When a Firm Provides a Specialized Product or Service for a Narrow

question 61

Multiple Choice

When a firm provides a specialized product or service for a narrow target market better than competitors, they are using a ________ strategy.

• A) product differentiation
• B) market niche
• C) mass customization
• D) process efficiency

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Definitions:

Richter Magnitude

A scale historically used to quantify the size of earthquakes based on the amplitude of seismic waves, replaced by the more accurate moment magnitude scale for large events.

Nomograph

A type of graph used in seismology to determine the local magnitude of an earthquake.

S-Wave Amplitude

The measure of the height of the secondary or shear waves, which are one type of seismic wave produced by earthquakes.

Strike-Slip Faults

Faults where two blocks of crust slide past each other horizontally, with little vertical motion.