When a Company Interacts One- On- One with Large Numbers

question 56

Multiple Choice

When a company interacts one- on- one with large numbers of customers to create customer- unique value by designing products and services tailor- made to individual needs,it is following .

• A)differentiated marketing
• B)localization
• C)mass customization
• D)mass marketing
• E)micromarketing

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Definitions:

Marginal Cost

The additional cost incurred from the production of one more unit of a product or service.

Total Cost

The complete cost of production that includes both fixed and variable costs.

Opportunity Cost

The best alternative that we forgo, or give up, when we make a choice or a decision.

ΔTVC/Δq

ΔTVC/Δq represents the change in Total Variable Cost (TVC) resulting from producing one additional unit of output, equivalent to Marginal Cost.