Manvel Enterprises Is Implementing a Differentiation Strategy

question 53

Multiple Choice

Manvel Enterprises is implementing a differentiation strategy.Manvel will most likely:

• A) supervise its staff employees very closely.
• B) design a product for easy manufacture.
• C) strive for low-cost production.
• D) create a unique product.

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Definitions:

Elastic

A term used to describe the sensitivity of the quantity demanded or supplied of a good or service to a change in its price.

Quantity Demanded

The specific amount of a product that buyers are willing and able to purchase at a given price.

Inelastic

Characterized by a low responsiveness of quantity demanded or supplied when there is a price change, signifying that changes in price have minimal impact on consumers' purchasing behavior.

Price Elastic

Describes a situation where the demand or supply of a good or service is highly sensitive to changes in price.