ECONOMICS
SCARCITY
|
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
|
|
|
False
|
|
|
True
|
|
|
Either A or B
|
|
|
None of the above
|
Detailed explanation-1: -The Production Concept. This concept is the oldest of the concepts in business. It holds that consumers will prefer products that are widely available and inexpensive. Managers focusing on this concept concentrate on achieving high production efficiency, low costs, and mass distribution.
Detailed explanation-2: -For customers to find value in a product or service, its perceived benefits need to outweigh its cost. Creating value means maximizing benefits within an acceptable price point. Benefits and cost are the two key components of customer value.
Detailed explanation-3: -Elasticity occurs when demand responds to changes in price or other factors. Inelasticity of demand means that demand remains constant even with changes in economic factors.
Detailed explanation-4: -The correct answer is (b) distribution The distribution marketing function determines the best ways for customers to check what product is available for them and at what location.