A Secondary Data Source, VALS^TM Created by Strategic Business Insights

question 102

True/False

A secondary data source, VALS^TM created by Strategic Business Insights, segments consumers into psychographic categories such as "Innovators," "Thinkers," "Strivers," "Believers," and "Achievers."

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Definitions:

Behavioral Economics

A field of economic research that examines psychological, cognitive, emotional, cultural, and social factors on economic decisions.

Loss Aversion

A principle in behavioral economics stating that individuals tend to prefer avoiding losses to acquiring equivalent gains.

Price Increase

A rise in the cost of goods or services over time, often measured as a percentage.

Quality Reduction

A decrease in the standard or grade of products or services, often as a cost-saving measure by producers.