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What are the key factors that can influence the way consumers perceiveproducts and services?
The main difference between the response of customers in service and product perception is that a customer percieves the product in his own way after purchasing a product at a particular price. When a customer purchases a service, the attitude of the customer is the function of Value, Quality and the satisfaction level of the customer.
the value of the service is determined vis a vis the price he is going to pay for a particular service. when a customer testifies the quality of a service either by his own past expeerience or by the communication of the service provider. after the consumption of the service the customer measures the satisfaction level he gets from consuming the service.
thus the customer perception regarding a service is framed by:-
1. the value of the service.
2. the qulity of the service.
3. the satisfaction level from the service.
since the optimum level of the Value, Quality, Satisfaction from a service is always acceptable to the customer.
the weightage of all these factors should be maximum. value of the service is related to the price but sometimes the image of the service provider(Quality) excels the price hike and a customer is ready to pay the increased price.
What else can I help you with?
Name two factors that influence a consumers needs and wants?
Two factors that could influence a consumers needs and wants could be their peers or advertising.
What are the key factors influencing the cobb-douglas demand function in economics?
The key factors influencing the Cobb-Douglas demand function in economics are the prices of the goods or services, the income of consumers, and the preferences of consumers. These factors determine how much of a good or service consumers are willing and able to purchase.
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
Factors that influence consumer demand for goods and services?
1.price of good and services 2.price of goodsand services in relation to other goods and services 3.taste and refrences 4.income
What are the key factors that influence the dynamics of the supply and demand game in the market?
The key factors that influence the dynamics of supply and demand in the market include consumer preferences, prices of goods and services, production costs, competition among producers, government regulations, and external factors such as economic conditions and technological advancements. These factors interact to determine the equilibrium price and quantity of goods and services in the market.
Name two factors that influence a consumers needs and wants?
Two factors that could influence a consumers needs and wants could be their peers or advertising.
Which factors have the broadest and deepest influence on consumer behavior?
Cultural, psychological, and social factors are believed to have the broadest and deepest influence on consumer behavior. Cultural factors include values, beliefs, and norms that shape individuals' preferences. Psychological factors, such as perception and motivation, impact how consumers process information. Social factors like family, reference groups, and social class influence consumers' purchase decisions and behaviors.
What are the key factors influencing the cobb-douglas demand function in economics?
The key factors influencing the Cobb-Douglas demand function in economics are the prices of the goods or services, the income of consumers, and the preferences of consumers. These factors determine how much of a good or service consumers are willing and able to purchase.
What are the four economic questions?
-What should the economy produce? Market economies use price to answer this question. For example, Product X at a very high price may not sell, thus producers may stop making the product. -How should goods/services be produced? Producers combine resources (consumers sell factors of production) to make products they can sell. Price of factors of production influence producer decisions to make or not to make a product -Who should receive the goods/services produced? Incomes limit choices and decisions of consumers as they respond to price in the marketplace. Consumers earn incomes based on their contributions (factors of production) to production of goods/services. -How should the economy provide for growth? Producers increase the supply of goods and services in response to price in the marketplace. Consumers earn increased incomes as they respond (offer their labor or capital) to the price of factors of production.
Are producers and consumers abiotic factors or biotic factors?
Producers and consumers are biotic factors.
Factors that influence consumer demand for goods and services?
1.price of good and services 2.price of goodsand services in relation to other goods and services 3.taste and refrences 4.income
How do political factors affect the location of a factory?
The political arena has a huge influence upon the regulation of businesses, and the spending power of consumers and other businesses.
What factors contribute to a product being favored by consumers in the market?
Several factors contribute to a product being favored by consumers in the market, including quality, price, brand reputation, marketing strategies, customer reviews, and perceived value. Additionally, factors such as convenience, innovation, and customer service can also influence consumer preferences.
What are the key factors that influence the dynamics of the supply and demand game in the market?
The key factors that influence the dynamics of supply and demand in the market include consumer preferences, prices of goods and services, production costs, competition among producers, government regulations, and external factors such as economic conditions and technological advancements. These factors interact to determine the equilibrium price and quantity of goods and services in the market.
What is meant microeconomics Goods and services?
Microeconomics studies the behavior of individuals and firms in making decisions regarding the allocation of resources, particularly concerning goods and services. Goods refer to tangible products that can be consumed or used, while services are intangible activities or benefits provided to consumers. The interaction of supply and demand for these goods and services determines their prices and availability in the market. Microeconomics analyzes how these factors influence consumer choices and firm production strategies.
What is the using of goods and services called?
Production is the creation of goods and services. It is used to help deliver what consumers need and want through consumption.
What are factors that influence supply?
what are the factors that influence supply
