________ Refers to the Products or Sets of Products with Which

question 101

Multiple Choice

________ refers to the products or sets of products with which a brand competes and which function as close substitutes.

• A) Category membership
• B) Target audience
• C) Competitive frame of reference
• D) Demand field
• E) Consumer profitability analysis

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Definitions:

Carrying Cost

Expenses incurred by holding inventory or assets, including storage, insurance, and spoilage costs.

Fixed Cost

Business expenses that remain constant regardless of the volume of goods or services produced, such as rent, salaries, and insurance premiums.

Switch Break-Even Point

This term refers to the point at which the cost savings or revenue from changing a system or product equals the costs associated with the change.

Variable Cost

Charges that fluctuate according to the volume of production.