Which of the Following Statements About Mass Customization Is True

question 86

Multiple Choice

Which of the following statements about mass customization is true?

• A) Mass customization means that a firm is targeting the mass market but that it tries to customize the design of a product so it is different from what a competitor offers.
• B) Mass customization requires a firm to give up segmentation thinking to pursue larger, more heterogeneous markets.
• C) The mass-customization approach applies only to services, and they often must be custom produced anyway.
• D) ChemStation's industrial detergents, which a business customer can order to fit any special cleaning need, is a good example of mass customization.
• E) None of the above is true.

Comprehend the relationship between marginal product, product price, and the value of the marginal product.

Analyze how firms make hiring decisions based on the value of the marginal product and wage rates.

Identify the factors contributing to the demand for labor in perfectly competitive markets.

Calculate the marginal cost and value of marginal products for decision-making in hiring and production.

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Definitions:

Canada Savings Bond

A secure investment product offered by the Government of Canada that provides a guaranteed interest rate over a fixed period.

Maturity Value

The total amount payable to an investor at the end of a fixed-term investment, including the principal and the interest.

Strip Bond

A fixed-income security that is created by separating the principal and interest payments of a longer-term bond, selling them as individual zero-coupon bonds.

Yield Rate

Yield rate represents the earnings generated and realized on an investment over a particular period, expressed as a percentage.