Which of the Following Is True of Perceptual Maps

question 115

Multiple Choice

Which of the following is true of perceptual maps?

• A) They are only used during the new product development process.
• B) They are the most effective method for predicting product success.
• C) They identify consumer shopping preferences in terms of retail and nonretail locations.
• D) They are not useful in business-to-business marketing.
• E) They cannot be created without consumer research.

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Definitions:

Opportunity Cost

The cost of foregone alternatives, representing the benefits one could have received by taking a different decision.

Substitution Effect

The change in consumption patterns due to a change in relative prices, leading consumers to substitute one product for another.

Demand Curve

A curve showing the relation between the price of a good and the quantity consumers are willing and able to buy per period, other things constant.

Market Demand Curve

A graphical representation that depicts the total quantity of a good or service that all consumers in a market are willing and able to purchase at various prices.