Mark the following statements true or false. Price is a key factor in marketing.
Price is a key factor in marketing. Human wants and prices are interrelated. With high prices customers buy more products. Customers always compare the prices. The substitution effect works when the prices fall. 6 The companies must consider their customers’ incomes. Any business is based on the products that customers want but are not able to buy. The art of marketing consists in making the customers believe that they really need the product. Two activities are especially important for effective marketing. One should conduct the market research before starting work in the market. Answer the questions(in written form) 1 Why is it so important for marketing to control prices? 2 What does the inverse dependence between the demand and price mean? 3 What is the idea of the substitution effect? 4 What is your understanding of the income effect? 5 What happens if the prices fall/increase? 6 Why does any business needs marketing? 7 What is marketing focused on? 8 What helps producers to develop their long-term strategy? 9 What points are typically included into market research? 10 Why must market research never stop?
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