Use the Following to Answer Question(s): Demand and Supply Shifters

question 134

Multiple Choice

Use the following to answer question(s) : Demand and Supply Shifters

-(Exhibit: Demand and Supply Shifters) The exhibit shows how supply and demand might shift in response to specific events.Suppose consumer incomes increase.Which panel best describes how this will affect the market for dress ties, a normal good?

• A) Panel (a)
• B) Panel (b)
• C) Panel (c)
• D) Panel (d)

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Definitions:

Environmental Scanning

The systematic process of collecting, analyzing, and using information about external events and trends which can influence an organization's decision-making process.

Potential Trends

Emerging or possible directions in which a given market, technology, or behavior might develop in the future.

Social Forces

The societal factors that influence and shape individuals' behaviors, beliefs, and attitudes, including culture, norms, and social structures.

Marketing Strategy

A long-term plan designed to promote products or services and achieve specific marketing objectives by understanding customer needs and creating a sustainable competitive advantage.