When New Product Ideas Are Chosen Based on Ratings and Comments

question 98

Multiple Choice

When new product ideas are chosen based on ratings and comments from customers,the process is called

• A)idea engineering.
• B)creative resourcing.
• C)reaction engineering.
• D)crowdsourcing.
• E)idea solicitation.

Grasp the concept of the economic value to the customer and how this impacts pricing strategies.

Understand how target costing is used to manage product costs and pricing strategies effectively.

Understand the concept of value-based pricing and how it applies to product pricing.

Analyze the economic value to the customer provided by a product over its useful life.

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Definitions:

Revenue Streams

Various sources from which a business earns money, contributing to its overall income.

CVP

Cost-Volume-Profit Analysis, a financial tool used to determine how changes in costs and sales volume affect a company's operating income and net income.

Better Value

Describes a product or service that offers more favorable conditions or advantages for its cost compared to other options.

Competition

The rivalry between businesses or individuals over customers, market share, and resources.