Product Value Analysis (PVA) Is an Approach to Cost Reduction

question 5

True/False

Product value analysis (PVA) is an approach to cost reduction in which components are studied to determine if they can be redesigned or standardized or made by cheaper methods of production.

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Definitions:

Marketers

Professionals responsible for promoting and selling products or services, including market research and advertising strategy development.

Classified

A type of advertisement or notice, usually in newspapers, online, or other periodicals, often segregated into categories.

Product/Service Element

Key features or components of a product or service that define its value proposition, including quality, features, design, and brand.

Marketing Mix

The blend of product, price, place, and promotion strategies used by a business to achieve its marketing goals.