A Company May Use Focus Groups as Part of Concept

question 2

Multiple Choice

A company may use focus groups as part of concept generation. A focus group will typically comprise:

• A) Seven to ten participants who are unfamiliar with each other and have certain characteristics in common that relate to the particular topic
• B) People identified at random by street market researchers
• C) Contact staff in a service organisation or the salesperson in a product-orientated organisation
• D) Staff who take apart competitors' services/products and focus on how they have been made

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Definitions:

Equilibrium Market Output

The level of output where the quantity supplied equals the quantity demanded in the market, allowing no excess supply or demand.

Total Cost Function

A mathematical representation of the all-encompassing cost associated with production, including both fixed and variable costs, at various levels of output.

Economic Cost Function

A mathematical expression that describes the cost of producing a given quantity of output, incorporating all relevant costs.

Short-Run Supply Curve

A graphical representation showing the quantity of a good that producers are willing and able to supply at different prices in the short term, holding some factors constant.