For a new product to be profitable, it must Multiple Choice enable customers to obtain greater total utility from their money income. be less expensive than existing substitute products. have greater marginal utility than existing substitute products. embody process innovation.

Question

Deshawn Buck

Business

14 July, 13:46

For a new product to be profitable, it must Multiple Choice enable customers to obtain greater total utility from their money income. be less expensive than existing substitute products. have greater marginal utility than existing substitute products. embody process innovation.

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Answers (1)

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Sarai Blackburn · Answer 1

have greater marginal utility than existing substitute products

Explanation:

Utility is the satisfaction derived from consuming a good or service. Products or services that meet or exceed customers' expectations are deemed to have a high utility value. Goods that do not adequately address customers' needs are considered to be of low utility value.

Goods and services deemed to be of high utility value are always in high demand. Consumers will be willing to pay more for such commodities. A product with high utility value will outsell its competitors in the market.