Explicit Costs Are

question 122

Multiple Choice

Explicit costs are

• A)not part of opportunity cost
• B)the only cost considered in opportunity cost
• C)exactly the same as implicit costs
• D)actual monetary payments for resources purchased
• E)the opportunity costs of using resources owned by the firm

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Definitions:

Geoclustering

The practice of grouping consumers or data based on geographical locations and demographics to target marketing efforts more effectively.

Nielsen's PRIZM

A market segmentation research tool that classifies the American population into distinct lifestyle segments to help marketers identify and target their customers and prospects.

Mass Marketing

A marketing strategy that targets a broad, undifferentiated audience with the aim of reaching as many people as possible.

Single Marketing Program

A unified strategy designed to promote a particular product or service without segmenting efforts or resources.