Question
Green and Keegan (2019;2020) suggest that the essence of marketing worldwide is to surpass the competition in creating perceived value, which can be represented as: Value=Benefits/Price Value=Price/Benefits Value=Benefitstimes Price Value=Benefits - Price Value=Benefits+Price
Answer
4.1
(295 Votes)
Megan
Elite · Tutor for 8 years
Answer
A
Explanation
According to Green and Keegan, they interpret the essence of marketing in a way where value is looked upon as the ratio of the benefits derived from a product service bundle to the price that a consumer pays for it. The basic idea is that products or services provide certain benefits that customers value. They are willing to pay a price for these assessed or perceived benefits. Thus, value can be considered the ratio of benefits to price.