________ Is the Totality of Features and Characteristics of a Product

question 52

Multiple Choice

________ is the totality of features and characteristics of a product or service that bear on its ability to satisfy stated or implied needs.

• A) Performance
• B) Value
• C) Quality
• D) Customer retention
• E) Customer loyalty

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Definitions:

Income

An economic term that refers to the money received, usually on a regular basis, for work or through investments.

Price

The amount of money required to purchase a good or service, determined by supply and demand dynamics in the market.

Demand Function

A mathematical expression describing the relationship between the quantity demanded of a good and factors that influence it, such as price, income, and prices of related goods.

Mead

An alcoholic beverage created by fermenting honey with water, and sometimes with various fruits, spices, grains, or hops.