Customer value refers to

Multiple Choice

a statement that, before product development begins, identifies $(1)$ a well$-$defined target market; $(2)$ specific customers' needs, wants, and preferences; and $(3)$ what the product will be and do to satisfy consumers.

the least expensive product that will provide most of the basic benefits.

the cluster of benefits that an organization promises customers to satisfy their needs.

the unique combination of benefits received by targeted buyers that includes quality, convenience, on$-$time delivery, and both before$-$sale and after$-$sale service at a specific price.

the need of a customer to receive the highest quality product at the lowest possible price.