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This set of Product Design and Value Engineering Multiple Choice Questions & Answers (MCQs) focuses on Product Design And Value Engineering Set 4
Q1 | Value is the cost directly proportionate to ________.
- Price
- Function
- Product Material
- All of the above
Q2 | The price paid by the buyer is ________.
- Cost value
- Use value
- Esteem value
- Exchange value
Q3 | The cost incurred by the manufacturer beyond use value is called
- Cost value
- Esteem value
- Exchange value
- None of the above
Q4 | Value analysis is a ____ process
- Remedial
- Preventive
- Continuous
- None of the above
Q5 | Value analysis should be applied when the following symptom(s) is (are) present
- Rate of return on investment is reducing
- Reduction in sales of the product
- Firm is unable to meet delivery promises
- All of the above
Q6 | Who is named as Father of Value Analysis?
- Lawrence D. Miles
- George Terborgh
- Michael Jucius
- Edwin B. Flippo
Q7 | Important reason(s) for arising unnecessary costs are
- Poor design of product
- Too tight specifications
- Lack of standardization
- All of the above
Q8 | The costs those which neither contributes to function nor the appearance of the product is called
- Extra cost
- Unnecessary cost
- Esteem cost
- Exchange cost
Q9 | Customer –centered companies are skilled in _______
- Market engineering
- Product engineering
- Both (a) and (b)
- None of the above
Q10 | “The only value you will ever create is the value that comes from customers, the ones you have now and the once you will have in the future”, is said by ______.
- Philip Kotler
- Abraham Koshy
- Don Pappers and Martha Rogers
- None of the above
Q11 | In the modern customer-Organization chart the entity on the top are ______.
- Customers
- Top Management
- Frontline people
- None of the above
Q12 | __________ is the gap between the prospective customer’s assessment of all the advantages and all the costs of an offering and the perceived options.
- Customers-perceived value
- Total customer benefit
- Total customer cost
- None of the above
Q13 | Total customer costs is made up of _______
- Monetary cost and time cost
- Energy cost and psychological cost
- Both A and B.
- None of the above
Q14 | Managers conduct a _________to know the company’s weakness and strength a relative to those ofvarious peers.
- Product value analysis
- Service value analysis
- Customer value analysis
- None of the above
Q15 | A customer adds up all the functional, psychological and economic benefits from _____sources.
- Products, services, personnel and image
- Products and services
- Products and personnel
- Only personnel
Q16 | ____________ is the apparent monetary value of the bundle of functional, psychological and economic advantages consumers expect from a given market offering because of the products, services, personnel and image involved.
- Customer-perceived value
- Total customer cost
- Total customer benefit
- None of the above
Q17 | ____________ is the perceived package of costs customers anticipate to incur in assessing, obtaining, utilizing and disposing of the given market offering, including time, monetary, energy and psychological costs.
- Customer-perceived value
- Total customer cost
- Total customer benefit
- None of the above
Q18 | The seller must evaluate__________ related with each peer company’s offer in order to know how their offer rates in the buyer’s mind.
- Total customer benefit
- Total customer cost
- Both A & B
- None of the above
Q19 | _______is a person’s feelings of disappointment or pleasure that result from evaluating a product’s perceived performance to their expectations.
- Customer loyalty
- Customer satisfaction
- Customer value
- none of the above
Q20 | The link between the customer loyalty and customer satisfaction is _____
- Proportional
- Non-proportional
- Unaffected
- None of the above
Q21 | What is the Use value of Pencil
- It contains Ink
- For smooth flow
- To Mark
- None of the above
Q22 | Which statement is correct?
- Value is inversely proportional to Cost
- Value is directly proportional to cost
- Value is inversely proportional to Function
- None of the above
Q23 | Value engineering is also called ________.
- Value analysis
- Value Management
- Value Methodology
- All of the above
Q24 | What is the sell function of bed sheet ?
- For good appearance
- To avoid dust
- To cover mattress
- None of the above
Q25 | The Economic value consists following
- Economic value
- Cost value
- Esteem
- All of the above