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Product quality, service, and price were the three factors identified as being major determinates of a customer’s perception of value. Contrast the value formula you would use if A: You were interested in purchasing a lunch that you needed to consume in ten minutes and B: You wanted to enjoy a leisurely dinner with someone with whom you are romantically involved. Would the manner in which you evaluate value remain constant? What are the implications of you answer to RMs in the hospitality industry?
As a follow up, given the opportunity to eat at Masa Sushi. Where would you see the value in spending $400 per person?
