Final answer:
The difference between what customers get when they buy a product or service and what they pay to get it is known as value.
Step-by-step explanation:
The difference between what customers get when they buy a product or service and what they pay to get it is known as the value. Value represents the benefits or satisfaction that customers receive from their purchase. It is the perceived worth of the product or service to the customer.
The value that customers perceive can be influenced by various factors, such as the quality, features, and performance of the product or service. For example, if a customer buys a high-quality smartphone that has advanced features and performs well, they would perceive a high value for their purchase.
On the other hand, if a customer pays a high price for a product or service but the quality is poor or the benefits are minimal, they would perceive a low value for their purchase. Therefore, businesses need to focus on providing a high value to their customers by offering high-quality products or services that meet their needs and expectations.