Products May Be Differentiated in All of the Following Ways

question 156

Multiple Choice

Products may be differentiated in all of the following ways except

• A)physical characteristics.
• B)method of production.
• C)time.
• D)convenience.
• E)service after the sale.

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Definitions:

Strategic Planning

A systematic process for envisioning a desired future and translating this vision into broadly defined goals and a sequence of steps to achieve them.

Marginal Cost

The increase in cost that arises from producing one additional unit of a product or service.

Average Variable Cost

The per unit variable cost of production, calculated by dividing total variable costs by the quantity of output produced.

Simulation Analysis

A process of modeling a real-world situation to study the effects of different parameters and anticipate possible outcomes.