the role of the consumer Flashcards
1
Q
producers
A
make goods/provide services
2
Q
consumers
A
use goods/services
3
Q
marketplace
A
A marketplace is any place where producers and consumers come together. Ex; shopping mall, amazon, vending machines, etc.
4
Q
How Businesses Get to Know Their Customers
A
Surveys, Watching Trends, Counting People, Eye Tracking Software, etc.
5
Q
obsolete products
A
nobody wants these anymore for a variety of reasons so they are no longer available. Could have been a bad product, was poorly marketed or could have been replaced by something better/newer.
6
Q
customer influence on price
A
Too Cheap- people think it’s bad quality
Too Expensive- people think it’s overpriced
