Question

The perceived benefits, both monetary and nonmonetary, that customers receive from a product compared to the cost associated with obtaining it is referred to as

Answer 1

CUSTOMER VALUE. If the perceived benefits in either monetary or non monetary form is greater than the cost involved then the customer is able to get customer surplus. For example if the customer was willing to spend $20 for a product but was able to receive at a low rate then the customer is said to be in surplus. This surplus helps the consumer to achieve a higher level of satisfaction.