Explain the Roles of Demand and Supply in a Market

question 7

Essay

Explain the roles of demand and supply in a market economy.

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Definitions:

Personal Selling Process

Involves a series of steps that a salesperson follows to persuade a prospective buyer to make a purchase, including prospecting, approaching, presenting, handling objections, closing, and follow-up.

Customer Satisfaction

A measure of how products or services provided by a company meet or surpass customer expectation.

Behaviorally Related

Pertains to how consumer actions and decisions are influenced by behavioral factors, often studied in marketing to develop strategies that align with consumer behavior patterns.

Product Knowledge

Understanding and information about a product, including its features, uses, and benefits, possessed by those marketing, selling, or using it.