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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 7: Market | Unit 5: The Method Page: 21 of 22

Topic: Inefficiency <=PAGE BACK | PAGE NEXT=>

Inefficient use of resources can result from:
  • The fourth rule of competition-with less competition buyers or sellers control the price. The quantity is too little and the demand price is greater than the supply price.
  • The seventh rule of complexity-costs or benefits external to the market (externalities) cause differences between the value of goods produced and goods not produced, even though market demand and supply prices are equal.
  • The fifth rule of imperfection-markets are not perfect.
    • Scarcity implies the lack of competition.
    • Complexity implies externalities.
Efficiency is a goal, not a perpetual state of the world.

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AVERAGE REVENUE, PERFECT COMPETITION

The revenue received for selling a good per unit of output sold, found by dividing total revenue by the quantity of output. Average revenue often goes by a simpler and more widely used term... price. For a perfectly competitive firm average revenue is also equal to marginal revenue. Average revenue for a perfectly competitive firm is often depicted by a horizontal average revenue curve.

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ORANGE REBELOON
[What's This?]

Today, you are likely to spend a great deal of time watching infomercials trying to buy either throw pillows for your bed or a package of blank rewritable CDs. Be on the lookout for mail order catalogs with hidden messages.
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This isn't me! What am I?

Before 1933, the U.S. dime was legal as payment only in transactions of $10 or less.
"Experience keeps a dear school, but fools will learn in no other. "

-- Benjamin Franklin

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Nash Equilibrium
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