Universal needs exist when
A) the tastes and preferences of consumers in different nations are similar if not identical.
B) conventional commodity products requested in one country are different than those requested in another country.
C) the tastes and preferences of consumers in the same nation are similar if not identical.
D) consumers are willing to pay a high price for a product regardless of what country they reside in.

Question

Quizplus · Accepted Answer

Pressures for cost reduction can be particularly intense in industries producing commodity-type products where meaningful differentiation on nonprice factors is difficult and price is the main competitive method. Universal needs exist when the tastes and preferences of consumers in different nations are similar if not identical. This is the case for conventional commodity products such as bulk chemicals, petroleum, steel, sugar, and the like.

Universal Needs Exist When