Your Company Manufactures Several Different Basic Appliances That Are Suitable

question 46

Multiple Choice

Your company manufactures several different basic appliances that are suitable for young adults establishing their own homes for the first time.Which of the following strategies would you use?

• A) high quality product, lower price, light promo, wide distribution
• B) ​high quality product, lower price, heavy promo, exclusive channels
• C) low quality product, lower price, heavy promo, wide distribution
• D) low quality product, lower price, light promo, wide distribution

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Definitions:

Economics

The social science that studies how individuals, governments, firms, and nations make choices on allocating resources to satisfy their wants and needs, attempting to determine how these groups should organize and coordinate efforts to achieve maximum output.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world with limited resources.

Society

Society refers to a group of individuals living together in a more or less ordered community, sharing common traditions, institutions, and values.

Scarcity

The basic challenge in economics of limitless human desires within a finite resource environment.