A Graphic Technique for Defining the Relationship Between Customer Desires

question 37

Multiple Choice

A graphic technique for defining the relationship between customer desires and product (or service) is:

• A) product lifecycle management.
• B) the house of quality.
• C) the moment of truth.
• D) the assembly drawing.
• E) modular design.

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Definitions:

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of consumers to price changes.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a specific price.

Price Range

The spectrum of prices at which a particular product is sold in the market, from the lowest to the highest.

Price Elasticity

The measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating the sensitivity of consumers to price changes.