A ________ Is a Promise to Deliver to a Consumer

question 92

Multiple Choice

A ________ is a promise to deliver to a consumer specific benefits associated with a product or service.

• A) brand
• B) perceived need
• C) demand
• D) value
• E) utility

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Definitions:

Collective Decision-Making

The use of the political process (voting, taxes, government spending, regulation, political bargaining, lobbying, and so on) to make decisions and allocate resources. In a democratic setting, the votes of citizens and their representatives will determine the actions undertaken.

Basic Economic Questions

Fundamental questions that every economic system must address: What to produce, how to produce, and for whom to produce.

Private-Property Rights

Legal provisions that allow individuals to own, control, and benefit from property such as land, buildings, or intellectual property.

Competitive Economic Behavior

Actions exhibited by businesses or individuals in an attempt to achieve a market advantage, often through price, quality, and service.