Business Product Classes

question 173

Multiple Choice

Business product classes

• A) are based on where buyers shop for products.
• B) are based on how products will be used.
• C) are based on the buying situation-whether the decision is new task, straight rebuy, or modified rebuy.
• D) are based on whether the price is easy to compare.
• E) None of these alternatives is a good answer.

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Definitions:

Minimizes Costs

Strategies or actions taken to reduce expenses and financial outlay in business operations or personal budgeting.

Efficiency

The ability to achieve a desired result with minimal waste of time, effort, or resources.

Quality Improvement

An ongoing process of detection and reduction of errors, improvement of operations, and ensuring that standards of quality are met consistently.

TQM

Total Quality Management; a comprehensive approach to organizational management that seeks to improve the quality of products and services through ongoing refinements in response to continuous feedback.