By Which of the Following Processes Do Companies Communicate to Customers

question 40

Multiple Choice

By which of the following processes do companies communicate to customers how their product or service is unique in the industry?

• A) Diversification
• B) Differentiation
• C) Competition
• D) Alignment

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Definitions:

Demand Schedule

A table showing the quantity of a good or service that consumers are willing to buy at various prices.

Demand Curve

A graphical representation showing the relationship between the price of a good and the quantity demanded by consumers.

Perfectly Elastic

A demand situation where a small change in price leads to an infinite change in the quantity demanded.

Price-Elasticity Of Demand

A way to quantify the effect price changes have on the demand for a good.