The ________ of a Product or Service Is the Process

question 85

Multiple Choice

The ________ of a product or service is the process by which a company creates a distinct image and identity for its products, services, and brands in consumers' minds.

• A) segmentation
• B) target
• C) positioning
• D) psychographic inventory
• E) concentrated marketing strategy

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Definitions:

Comparative Advantage

The ability of an entity to produce a good or service at a lower opportunity cost than others, enabling trade and increased efficiency.

Trade Better Off

The idea that parties involved in voluntary trading are better off as they satisfy each other's needs or wants.

Absolute Advantage

The ability of an entity to produce a good or service more efficiently than its competitors with the same amount of resources.

Production Possibilities

The various combinations of goods and services that can be produced using all available resources and technology.