One Way by Which Firms Differentiate Their Products Is to Try

question 82

True/False

One way by which firms differentiate their products is to try to anticipate changes in consumer tastes and adapt their products to fit those changed tastes.

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Definitions:

Marked Up

The process of increasing the price of a product or service from its original cost, often to ensure a profit margin.

Observation

Observation is the active process of carefully watching, noting, and analyzing phenomena or behavior in order to gain information or insights.

Interpret

To explain the meaning of information, words, or actions, often requiring context and understanding of the underlying concepts.

External Factors

Elements outside an organization or system that can affect its performance, including economic conditions, legislation, and social trends.