One of Your Classmates Asserts That Advertising, Marketing Research, and Brand

question 226

Multiple Choice

One of your classmates asserts that advertising, marketing research, and brand management are redundant expenditures because a firm can obtain the same information by simply looking at what customers are already buying.Which of the following is not a response you might offer her?

• A)Conducting market research is a good way for firms to keep abreast of changing consumer tastes and preferences.
• B)Advertising and brand management allow a firm to create an entry barrier which will insulate the firm from competition and from undertaking further product innovations.
• C)Marketing research could allow a firm to identify new market opportunities and at least, in the short run, a firm can make a profit supplying products to this market segment.
• D)If a firm successfully manages its brand, customers become less price sensitive as they perceive fewer substitutes for the firm's brand.

Understand the legal frameworks surrounding negligence, strict liability, and warranty disclaimers in product liability cases.

Recognize the implications of the Restatement (Third) of Torts in product liability litigation.

Comprehend the significance of damage types and limitations in tort and contract law.

Grasp the impact of remedy limitations and disclaimer clauses on the enforcement of warranties.

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Definitions:

Tetrapod

A vertebrate animal that has four limbs or limb-like appendages, including amphibians, reptiles, birds, and mammals.

Convergent Evolution

The process where organisms not closely related independently evolve similar traits as a result of having to adapt to similar environments or ecological niches.

Monotreme

A mammal that lays eggs instead of giving birth to live young, such as the platypus and echidnas, belonging to the most primitive order of mammals.

Therian

A subgroup of mammals that includes marsupials and placental mammals, distinguished from monotremes.