Three Groups of Factors That Determine Cultural and Psychological Specificity

question 49

Multiple Choice

Three groups of factors that determine cultural and psychological specificity in relation to products and services are:

• A)economic performance, usage patterns and cultural adaptability.
• B)economic changes, consumption patterns and cultural acceptability.
• C)consumption patterns, psychosocial characteristics and general cultural criteria.
• D)social norms, cultural patterns and psychological acceptability.

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Definitions:

Merchandise

Goods that are purchased for the purpose of being sold to customers in the retail or wholesale market.

Periodic Inventory System

An inventory system that updates the inventory balance at specific intervals, necessitating physical counts.

Cost of Merchandise

The total purchase cost of goods that a retailer, wholesaler, or distributor has bought for the purpose of reselling.

Freight In

The cost associated with transporting goods from the supplier to the buyer, typically recorded as part of the inventory cost.