Explain the Three Layers of the Product the Marketer Needs

question 60

Essay

Explain the three layers of the product the marketer needs to understand to adequately serve the consumer.

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Definitions:

Long Run

An economic phase characterized by the variability of all production inputs and expenses.

Industry Supply Curve

It represents the total quantity of goods or services that producers in an industry are willing and able to supply at various price levels.

Elastic

Describes a situation where the quantity demanded or supplied of a good or service is sensitive to changes in its price.

Intensive Use

Utilization of resources or land to their maximum potential to achieve high output or productivity.