Marketing Plans Are Often Viewed as

question 27

Multiple Choice

Marketing plans are often viewed as

• A) workbooks.
• B) carved in stone.
• C) works in progress.
• D) promotional tools.

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Definitions:

Average Product

The output per unit of input, such as the quantity of goods produced per worker, used to measure productivity.

Marginal Product

The additional output that can be produced by adding one more unit of a specific input, whilst holding other inputs constant.

Total Product

The total output of goods or services produced by a firm during a given period of time.

Diminishing Marginal Returns

A principle stating that as more of a production input is added, holding all others constant, the resulting additional output will eventually decrease.