John Deere's Strong Name Recognition and Solid Customer Demand for Its

question 6

Multiple Choice

John Deere's strong name recognition and solid customer demand for its farm and garden equipment are two elements of the firm's

• A) strengths.
• B) opportunities.
• C) weaknesses.
• D) threats.
• E) strategies.

Grasp the importance of early planning stages in entrepreneurship including vision and strategy formulation.

Recognize the concept of product life cycle and market timing.

Acknowledge the significance of key resources in business startup and growth, particularly time, capital, and experience.

Understand the criteria that differentiate viable business opportunities from mere ideas.

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Definitions:

Inferior Good

A type of good for which demand decreases as the income of consumers increases, contrasting with normal goods.

Normal Good

A good for which demand increases when consumer income rises, and decreases when consumer income falls.

Inferior Good

A category of products whose demand falls when consumer income rises, showing an inverse relationship with changes in income.

Giffen Good

A good for which an increase in the price raises the quantity demanded