0
What are two related effects that combine to make a consumer able and willing to buy more of a specific product at a lower price than at a higher price?
Wiki User
∙ 13y ago
substitution effect- the effect on the demand of a good only due to the price change, it is relatively cheaper than the other good.
income effect- the increase in demand due to the fact the good is cheaper, thereby increasing your ability to purchase more goods, giving you more real income.
this is for lowering of prices, the opposite is true for raising the price of a good.
Wiki User
∙ 13y ago
Add your answer:
Earn +20 pts
What is commodity or product approach?
Commodity = needs Product = quality In my POV, the commodity approach merely focuses on the consumers' demands whilst the product approach focuses on bringing consumer demand by creating a product that's of great quality.
Which influence on spending deals with the motivation to purchase a product?
the price of the product and the willingness of the consumer to purchase the product impact the demand of the product by the consumer. lower the price, higher will be the demand and higher is the motivation level to buy the good.
The demand for a product is likely to be more elastic when?
A product is likely to be more elastic the more dispensable or unnecessary it is to the consumer. For instance, if the price increases and the product is elastic, the consumer will not demand as much because they can do without it.
Which of these is not included in the study of microeconomics?
effects of trade and the gross demestic product
What three changes can effect the demand of a specific product?
These Are Four factors that Affect Consumer Demands ! 1. Consumer Income 2. Expectations 3. Tastes and Trends 4. Population and Change
Where can one find information on product liability?
"To find liability of a specific product, it is most helpful to visit the manufacturer's website. The manufacturer of the specific product should have documents that are publicly available in order for a consumer to view and research."
Why is it important that a consumer be able to identify a specific product?
it allows them to choose a brand with which they have had experience or previous knowledge
How do you check the quality of a product?
The quality of any product is built into it at the designing phase. The specifications of a product are prepared and these specifications are the quality features of a product. A manufacture checks the quality of its product against the approved in-house specifications. A consumer has his/her own criteria of quality which will depend on the objective of purchasing a specific product. A product which meets the consumer requirements is a quality product.
How do you check the quality of product?
The quality of any product is built into it at the designing phase. The specifications of a product are prepared and these specifications are the quality features of a product. A manufacture checks the quality of its product against the approved in-house specifications. A consumer has his/her own criteria of quality which will depend on the objective of purchasing a specific product. A product which meets the consumer requirements is a quality product.
What information is included in a consumers guide?
Consumer guides contain information on a specific subject areas designed to inform and protect the end user, or consumer, of a product or service. Information included in a consumer guide will be your rights, legal information, customer reviews and product guides.
What are the Effects of subculture on consumer behavior?
Subcultures can influence consumer behavior by shaping individuals' preferences, values, and lifestyle choices. People within a subculture may share similar attitudes towards products and brands, leading to group-specific consumption patterns. Marketers can target these subcultures through tailored messaging and product offerings to better connect with their specific needs and desires.
What is customer awareness?
According to the Longman Business English Dictionary, consumer awareness is a term used to describe the awareness of a potential or current buyer about a particular product or company. Consumer awareness can be as simple as a shopper remembering a television commercial or as specific as a customer delving into the manufacturing origins of a specific product. further reading: http://www.ehow.com/about_5518342_importance-consumer-awareness.html
The effect of sales promotion on consumer buying behavior?
One of the effects of sales promotion for consumers is that there will be a new increase in purchases. People also get a better perception of the product if the sales promotion is properly done.
What is the Relationship between brand equity and brand loyalty?
Brand loyalty is directly linked with brand equity. Brand loyalty is the consumer's commitment to repurchase the products of a specific brand while brand equity refers to the marketing effects which a product results because of the brand name attached with it. This means that people will always show more brand loyalty a specific brand if the brand equity of the product is higher.
Which of the following is a way the media influences consumer behavior?
The media influences consumer behavior through advertising, product placement, and endorsements by celebrities or influencers. These tactics can create awareness, shape perceptions, and drive consumer preferences towards specific products or brands.
How do i intrduce my new product to the Rv consumer?
You can introduce your new product to the RV consumer at loveyourrv.com.
Which if these actions can the consumer product safety commission take to protect the consumer?
Recall an unsafe product.
