Question

Typically, who determines the product's or service's value in relationship to that of its close competitors?

a. Marketers
b. Consumers
c. Regulatory bodies
d. Industry analysts

Answer 1

The value of a product or service relative to its competitors is typically determined by consumers, as they are the ones who make purchasing decisions based on their preferences and perceptions.

Step-by-step explanation:

Typically, the value of a product or service in relation to its close competitors is determined by consumers. Consumers compare the features, quality, and price of different products or services and decide which offers the best value for their needs and preferences. While marketers can influence perceptions and try to position products attractively, firms in the goods market create value propositions, and industry analysts can provide insights, it is ultimately the consumers who decide which products are purchased and thus establish their value through market dynamics.