Question

Which of the following statements is false? Group of answer choices Value is defined by what needs to be done Key value drivers can be found in the Marketing Mix Market potential is the intersection of value and competence Points of differentiation are not necessarily points of parity Value is defined by the firm

Answer 1

The false statement is that Value is defined by the firm. Value is determined by the consumers or customers, as they are the ones who perceive and attach value to a product or service.

Step-by-step explanation:

The false statement among the given options is that Value is defined by the firm. In reality, value is not defined solely by the firm. Instead, value is determined by the consumers or customers, as they are the ones who perceive and attach value to a product or service. The firm can influence the value proposition through their marketing efforts, but ultimately, the customers play a crucial role in defining the value of a product or service.

Answer 2

Value is defined by what needs to be done

Step-by-step explanation:

In marketing, value is not defined by what needs to be done, rather it is defined as the satisfaction or benefit that a consumer derives from using a product or service.

This definition of value is always used in comparison to the costs the customer has paid before enjoying those benefits

Hence Value could be said to be Benefits of buying a product - Costs paid for the product