BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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environmental goal
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product goal
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derived goal
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system goal
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Detailed explanation-1: -The objective of product development from a business standpoint is to cultivate, maintain and increase a company’s market share by satisfying consumer demand. From a customer standpoint, it’s to ensure value in the product as a quality good or service.
Detailed explanation-2: -With a consumers’ wants and resources (financial ability), they demand products and services with benefits that add up to the most value and satisfaction. The four types of value include: functional value, monetary value, social value, and psychological value.
Detailed explanation-3: -Ans: Quality is the ability of a product or service to consistently meet or exceed customer expectations.
Detailed explanation-4: -Customer Expectations Often quality is defined in terms of reliability or life cycle so that longer term use of the product is required in order for a consumer to assess its quality. For instance, colorfastness of a towel is measured in terms of months and years, not weeks.