A Characteristic of the Market System Is

question 270

Multiple Choice

A characteristic of the market system is

• A) extensive use of direct or manual methods of production.
• B) a focus on labor, as opposed to capital resources.
• C) reliance on the use of capital goods in indirect modes of production.
• D) avoidance of producing goods that do not satisfy consumer wants directly.

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Definitions:

Market Segments

Separation of a market into unique segments of consumers with diverse needs, traits, or actions who may need distinct products or marketing strategies.

Blue Ocean Strategy

A business strategy that encourages companies to create new demand in an uncontested market space or "Blue Ocean" rather than competing in saturated markets.

Differentiation

A marketing strategy that involves distinguishing a product or service from competitors to make it more attractive to a particular target market.

Lower Cost

A strategic advantage or objective involving reducing expenses to offer products or services at a competitive price point.