Examlex
If demand for a seller's product is perfectly elastic,which of the following is true?
i.The firm will sell no output if it sets the price its product above the market price.
ii.There are many perfect substitutes for the seller's product.
iii.The firm will sell no output if it sets the price its product below the market price.
Target Market(s)
A specific group of consumers at whom a company aims its products and services, identified by demographic, geographic, and psychographic characteristics.
Segmented Markets
Markets divided into distinct groups of consumers with similar needs or characteristics for targeted marketing strategies.
Factors
Elements or components that contribute to a particular outcome or situation.
Competitive Advantage
A situation or factor that gives a business an advantage or a better standing over its rivals in the industry.
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