Factors That Determine Consumers' Willingness and Ability to Pay for Products

question 51

Multiple Choice

Factors that determine consumers' willingness and ability to pay for products and services are referred to as

• A) supply factors.
• B) demand factors.
• C) affordability factors.
• D) elasticity factors.
• E) macro environmental factors.

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Definitions:

Product Extension

A marketing strategy in which an existing product is introduced to a new market or modified for a new segment, expanding its reach or functionality.

Brand Recognition

The extent to which consumers can identify a brand by its attributes, symbol, or design, without seeing the brand name.

Taco Bell

An American-based chain of fast food restaurants known for its Mexican-inspired menu items such as tacos and burritos.

Brand Messaging

Communications strategies and tactics used by companies to convey their brand's values, personality, and promises to potential and existing customers.