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When deciding to purchase a telephone, a consumer would most likely to separate telephone capabilities into different categories first and then choose from a selection of phones that best suit their needs (their utility). The amount of goods sold by a company would depend on the price of the phone and how it competes with other companies in the market. Therefore, in order to effectively market a new line of telephones, the capabilities of a telephone and its price must be taken into consideration. First, a research must be done on consumer preference and what population it would be served. Empirical data must show a significant number of demand for a specific capability before the production is run (ex...
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