When consumers calculate the value of a product, they look at the benefits the product provides then subtract the cost.
A product's value is determined by how well it can satisfy and address the needs of customers. Pricing strategy can be changed in accordance with how valuable a product is to consumers. The value of a product to customers can also influence a product's development plan.
Product value is a helpful tool for evaluating the main advantages of a particular product. It is an extrinsic metric in that it can only be obtained from customers interacting with and using your product. Because it can fluctuate over time (i.e., perceived vs. real value) and is frequently influenced by outside factors like competitors and market conditions, product value is not a fixed measure.
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