The Specialized Group of Consumers with a Structured Set of Relationships

question 347

Multiple Choice

The specialized group of consumers with a structured set of relationships involving a particular brand,fellow customers of that brand,and the product in use is referred to as a(n)

• A)brand community.
• B)VALS.
• C)opinion leader.
• D)social class.
• E)buzz group.

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Definitions:

Technology Used

Refers to the application of scientific and technical knowledge to production processes to improve efficiency, increase output, or create new products.

Quantity and Quality

Refers to the amount and the standard of a product or service, indicating its overall value or suitability.

Coincidence of Wants

A situation in a barter system where two parties each have something the other wants, facilitating an exchange without the need for money.

Total Output

The total quantity of goods and services produced by an economy, sector, or individual producer over a specified period.