Asked by Kevin Nguyen on Apr 27, 2024
Verified
Economic needs refer to the buyer's need to behave in an economically rational manner and buy the lowest priced item available.
Economic Needs
The buyer’s need to purchase the most satisfying product for the money.
- Understand the impact of psychological, social, and economic factors on buying behavior.
Verified Answer
VM
Viknes MunusamyMay 01, 2024
Final Answer :
False
Explanation :
Economic needs refer to the necessities required for a consumer to maintain their standard of living, including affordability, but also encompass value, quality, and efficiency, not just the lowest price.
Learning Objectives
- Understand the impact of psychological, social, and economic factors on buying behavior.
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