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HETEROGENEOUS: A market characterized by buyers with different needs and wants. A company utilizes a concentrated targeting strategy for this group. This market requires the company to divided the market into groups by a process called market segmentation. The company then develops a different marketing mix to satisfy each of these groups or segments.

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Lesson 8: Market Shocks | Unit 4: Double Shifts Page: 14 of 20

Topic: More Demand and Less Supply <=PAGE BACK | PAGE NEXT=>

Here we have demand increasing (higher income) and supply decreasing (number of sellers declines).
  • An increase in demand causes an increase in both price and quantity.
  • A decrease supply causes price to increase and quantity to decrease.
  • The combined effect is an obvious increase in price but a questionable change in quantity.
  • At the new equilibrium the quantity is indeterminant.
  • If demand shifts relatively more than supply, quantity is greater.
  • If demand shifts relatively less than supply, quantity is less.

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LAGGING ECONOMIC INDICATORS

Seven economic statistics that tend to move up or down a few months AFTER business-cycle expansions and contractions. Most importantly, these measures indicate peak and trough turning points about three to twelve months after they occur. Lagging economic indicators are one of three groups of economic measures used to track business-cycle activity. The other two are coincident economic indicators and leading economic indicators.

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Today, you are likely to spend a great deal of time going from convenience store to convenience store wanting to buy either a remote controlled sports car with an air spoiler or semi-gloss photo paper that works with your neighbor's printer. Be on the lookout for malfunctioning pocket calculators.
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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