The Values and Lifestyle (VALS) Program

question 90

Multiple Choice

The Values and Lifestyle (VALS) program

• A)was created to help consumers make healthier life style choices.
• B)helps marketers identify consumers interested in mental and physical health products and services.
• C)was created to reduce costs in the insurance industry by educating consumers.
• D)creates profiles of people based on their primary motivation and resources.
• E)identifies consumers and places them in appropriate target markets based upon previous buying behaviors.

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Definitions:

Demand Curve

A graphical representation showing the relationship between the price of a good or service and the quantity demanded for a given period.

Price Elasticity

The responsiveness of the quantity demanded of a good to a change in its price.

Price Elasticity

An indicator of the degree to which the demand or supply of a product adjusts due to a variation in its cost.

Midpoint Formula

A method used in economics to calculate the elasticity of demand or supply between two points on a curve by averaging the quantities and prices.