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TARGETING STRATEGY: The initial step in the target market/segmentation process by which a company develops an overall picture of who the specific buyer group might be. The three types of strategies are: undifferentiated, differentiated, and concentrated. Targeting strategies are based on whether the market is homogeneous or heterogeneous.

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Lesson 10: Utility and Demand | Unit 1: The Set Up Page: 2 of 21

Topic: Bring On Utility <=PAGE BACK | PAGE NEXT=>

  • Some definitions:

  • Utility is the satisfaction of wants and needs obtained from the consumption or use of goods and services.
  • Utility maximization is the process of obtaining the highest possible level of utility from the consumption or use of goods and services.
  • Constrained utility maximization is the process of obtaining the highest possible level of utility from the consumption or use of goods and services, under given restrictions, when the highest overall level of utility cannot be reached.
  • One last utility concept:

  • The law of diminishing marginal utility is a principle stating that as more of a good is consumed eventually each additional unit of the good provides less additional utility; that is, marginal utility declines as the quantity consumed increases.

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AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET

A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.

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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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