The Meaning a Consumer Attributes to a Product or Brand

question 106

Multiple Choice

The meaning a consumer attributes to a product or brand and what he or she experiences in purchasing it is known as:

• A)functional utility.
• B)product quality.
• C)brand extension.
• D)product symbolism.
• E)product utility.

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Definitions:

Labor Cost

The total expenditures for wages, benefits, and payroll taxes that employers incur in compensation for the work performed by their employees.

Derived Demand

The demand for a resource; it stems from the demand for the final good the resource helps produce.

Input Demand

The requirement for resources and materials necessary to produce goods and services.

Output Demand

The quantity of a product or service that consumers are willing and able to purchase at various price points.