Question

Frank was known for driving 30 miles just to save a dollar on the price of his favorite beverage. Frank perceived price as ________ for a good or service, while most consumers recognize price as the ________ made to acquire a good or service.

Answer 1

In this case, he perceived the price as money paid for a good or service while other consumers recognize the price as the overall sacrifice made to acquire a good or service.

In this scenario, the perception of the other consumers is different from the intention of Frank.

The cost of the favorite beverage is perceived as not worthy by other consumers while for Frank, it is.

Therefore, the he perceived the price as money paid for a good or service while other consumers recognize the price as the overall sacrifice made to acquire a good or service.

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