The VALS Framework

question 238

Multiple Choice

The VALS framework

• A) is a well-known personality assessment.
• B) involves applying cognitive learning theory to segments that have low awareness of a product.
• C) examines the intersection of psychology, demographics, and lifestyles.
• D) is a study on the hierarchy of needs.
• E) is a form of geodemographic segmentation.

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Definitions:

Price Floor

A government- or authority-imposed minimum price set above the equilibrium price, preventing the market price from falling below a certain level.

Market Equilibrium

A situation in a market where the quantity supplied equals the quantity demanded at a certain price point.

Price Floor

A government or group-imposed price control or limit on how low a price can be charged for a product, service, or commodity, usually intended to ensure fair conditions for producers.

Shortage/Surplus

A market condition where the quantity demanded exceeds the quantity supplied (shortage) or where the quantity supplied exceeds the quantity demanded (surplus).