Marketers Use Maslow's Hierarchy of Needs to Offer an Extended

question 20

True/False

Marketers use Maslow's hierarchy of needs to offer an extended brand line so the consumer can start high on the pyramid and work his way down.

---

Definitions:

Opportunity Cost

The cost of forgoing the next best alternative when making a decision, a fundamental concept in economics that emphasizes the potential benefits that are lost when choosing one option over another.

Comparative Advantage

The ability of a party to produce a particular good or service at a lower marginal and opportunity cost over another.

Specialize

The process of focusing effort and resources on a particular area of expertise or production to increase efficiency and output.

Production Possibility Frontiers

A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology, illustrating the trade-offs and opportunity costs.