How Well a Product or Service Performs in the Marketplace

question 35

Multiple Choice

How well a product or service performs in the marketplace is called:

• A)Process capability.
• B)Quality of conformance.
• C)Quality of performance.
• D)Quality of design.
• E)Process control.

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Definitions:

Protectionism

Protectionism is an economic policy of restraining trade between states through methods such as tariffs on imported goods, restrictive quotas, and a variety of other government regulations.

Exploitation

The act of making use of resources or advantages for one's own benefit, often without regard for ethics or fairness.

Skimming Strategy

A pricing strategy in which a company charges the highest initial price that customers will pay and then gradually lowers the price to attract more price-sensitive customers.

Product Life Cycle

A concept that describes the stages a product goes through from development to withdrawal from the market, including introduction, growth, maturity, and decline.