Scenario 5-6 Voice-It Technologies Produces Inexpensive Personal Voice Recording Devices That Serve

question 18

Multiple Choice

Scenario 5-6
Voice-It Technologies produces inexpensive personal voice recording devices that serve as a substitute for message pads in the home or office. Their recording time is limited to 120 seconds and the devices sell for less than $20.00. Voice-It's products are about the size of four credit cards stacked on one another and have a useful life of about one year. The slogan this firm uses on its packaging and advertising is "Don't Write It, Voice-It!"
-(Scenario 5-6) A consumer who purchased the product from Voice-It was heard to say, "It's better than having pieces of paper around all the time. In fact, I thought it was a good deal on price too." The statement reflects the consumer's ____.

• A) brand attitude
• B) beliefs
• C) external information
• D) evaluative criteria

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Definitions:

Implicit Costs

Implicit costs are the opportunity costs associated with a company's use of internal resources that could have been utilized elsewhere, not directly paid out in cash.

Economic Costs

The total cost of choosing one action over another, including both explicit costs (direct outlays) and implicit costs (opportunity costs).

Entrepreneur's Talent

The unique set of skills, knowledge, and intuition that an entrepreneur possesses, enabling them to identify, evaluate, and exploit business opportunities.

Annual Lease

A contract that allows for the rental of a property for a period of one year.