Final answer:
The statement is true. By eliminating activities that do not improve the product attributes customers value, businesses can effectively cut costs.
Step-by-step explanation:
The statement is TRUE. An effective way to cut costs is to eliminate activities that do not improve the product attributes that customers value. By focusing on activities that directly contribute to improving the product's features or benefits that customers find valuable, a business can streamline its operations and eliminate unnecessary expenses. For example, if a customer values the durability of a product, a business can cut costs by eliminating activities that do not contribute to enhancing the product's durability.