A Substitute Is a Good

question 362

Multiple Choice

A substitute is a good

• A) that can be used in place of another good.
• B) that is not used in place of another good.
• C) of lower quality than another good.
• D) of higher quality than another good.

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Definitions:

Concept of Reciprocity

A social norm that involves mutual exchange of favors or privileges, where an act of generosity or kindness is repaid in kind.

Market Specialization

A strategy where a business focuses on a specific market niche, offering specialized products or services to satisfy the particular needs of that market segment.

Customized Marketing Programs

Tailored marketing strategies and campaigns designed to meet the specific needs and preferences of a targeted customer segment or individual customer.

Evoked Set

A group of relevant brands or products that a consumer recalls from memory when making a purchase decision.