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In case of a car, the 5 levels of a product are:
- Core product : Transportation from one place to another.
- Actual Product : Brand of the car, looks and design of the car etc.
- Expected Product : Decent mileage, proper engine, inflated tyres etc.
- Augmented Product : After-sale services, insurance policy etc.
- Potential Product : May run more smoothly as it wears off a little.
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Which is the best example of an element of a command economy?
Five-Year Plans in the Soviet Union
What is an example of protecting economic interest?
A company may protect their economic interests five hiring a lobbyist. The lobbyists provide information to lawmakers and regulators at the state and federal level.
What are five products designed and marketed specifically toward teenagers?
awesome product #1 awesome product #2 awesome product #3 awesome product #4 awesome product #5
How would you explain five reasons you would recommend the study of economics?
Five reasons to study economics are: 1. to have an understanding of money and its use 2. to create the difference between demand and supply 3. to know the market reaction towards a product 4. to maintain a balance in analysing things at micro and macro level 5. to realize the condition of our business at different time intervals
What is meant by global localization?
Customizing a product or service offered by a global entity, according to consumers of specific region is called Global Localization. For Example: Coca-Cola is a global company. It prefers that product offerings from country to country are the same. Prefers, due to system efficiencies, but doesn't insist upon it. For example: Despite being popular in the U.S., there is no Cherry Coke in Canada. It has been introduced a few times and failed each time. There is no local demand for that product. There IS, however, a demand for more Five Alive flavors at a higher juice content so Coca-Cola changes the base product to supply it. That local success is then tested in other countries. Coca-Cola thinks globally but acts locally.
