Norms That Are Central to the Functioning of a Society

question 71

Multiple Choice

Norms that are central to the functioning of a society and whose violation brings serious retribution are known as

• A)sanctions.
• B)folkways.
• C)mores.
• D)rituals.

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Definitions:

Diversification

A risk management strategy that involves adding a wide range of investments, products, or markets to a portfolio or business model.

Market Development

Strategies aimed at finding new markets or expanding existing markets for a product or service to increase sales and market share.

Product Development

The process of bringing a new product or service to market, from the initial idea through design, manufacturing, and marketing.

Product Life Cycle

Describes the progression of a product through different market phases, including its launch, rapid growth, saturation, and eventual phase-out.