Why Has the Component Lifestyle of Many of Today's Consumers

question 92

Multiple Choice

Why has the component lifestyle of many of today's consumers proven to be such a challenge to marketers?

• A) A consumer is defined by his or her lifestyle,which is defined by level of education attained and occupation.
• B) The needs of people with component lifestyles are in constant flux.
• C) There are no specialized magazines that reach small segments of markets.
• D) Communication with people who have component lifestyles is very difficult.

---

Definitions:

Inelastic

Describes a situation where the demand or supply for a good or service is less responsive to changes in price.

Elastic Demand

A situation in economics where the demand for a product is sensitive to price changes, leading to a significant change in quantity demanded if the price increases or decreases.

Wage Increase

Refers to the rise in the hourly, daily, or monthly payments made to employees for their work or services.

Total Payroll

The complete amount of money a business pays to its employees over a specific period, including wages, salaries, bonuses, and deductions.