Custom Foot Runs Six Retail Locations

question 46

Multiple Choice

Custom Foot runs six retail locations.At first glance none look any different from your basic old-fashioned shoe store,but the only shoes on hand are display models.There's no inventory for sale,and customers go home empty-handed - at least initially.Customers browse the store,mixing and matching design components such as style,colour,and leather type.About 100 display shoes provide style guidelines.Once you choose a shoe style,you select materials,colours,textures and a style of sole.The retailer sells 10,000 variations in women's shoes and 7,800 in men's.Custom Foot guarantees your shoes will be ready within three weeks.This is an example of:

• A)mass customization.
• B)synergy.
• C)one product and multiple market segments.
• D)price discrimination.

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Definitions:

Standard error

A measure of the statistical accuracy of an estimate, indicating the variability of sample means around the population mean.

Standard deviation of population

A measure that quantifies the variation or spread of a set of data points in a population.

SAT scores

Standardized test scores used for college admissions in the United States, assessing a student's readiness for college.

Standard deviation

A measure that quantifies the amount of variation or dispersion of a set of data values.