What Are the Three Basic Approaches in Deciding Whether to Standardize

question 99

Essay

What are the three basic approaches in deciding whether to standardize or customize the firm's marketing mix?

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Definitions:

Consumer Surplus

The variance between the total price consumers are inclined and able to pay for a good or service, compared to what they really pay.

Price Ceilings

A government-imposed limit on how high a price can be charged for a product, service, or resource, aimed at protecting consumers from excessive pricing.

Demand Curve

An illustrative depiction that demonstrates the connection between a product's price and the amount consumers are willing to purchase at various price levels.

Elastic

Describes a situation in which the demand or supply for a good or service significantly changes in response to changes in price.