What Is the Key to Creating Value

question 73

Multiple Choice

What is the key to creating value?

• A)being the first to create a new product or service
• B)making sure that products are priced lower than the competition
• C)providing consumers with benefits that meet their needs and wants
• D)convincing consumers that they need a product, even if they do not perceive that they do
• E)accurately advertising a product

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Definitions:

Shrink

The reduction in inventory due to factors such as theft, damage, or errors in record-keeping.

Output

The total amount of goods or services produced by a company or economy in a given period.

Economies of Scale

The cost advantages that enterprises obtain due to their scale of operation, typically resulting in the reduction of cost per unit.

Aircraft Production

The process and industry involved in designing, manufacturing, and assembling aircraft.