Your Firm's Research Reveals That Consumers Have Different Tastes in Different

question 153

Short Answer

Your firm's research reveals that consumers have different tastes in different cities.As a result, management has decided to localize its products and services to meet local market demands.This is an example of ________ segmentation.
geographic
benefit
end-use
customer
image

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Definitions:

Average Total Costs

The total costs of production (fixed plus variable costs) divided by the total quantity of output produced, indicating the average cost per unit of product.

Perfect Competitor

A hypothetical firm in a market structure characterized by many sellers, selling homogeneous products, and having no control over the market price.

Long Run

A period of time in economics during which all factors of production and costs are variable, allowing for the adjustment to changes in market conditions or demand.

Output

The total amount of goods and services produced by an economic system or by a single firm within a certain period.