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:

Beneficiaries

Individuals or groups that receive benefits or advantages from something, especially from a trust, insurance policy, or will.

Socially Optimal

A situation in which resources are allocated in the most efficient way from the society's point of view, maximizing total welfare.

Pollution

The contamination of the natural environment by harmful substances or energies, which can affect air, water, and land negatively and pose risks to human health and ecosystems.

Marginal Benefit

The boost in utility or enjoyment derived from the additional consumption of a unit of a good or service.