Customer value refers to: a. the need of a customer to receive the highest quality product at the lowest possible price. b. the least expensive product that will provide it with most of the basic benefits. c. 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. d. 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. e. the cluster of benefits that an organization promises customers to satisfy their needs.