Which of the following statements is true about product quality and value?
A)The terms "quality" and "value" are synonymous in the context of product management.
B)Quality encompasses the tangible aspects of a product,while value encompasses the intangible aspects of a product.
C)The level of quality and value a firm's products have cannot be measured against external standards.
D)The value of a product encompasses not only the quality of the product but also its price.

Question

Quizplus · Accepted Answer

The statement that is true about product quality and value is that the value of a product encompasses not only the quality of the product but also its price. Quality refers to the tangible aspects of a product, such as its durability, reliability, and features. On the other hand, value refers to the perceived benefit that a customer receives from a product relative to its price. Therefore, high-quality products may not necessarily provide good value if their price is too high, while some lower-quality products may provide excellent value if they are priced appropriately.

Which of the Following Statements Is True About Product Quality