1) Economic theory suggests that a customer chooses a product or service to obta
ID: 426883 • Letter: 1
Question
1) Economic theory suggests that a customer chooses a product or service to obtain the highest utility C) satisfaction A) demand B) supply 2) The features of a product or service that most, if not all, customers prefer are called. A) performance attributes C) consumption attributes B) fit attributes. D) consensus attributes. 3) Utility is composed of the following components EXCEPT A) consumption utility. B) price D) inconvenience. C) customer loyalty. A) unavailability. A) A firm's capabilities can be defined as the dimensions of the customer's utility function it is 4) The inconvenience of obtaining a product or receiving a service is called: D) transaction cost. B) fit. C) timing. 5) Which of the following statements about a firm's capabilities is FALSE? able to satisfy B) A firm has capabilities to do well on some dimensions of its customers' utility function. firm has capabilities to do well on all dimensions of its customers' utility function. C) A D) How well a firm can satisfy its customers' utility function is dependent on its capabilities. 6) You are considering four hotels that differ from each other with respect to their price and customer reviewS: Hotel Reviews (1 worst...5-best) S100 H3 H4 $150 Which of these hotels is inefficient? B) Hi D) H2 7) A firm that targets a market segment of budget-conscious customers is likely to sacrifice some to get a better A) consumption utility, price C) location, utility B) timing, location D) performance, fit 8) A sold-out concert that turns away music fans because it is not able to increase the number of seat is an example of A) defect. B) variability C) waste. D) inflexibility. 9) is a response to system inhibitors in order to answer the question of how a firm improv the productivity of its process by reducing waste. A) Lean C) Demand anticipation B) Inventory management D) Process variabilityExplanation / Answer
1) Economic theory suggests that a customer chooses a product or service to obtain the highest
C)Utility
Explanation - customer always look for the maximum utilisation of a specific product hence choose the product or service which obtains the highest utility.
2) features of a product or service that most if not all customers prefer are called
A) Performance attributes
Explanation- performance attributes can be defined as some unique features which some of the customers approach and prefer but not others.
3) utility is composed of the following components except
A) customer loyalty
Explanation-Utility is composed of price, inconvenience and the consumption utility.
4) the inconvenience of obtaining a product or receiving a service is called
Transactional cost
Explanation - transaction cost can be described as inconvenience of obtaining a product or service.
P.S.- please use separate thread to ask more than 4 questions in one go.
5-
B. A firm has capabilities to do well on all dimensions of its customers’ utility function.
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D. H4 is Pareto dominated by H1
7 -
A. consumption utility, price
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B. inflexibility.
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D. Lean
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