Which of the Following Groups Do Marketers Involve for the Process

question 51

Multiple Choice

Which of the following groups do marketers involve for the process of concept testing new products?

• A) suppliers
• B) employees
• C) target consumers
• D) manufacturers
• E) competitors

---

Definitions:

Convex Preferences

An economic assumption that consumers prefer combinations or mixes of goods over singular extremes, depicting their choices lead to higher satisfaction.

Convex Preferences

A concept in consumer theory indicating that a consumer prefers average bundles of goods over extreme bundles, leading to smoother, convex indifference curves.

Strictly Convex

A term often used in mathematics and economics to describe a curve or function that curves away from the origin more sharply than a straight line, indicating increasing marginal effects.

Perfect Substitutes

Perfect substitutes are products or services that can be used in exactly the same way, offering the same utility to consumers, thus one can replace the other without loss of value or function.