Marketers Classify Innovations in Three Main Ways: (1) the Degree

question 51

Multiple Choice

Marketers classify innovations in three main ways: (1) the degree of novelty, (2) the type of benefits offered, and (3) the:

• A) styles available.
• B) features affected.
• C) breadth of innovation.
• D) length of time to adoption.
• E) size of potential market.

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Definitions:

Scarce Resources

Natural, human, and manufactured assets available in limited quantities that are used for the production of goods and services.

Highest Valued Uses

Refers to allocating resources or goods in a manner that maximizes utility or benefits for an individual or society.

Economic Profits

Profits exceeding the total opportunity costs of all resources used in production; also known as abnormal or supernormal profits.

Hired Managers

Individuals employed to direct and control the operations, strategies, and policies of a business or organization.