Without new products, Erik can market his current products only to his current market the same products to similar customers
<h3><u>
Explanation:</u></h3>
New product development involves a lot of research work. This plays a vital role in making the newly developed product to be more successful. The research team must first identify the areas that can be improved with the requirements and feedback from their loyal customers.
But in the given example, Erick’s company is already successful with the developed product for more than five years. Hence, it is recommended for marketing the current products to the current customers and market the same products to similar customers.
Answer and Explanation:
The classification is as follows
1. The bob is employed as he is an old professor
2. Cho is unemployed as she is laid off and she is trying to find any kind of job
3. Eric should not be counted in a labor force as he became so discouraged due to which he gave up for the job searching
4. Lucia is unemployed as she lost her job
5. Eric should not be counted in a labor force as he spent most of his time in gardening and reading
6. Ginny should not be counted in an adult population as she is only 11 years old
Nate finds the language of the contract to buy bedroom furniture difficult to understand due to "procedural unconscionability".
<h3>What is
procedural unconscionability?</h3>
Unconscionability that results from the contract-making process rather than from a contract's terms that are inherently unfair or unreasonable
Examples of Procedural Unconscionability is-
- influencing an underprivileged party who would not have otherwise signed the contract to do so.
- minimising important clauses in contracts for the sake of the underdog.
- If one side uses threats of violence against the other party, his family, or friends, this is known as coercion.
Therefore, Procedural unconscionability is based on elements that deprive a party of a meaningful choice, such as customer ignorance or a significant amount of unclear fine print.
To know more about elements required in contract-making, here
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