchase,” it’s emphasizing the importance of this balance of perceived benefits versus costs—the central idea behind customer perceived value in both marketing and economic decision-making.