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Essay / Research Paper Abstract
A 20 page research paper. The cost of any product or service is not the dollar amount the customer pays for the product. There are numerous factors involved in the actual cost. The value of anything is something that is perceived by the customer and is not established by the vendor or manufacturer. This paper discusses these issues and includes a process for establishing the price of a service or product, including a formula that can be used; how value is determined by the customer; and what the cost of anything actually is. A discussion of the 4Cs marketing mix is included in the discussion. Strategies for determining how the customer perceives the values of a product are discussed. Examples are provide throughout the discussions. Bibliography lists 12 sources.
Page Count:
20 pages (~225 words per page)
File: MM12_PGvalcsp.rtf
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Unformatted sample text from the term paper:
$585. Did the television cost the consumer $585? Many people would answer "yes" because that was the price of it. But, there is a difference between the actual dollars charged
as the price and the cost to the consumer. That customer had time and energy involved in the purchase in addition to the number of dollars paid. The cost to
the consumer, then, must include all the resources that were used to make the purchase. Todays consumer is bombarded with advertisements in all media, direct mail offers, and
telemarketing offers for telephone long distance service. One of AT&Ts ads boasts a rate of 7 cents per minute for long distance. The price is 7 cents but that is
not the cost. Whether the ad is a commercial on television or an ad in a print document, there is a small caveat printed - the consumer will be
billed a monthly charge of $5.95 per month if they sign up for this long distance rate (Teinowitz, 1999). The actual cost to the consumer is a good deal more
- $5.95 per month plus the 7 cents per minute. This is the difference between the price and the cost. We take this concept one step further in this
essay - What was the value? Did the value equal the cost? There are numerous factors involved when we begin to discuss the issues of value, cost and price.
The value of anything is perceived by the customer, not the manufacturer or the vendor. Value is an abstract construct that the consumer determines based on a number of factors.
The degree of risk in the purchase is also a factor in perceived value. Consumers must perceive that they receive a higher value from one vendor or from one product
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