The Fact That More Consumers Are Buying Prestige Items Like

question 115

Multiple Choice

The fact that more consumers are buying prestige items like Rolex watches and Mercedes-Benz cars and are,at the same time,shopping more at low-priced discount stores is called

• A) pure competition.
• B) monopolistic competition.
• C) the elastic demand phenomenon.
• D) the income effect.
• E) cross-shopping.

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Definitions:

Segmented Markets

Markets divided into distinct groups of consumers with similar needs or characteristics for targeted marketing strategies.

Factors

Elements or components that contribute to a particular outcome or situation.

Competitive Advantage

A situation or factor that gives a business an advantage or a better standing over its rivals in the industry.

Define

The act of specifying the meaning of a word, phrase, or concept, usually in a clear and precise manner.