The VALS (Values and Lifestyles) Approach Classifies Consumers into 66

question 52

True/False

The VALS (Values and Lifestyles) approach classifies consumers into 66 different segments as descriptors of individual households.

---

Definitions:

Price Takers

Participants in a market who accept the prevailing market price because they do not have enough power to influence it.

Market

A place or platform where buyers and sellers come together to trade goods, services, or financial instruments.

Monopoly

A market structure characterized by a single seller, selling a unique product in the market with restrictions on the entry of new firms.

Law of Demand

An economic principle stating that as the price of a good or service increases, consumer demand for the good or service will decrease, and vice versa, holding all else constant.