The Encapsulation of the Benefits of a Product in the Consumer's

question 25

Multiple Choice

The encapsulation of the benefits of a product in the consumer's mind is called the:

• A)servuction model.
• B)benefit concept.
• C)service triangle.
• D)service-profit chain.
• E)scale of market entities.

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Definitions:

Least-squares Regression

A statistical method used to determine the relationship between variables by minimizing the sum of the squares of the differences between observed and predicted values.

Variable Lubrication Cost

Costs for lubricants that vary with the level of machinery activity or operation hours.

Mixed Cost

A cost consisting both of variable and fixed components, which changes in total in response to changes in activity level but not necessarily in direct proportion.

Least-squares Regression

A method in statistics for finding the optimal line of fit by minimizing the sum of the squared deviations between real and estimated values.