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Definition: A product is the item offered for sale. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and the segment that is targeted. Each product has a useful life after which it needs replacement, and a life cycle after which it has to be re-invented. In FMCG parlance, a brand can be revamped, re-launched or extended to make it more relevant to the segment and times, often keeping the product almost the same. Description: A product needs to be relevant: the users must have an immediate use for it. A
product needs to be functionally able to do what it is supposed to, and do it with a good quality. A product needs a name: a name that people remember and relate to. A product with a name becomes a brand. It helps it stand out from the clutter of products and names. A product should be adaptable: with trends, time and change in segments, the product should lend itself to adaptation to make it more relevant and maintain its revenue stream. Know more about Product: Watch video...
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Which of the following refers to the amount of a good or service that customers will buy at a given time at various prices?In economics, quantity demanded refers to the total amount of a good or service that consumers demand over a given period of time. Quantity demanded depends on the price of a good or service in a marketplace.
What term refers to the quantity of a product or services that a consumer is willing to buy given alternative prices at a specific period in time?Market demand is the total quantities of a good or service people are willing and able to buy at alternative prices in a given time period.
What is referred to as the willingness to buy any goods or services should be accompanied with the ability to buy?Demand refers to the consumer's desire and willingness to buy a product or service at a given period or over time. Consumers must also have the ability to pay for something they want or need as determined by their disposable income budget. Therefore, demand is a force that affects economic growth and market expansion.
What is an economic principle referring to a consumers desire to purchase goods and services and willingness to pay a price for a specific goods or service?Demand is an economic concept that relates to a consumer's desire to purchase goods and services and willingness to pay a specific price for them.
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