Consumer Products Are Classified into Four Categories Like Convenience or Shopping

question 93

Multiple Choice

Consumer products are classified into four categories like convenience or shopping goods based on the effort the consumer spends on the decision, the ________, and the frequency of purchase.

• A) amount of money the customer is willing and able to spend
• B) number of competing or substitute products
• C) demographics of the consumer
• D) attributes used in making the purchase decision
• E) consumer segmentation characteristics

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Definitions:

Total Revenue

The total amount of money a company receives from selling its goods or services, calculated as the quantity sold multiplied by the sale price.

Perfectly Price-inelastic

A situation where the quantity demanded or supplied of a good does not change in response to a price change.

Constant Slope

Implies a uniform rate of change in one variable relative to another, represented graphically as a straight line.

Price Elasticity

The responsiveness level of the quantity of a good demanded to the price modifications of that good.