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DIFFERENTIATED: A targeting strategy in which the company develops two or more marketing mixes to satisfy the needs of multiple segments of the market. Each mix focuses on a specific segment. Sometimes this happens after a firm has used a concentrated strategy in one market and then expands into a new market.
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Lesson 2: Economic Science | Unit 5: Cause and Effect
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Page: 19 of 20
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Advertising is unlikely to be the DIRECT cause of greater sales and production.- First link: Advertising increases buyers' preferences.
- Second link: Buyers' preferences increase market demand and market price.
- Third link: Higher price induces suppliers to increase production.
Scientific answer:- The increase in sales and production are caused by higher prices, which is caused by greater demand, which is caused by a change in buyers' preferences, which is caused by advertising.
- The goal of the scientific study of economics is to identify these distinct, but interrelated cause-and-effect principles.
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INELASTIC DEMAND The general elasticity relation in which relatively large changes in price cause relatively small changes in quantity demanded. Large changes in price cause relatively small changes in quantity demanded or the percentage change in quantity demanded is smaller than the percentage change in price. This characterization of elasticity is most important for the price elasticity of demand. Inelastic demand is one of two general elasticity relations for demand. The other is elastic demand.
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WHITE GULLIBON
[What's This?]
Today, you are likely to spend a great deal of time touring the new suburban shopping complex looking to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for slow moving vehicles with darkened windows.
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This isn't me! What am I?
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Natural gas has no odor. The smell is added artificially so that leaks can be detected.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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SPE
Subgame Perfect Equilibrium
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