An ability of an organization, to offer its services or products that must be perceived by customers as unique and superior, in comparison to its competitors is called __________?
Correct answer: B. product differentiation
- A. inelastic demand
- B. product differentiation
- C. cost leadership
- D. elastic demand
Explanation
Product differentiation means making a product or service appear distinct and superior through features, quality, design, or service. Inelastic and elastic demand describe responsiveness to price, while cost leadership focuses on having the lowest cost.
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About Cost Accounting
Cost accounting measures and analyses the cost of producing goods or providing services for planning, control and pricing decisions. It covers direct and indirect costs, fixed and variable costs, job and process costing, break-even analysis, marginal costing, overhead allocation, and the difference between product cost and period cost.
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