When Consumers Recognize They Have an Unmet Need,they Usually Seek

question 123

Multiple Choice

When consumers recognize they have an unmet need,they usually seek out specific products or services that they believe will satisfy that need and provide value to them.They are willing to give up something,such as money and effort,to find the products or services that will provide the benefits they seek.This process that consumers go through to satisfy their needs is best described as the _____ process.

• A) branding
• B) consumption
• C) exchange
• D) positioning
• E) advertising

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Definitions:

Shortage

A situation in which the demand for a product or service exceeds its supply in a market.

Accounting Profits

The total revenue of a company minus the explicit costs and depreciation.

Normal Profits

The return to the business owners for the opportunity cost of their implicit inputs.

MRP

Marginal Revenue Product, a term in economics that represents the additional revenue generated by employing one more unit of a factor, such as labor or capital.