An Expansion Is a Period in Which

question 47

Multiple Choice

An expansion is a period in which:

• A) output declines.
• B) the price level falls.
• C) output rises.
• D) deflation occurs.

Apply growth strategy concepts to real-life business situations for improving performance or expansion.

Understand the importance and application of focusing on existing customers in growth strategies.

Differentiate between growth strategies based on target markets and product offerings.

Understand the core concept of marketing as a process of creating value and establishing relationships.

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Definitions:

Ethical Relativism

The belief that morality varies between individuals and cultures and that there are no universal moral principles.

Cultural Relativism

The belief that a person's beliefs, values, and practices should be understood based on that person's own culture, rather than be judged against the criteria of another.

Ethical Absolutism

The ethical belief that there are absolute standards against which moral questions can be judged, and that certain actions are right or wrong regardless of the context of the act.

Individual Relativism

The philosophical idea that ethical beliefs and values are relative to the individual's subjective preferences.