Which of the following best describes a 'touchpoint' in the context of consumer surplus and willingness to pay?

• A. The difference between market price and marginal cost
• B. Any point of direct interface between customers and a company
• C. The maximum price a consumer is willing to pay for a good
• D. A measure of producer surplus in a competitive market

Answer: (B)

Verified step by step guidance

1. Understand the context: The question asks about the term 'touchpoint' specifically in relation to consumer surplus and willingness to pay, which are concepts in microeconomics related to consumer behavior and market transactions.
2. Recall definitions: Consumer surplus is the difference between what a consumer is willing to pay for a good and what they actually pay. Willingness to pay is the maximum price a consumer is ready to pay for a good or service.
3. Analyze the options: The first option relates to the difference between market price and marginal cost, which is more about producer surplus or market efficiency, not 'touchpoint'.
4. Consider the meaning of 'touchpoint': In marketing and consumer behavior, a 'touchpoint' refers to any direct interaction or interface between a customer and a company, such as a store visit, website interaction, or customer service call.
5. Match the correct description: Since 'touchpoint' is about interactions between customers and companies, the best description is 'Any point of direct interface between customers and a company', which is distinct from economic measures like consumer surplus or willingness to pay.