Match Each Item with the Correct Statement Below

question 104

Multiple Choice

Match each item with the correct statement below.
-Products bought in response to unexpected and urgent needs are called _____.

• A)marketing mix
• B)specialty products
• C)product
• D)services
• E)convenience products
• F)impulse goods
• G)installations
• H)wholesalers
• I)business-to-business (B2B)
• J)supplies
• K)emergency goods
• L)shopping products
• M)component parts and materials
• N)staples
• O)product mix
• P)product line
• Q)line extension
• R)total quality management
• S)product lifecycle
• T)benchmarking

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Definitions:

Scarcity

A fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Goods

Tangible products or commodities that are manufactured or produced for sale or exchange.

Resources

A broad term that encompasses all the materials, assets, and inputs used by individuals or organizations to produce goods and services.

Economics

The social science that studies how individuals, governments, firms, and nations make choices on allocating resources to satisfy their wants and needs, attempting to determine how these groups should organize and coordinate efforts to achieve maximum output.