What Is the Function of the Nielsen PRIZM

question 3

Multiple Choice

What is the function of the Nielsen PRIZM?

• A)It is a system that enables firms to understand and improve the position of their technology,brands,products,media,or channels.
• B)It is a form of psychographic segmentation that classifies consumers according to their lifestyles and predicted behavior.
• C)It is a form of geodemographic segmentation that classifies every U.S.neighborhood into one of 14 groups.
• D)It is a type of mass marketing strategy based on the benefits that consumers want from the products they purchase.

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Definitions:

Opportunity Cost

The value of the next best alternative forgone as the result of making a decision.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two or more goods given a set of inputs (resources, technology).

Absolute Advantage

The ability of an entity to produce a good or service more efficiently than its competitors, leading to greater output with the same resources.

Herring

A small, silver-colored fish commonly found in the temperate waters of the North Atlantic, a significant source of food globally.