Customer value refers to

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

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

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

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