If Toyota describes one of its cars of the future as being a moderately priced subcompact designed as a second family car to be used arround town; the car is ideal for running errands and visiting friends, then the company has just stated a potential new product in terms of a(n) ?
Correct answer: C. Product concept
- A. Product idea
- B. Product image
- C. Product concept
- D. Product features
Explanation
A product concept is a detailed description of a proposed product in meaningful consumer terms, including its target user, purpose and positioning. A product idea is only a general possibility, before it is developed into this consumer-oriented description.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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