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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 14: Production | Unit 2: Production Measures Page: 9 of 25

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  • THE fundamental principle of short-run production illustrated by these marginal product numbers is the law of diminishing marginal returns.

  • The law of diminishing marginal returns is a principle stating that as more and more of a variable input is added to a fixed input, the marginal product of the variable input eventually declines.
  • Two types of marginal returns are actually illustrated here.

    • Increasing Marginal Returns.

    • Decreasing Marginal Returns.

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ASSUMPTIONS, PRODUCTION POSSIBILITIES

The four key assumptions underlying production possibilities analysis are: (1) resources are used to produce one or both of only two goods, (2) the quantities of the resources do not change, (3) technology and production techniques do not change, and (4) resources are used in a technically efficient way.

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