For Any Product to Be Successful, It Must Be Purchased

question 193

Multiple Choice

For any product to be successful, it must be purchased by

• A) early adopters and laggards.
• B) early majority and late majority.
• C) late majority and laggards.
• D) innovators and early majority.
• E) innovators and early adopters.

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Definitions:

Marginal Utility

The increase in satisfaction or utility that a person receives from consuming an additional unit of a good or service.

Total Utility

The complete fulfillment derived from the consumption of a specific amount of products or services.

Utility-Maximizing

The economic principle where individuals or entities choose to allocate their resources in a way that maximizes their satisfaction or utility.

Marginal Utility-To-Price Ratio

A measure of the additional satisfaction gained from consuming one more unit of a good or service relative to its cost.