For Professional Services That Are Needed Only Occasionally and Require

question 112

True/False

For professional services that are needed only occasionally and require special skills,it is usually better for a firm to have its own employees provide them than to use outsiders.

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Definitions:

Economies of Scale

Cost advantages obtained due to increased production levels, where the cost per unit of production decreases as the volume produced increases.

Economies of Scope

Cost advantages that a business obtains through the diversification of product lines, enabling more efficient use of resources.

Behavioral Target Marketing

A marketing strategy that uses consumer behavior, including browsing and purchasing history, to tailor advertising and promotions.

Niche Marketing

A targeted marketing strategy focusing on a specific segment of the market that has unique preferences or needs, aiming to become a big fish in a small pond.