Broad Differentiation Strategies Generally Work Best in Market Circumstances Where

question 102

Multiple Choice

Broad differentiation strategies generally work best in market circumstances where:

• A) buyer needs and uses of a product are diverse and not fully satisfied by a standardized product.
• B) most buyers have similar needs and use the product in the same ways.
• C) the products of rivals are weakly differentiated and most competitors are resorting to clever advertising to try to set their product offerings apart.
• D) buyers are price sensitive and product switching costs are quite low.
• E) market competition revolves around slowly evolving product features.

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Definitions:

Former Representation

Circumstances where an attorney has previously represented a client in a related or unrelated matter.

Production Possibilities Frontier

A curve representing the maximum combination of goods or services that can be produced with a fixed set of resources and technology.

Utility

In economics, utility means the total satisfaction received from consuming a good or service.

Competitive Equilibrium

is a condition in a market where supply equals demand, with prices becoming stable at this point.