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In What Ways Can an Industrial Classification System Be Used

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Essay

In what ways can an industrial classification system be used by business marketers to analyze target markets?


Definitions:

Vertical Axis

in a graph or chart, the y-axis which typically represents the range of values or dependent variables.

Perfect Substitute

Goods that can be completely replaced by another with no loss of utility to the consumer, such as different brands of sugar.

Units Of Good

The individual items or quantities of a product that can be quantified, counted, and often sold individually.

Utility Function

A mathematical representation of a consumer's preference system, ranking different bundles of goods and services by their levels of satisfaction.

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