Match Each Item to the Statement or Sentence Listed Below

question 136

Short Answer

Match each item to the statement or sentence listed below.
a.marketing mix
b.benchmarking
c.product
d.convenience product
e.shopping product
f.specialty product
g.product line
h.product mix
i.unsought product
j.maturity stage
k.raw materials
l.total quality management
m.product life cycle
n.installations
o.services
p.impulse goods
q.wholesaler
r.business-to-business (B2B)
s.supplies
t.emergency goods
u.component parts
v.staples
w.line extension
-A product that is purchased frequently, immediately, and with minimal effort is classified as a(n) _____.

---

Definitions:

Underallocation

The insufficient provision of resources to areas where they can be most efficiently or effectively used, often leading to inefficiencies.

Product Variety

The assortment or range of different products that a seller offers, catering to diverse customer preferences and enhancing market competitiveness.

Pure Competition

A market structure characterized by a large number of small firms, a homogeneous product, and easy market entry and exit.

X-Inefficiency

Refers to the situation where a firm is not maximizing its potential output due to managerial or organizational inefficiencies, leading to higher production costs than necessary.