Which of the Following Is Necessary for a Product to Be

question 16

Multiple Choice

Which of the following is necessary for a product to be considered reliable?

• A)It needs to do a better job as far as performance on existing features is concerned.
• B)It needs to do more jobs than products offered by other firms in the market.
• C)It needs to last longer than products offered by other firms in the market.
• D)It needs to offer unique functions and features that no other firm offers.

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Definitions:

Reference Price

The price that consumers consider reasonable or fair for a product or service, often based on past experiences or comparisons with similar products.

Reasonable Price

A price that is fair and acceptable to consumers, often considered in relation to the value of the product or service.

Unbundling

The process of separating a product or service into individual components which can be sold separately.

Pricing Strategy

The method companies use to price their products or services, considering factors like market demand, competition, and cost of production.