Asked by Ashley Elizabeth on May 22, 2024
Verified
Consumer demand for a product derives from a combination of ________ and ________.
A) needs; wants
B) ability; beliefs
C) wants; ability
D) needs; benefits
Consumer Demand
The desire and willingness of consumers to purchase goods or services at a given price, which influences market dynamics and business decisions.
Wants
Desires or wishes that are not essential for basic survival but are sought for pleasure, comfort, or luxury.
Ability
The possession of the means or skill to do something.
- Identify the drivers of consumer demand, satisfaction, and the role of customer expectations.
Verified Answer
KK
Kareem KamalMay 24, 2024
Final Answer :
C
Explanation :
Consumer demand for a product is a result of the combination of wants and ability. Wants refer to the consumer's desire for the product or service, while ability refers to the consumer's capacity to purchase or pay for it. Needs refer to necessities required for survival, and benefits refer to the advantages or positive outcomes a product provides, but these are not the primary factors that drive consumer demand.
Learning Objectives
- Identify the drivers of consumer demand, satisfaction, and the role of customer expectations.