Using the Consumer Products Classification System, Which of the Following

question 117

Multiple Choice

Using the consumer products classification system, which of the following is true of the marketing mix factors for a specialty product?

• A) It generally has low price.
• B) The seller's image is unimportant.
• C) Its number of sales outlets tends to be very high.
• D) It relies on personal selling by producers.

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Definitions:

Marginal Revenue

The additional income obtained from selling one more unit of a good or service, critical in determining the optimal level of production for a firm.

Profits Maximize

The process or strategy by which a firm seeks to achieve the highest possible return or benefit from its operations and resources.

Monopolist

A single seller in a market who has significant control over the prices and supply of a product or service.

Profit Maximizing

The process or strategy of adjusting production and sales to achieve the highest possible profit.