Which of the Following Statements Is True

question 27

Multiple Choice

Which of the following statements is true?

• A) The terms quality and value are synonymous in the context of product management.
• B) The term quality applies to external aspects of product management, while value relates to the internal factors
• C) The level of quality and value a firm's products have cannot be measured against external standards.
• D) The concept of value combines the quality and the price elements of the product mix.

---

Definitions:

Intangible Possessions

Assets that cannot be physically touched or held, such as intellectual property, brand reputation, or digital assets.

Patents

Legal documents that grant inventors exclusive rights to their inventions, preventing others from making, using, or selling the invention without permission for a certain period.

Trademarks

Legal protections for symbols, names, and slogans used to identify goods or services and distinguish them from those of competitors.

Accrual Accounting

Accrual accounting is a method of accounting that records revenues and expenses when they are incurred, regardless of when cash is exchanged.