A Firm That Successfully Differentiates Its Product or Lowers Its

question 228

Multiple Choice

A firm that successfully differentiates its product or lowers its average cost of production creates

• A)value for its customers.
• B)entry barriers into its market.
• C)a perfectly inelastic demand curve for its product.
• D)economies of scale.

---

Definitions:

Product Expectations

Consumer anticipations or beliefs about the performance and quality of a product or service before purchase.

Global Marketing Strategy

An approach to marketing that considers the world as a single market and includes strategies to compete on a global scale, adapting to various cultural, legal, and economic environments.

Customer Preferences

Describes the likes, dislikes, desires, and needs that a customer exhibits when choosing a product or service.

International Fast-Food

Fast-food chains or franchises operating in multiple countries, offering quick service meals with a consistent menu globally.