The First Step in Setting the Right Price for a New

question 1

True/False

The first step in setting the right price for a new product is to estimate demand,costs,and profits.

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Definitions:

Responsiveness

The speed and quality of a response to customer inquiries, complaints, or needs, reflecting a company's customer service level.

Service Quality

The assessment of how well a delivered service matches customer expectations, often used as a key performance metric in service industries.

Voice-of-customer

A term used to describe the process of capturing customers' preferences, experiences, needs, and expectations.

Quality Gap Analysis

An assessment method used to identify the difference between the perceived quality of products/services and the expected quality by customers.