Answer:
Reference value.
Explanation:
If you know the contents and price of a McDonald's Extra Value Meal, it may serve as reference value to you when you visit other fast food restaurants and consider the purchase of a meal option there.
Reference value in marketing measures the price of a company's product with respect to its close competitors in the same industry.
Hence, companies commonly sell their products with discounts or at a price below that of their competitors so as to encourage continuous patronage from their customers, as well as potential customers.
Basically, a reference value helps to inform consumer's choice when it comes to buying a product or taking a service from a business entity.
