Question

In: Economics

State whether the statements are true or false 1. Demand is the act of obtaining a...

State whether the statements are true or false

1. Demand is the act of obtaining a desired object from someone by offering something in

return. [ ]

2. A product can be a person, place, or an idea. [ ]

3. The specialty product is a consumer product that the customer usually buys frequently,

immediately, and with a minimum of comparison and buying effort. [ ]

4. One study has estimated that as much as 80 percent of new consumer goods and new

products fail. [ ]

5. In terms of the PLC, the growth stage is a period of rapid market acceptance and

increasing profits. [ ]

Expert Solution

1). As we know that demand is a desire backed by willingness to pay and ability to pay. In order to buy goods we must need to pay money for it, otherwise we cannot have the good without paying.

The correct option is (true).

2). The correct option is (true).

The products we buy are not just the goods or a piece of merchandise but it includes each and every things that is a person involved and the ideas used to produce it.

3). The correct option is (true).

We know that, a specialty product is a product that certain consumers will actively seek to purchase because of unique characteristics or loyalty to a specific brand.

4). The correct option is (true).

According to this study of Inez Blackburn) nearly about 80% of new consumer goods and products fail in the markets.

5). The correct option is (True).

According to the Product life cycle theory, The growth stage is a period of rapid market acceptance and increasing profits.

Hope you got the answer.

Kindly comment for further explanation.

Thanks ?

Rahul Sunny answered 2 years ago

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