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Chapter 14 Homework
1. Consumers get value from the consumption of products and services. Without consumption
there would not be any value. The value that consumers get from the consumption of products
and services is what leads to consumer satisfaction.
2. Consumer satisfaction is important because it leads to good word of mouth, repeat purchases,
and customer loyalty. However, providing value should always be prioritized over satisfaction
because the purpose of a business is to provide value to consumers. A business, such as Walmart
for example, can survive with lower customer satisfaction ratings because of the high value it
provides its customers. A business that does not provide value to consumers will not succeed for
long.
3. Consumers dispose of products through trashing, recycling, converting, trading, and donating.
Trashing is when a consumer simply throws the product away. Recycling is when a consumer
recycles used products or product packaging. Converting is when a consumer convert products or
packaging into new products in creative ways (i.e., using old t-shirts as car-wash rags). Trading
is when a consumer trades an old product in for a new product. Donating is when a consumer
donates a product to help other consumers who might not be able to afford that product.
4. Durable goods are those that are usually expensive and consumed over a long period of time.
