Product Planners Need to Consider Products and Services on Three

question 28

Multiple Choice

Product planners need to consider products and services on three levels. At the third level, product planners must build ________.

• A) an actual product
• B) an augmented product
• C) core customer value
• D) a brand personality
• E) a basic product

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Definitions:

Economic Profit

The profit a firm makes after subtracting both its explicit (direct) and implicit (indirect or opportunity) costs from its total revenues.

Short-Run Data

Information or statistics collected over a brief period, often used to make immediate decisions or analyze short-term economic trends.

Industry Demand

The total demand for the products or services offered by a particular industry, reflecting the combined demand of all consumers in the market.

Total Revenue

The entire amount of income generated by the sale of goods or services related to the company's primary operations.