Which of the following is true of a product that serves universal needs?

Question

Quizplus · Accepted Answer

A product that serves universal needs is one that has a high demand in all markets and is not restricted to a particular geographic region or cultural group. This makes it attractive for businesses to concentrate production at an optimal location, where it can benefit from economies of scale and reduce production costs. This does not necessarily require customization for small consumer groups or globally dispersed production, as the product caters to universal needs. However, accommodating demands for local responsiveness may be necessary to adapt to national differences in consumer taste and preferences.

Which of the Following Is True of a Product That