As It Pertains to New Product Characteristics, the Superior Position

question 153

Multiple Choice

As it pertains to new product characteristics, the superior position a product enjoys over competing products if consumers believe it has more value than other products in its category is referred to as

• A)product preference.
• B)competitive advantage.
• C)superiority.
• D)observability.
• E)compatibility.

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Definitions:

Partnership

A legal form of business operation between two or more individuals who share management and profits.

Implied Authority

Authority of an agent that is not expressly granted but assumed to be provided due to the nature of the agent's work or position.

Apparent Authority

Refers to a situation where a third party correctly believes that an agent has the power to act on behalf of a principal, even if the agent does not have the actual authority.

Capital Contributed

The amount of money or assets that owners, partners, or shareholders have invested in a company or partnership.