Multiple Choice
As companies become more market-centered, a customer-focused sales force is most likely to:
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5. Consumer and Producer Surplus; Price Ceilings and Floors
Consumer Surplus and Willingness to Pay
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Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Positioning assumes consumers compare products based on ______.
A
the government regulations affecting each product
B
their willingness to pay for each product
C
the production costs of each product
D
the number of sellers in the market
Verified step by step guidance1
Understand the concept of positioning in microeconomics and marketing: Positioning refers to how consumers perceive and compare different products in the market.
Recognize that consumers make comparisons based on attributes that affect their purchasing decisions, such as price, quality, and personal preferences.
Identify that government regulations, production costs, and the number of sellers are factors that influence the market environment but are not the direct basis for consumer comparison when positioning products.
Focus on the consumer's perspective, which is centered on their willingness to pay for each product, reflecting the value they assign to the product's attributes.
Conclude that positioning assumes consumers compare products based on their willingness to pay for each product, as this determines their choice among alternatives.
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