____________ Is a Strategy of Producing Customized (Made to Individual

question 125

Multiple Choice

____________ is a strategy of producing customized (made to individual specifications) products and services.

• A)Customer focus
• B)Make-to-order
• C)Mass customization
• D)Personalization

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Definitions:

Normal Goods

Normal goods are goods whose demand increases when consumer income rises, and decreases when consumer income falls, opposite to inferior goods.

Perfect Substitutes

Goods that can completely replace each other in consumption, resulting in consumers being indifferent to which product they consume.

Income Elasticity

A measure of how the demand for a good or service changes with a change in the consumer's income.

Bagels

A type of bread product originating from the Jewish communities in Poland, known for their dense, chewy texture and hole-in-the-center shape.