Creating Word-Of-Mouth Campaigns by Cultivating Opinion Leaders and Getting Them

question 132

Multiple Choice

Creating word-of-mouth campaigns by cultivating opinion leaders and getting them to spread information about a product or service to others in their communities is known as ________.

• A) sales promotion
• B) indirect marketing
• C) buzz marketing
• D) stealth marketing
• E) public relations

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Definitions:

Natural Monopoly

A market situation where a single firm can supply a product or service to an entire market at a lower cost than what two or more firms can.

Long Run

In economics, a period during which all inputs, including capital, are variable and firms can enter or exit the industry, allowing full production adjustment.

Average Total Cost

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

Government-created Monopolies

Monopolies that are established or maintained by the government, often by granting exclusive rights or privileges to a single entity or organization.