When Henry Ford First Made the Model T,he Said Consumers

question 73

Multiple Choice

When Henry Ford first made the model T,he said consumers "can have any color they want as long as it is black." This was a case of _____.

• A) repositioning
• B) reengineering
• C) one-to-one marketing
• D) undifferentiated targeting
• E) niche marketing

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Definitions:

Economic Rents

Earnings that exceed the minimum amount necessary to keep a factor of production in its current use.

Aggregate Production

The total output of goods and services produced by an economy over a specific time period.

Reallocation

denotes the process of distributing or assigning resources, roles, or tasks differently in response to changes in conditions, preferences, or objectives.

Demand for Land

The demand for land refers to the desire, backed by purchasing power, for the use of land resources for residential, commercial, or agricultural purposes.