A Business Aims Its Promotions Toward Singles Between the Ages

question 65

Multiple Choice

A business aims its promotions toward singles between the ages of 25 and 40 who reside in a specific county.The business has _____.

• A)created personal utility
• B)developed a marketing plan
• C)developed a marketing mix
• D)selected a target market

---

Definitions:

Willing To Pay

The maximum amount a consumer is ready to spend on a good or service, reflecting the value they place on it.

Minimum Prices

A price floor set by the government, ensuring that goods and services cannot be sold below this level, typically to protect producers.

Demand-Side Market Failures

Underallocations of resources that occur when private demand curves understate consumers’ full willingness to pay for a good or service.

Supply Curve

Represents the relationship between the price of a good or service and the quantity of that good or service that a supplier is willing and able to supply to the market.