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Why Do Customers Play a Big Role in Economic Profits

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Why do customers play a big role in economic profits? Profits accrue to firms because customers are willing to pay a certain price for a product or service,as opposed to a competitor's product or service of a higher or lower price.Medium;Application


Definitions:

Problem-Solution Approach

A sales strategy that focuses on identifying a customer's problem and presenting a product or service as the solution.

Creative Type

The term 'creative type' refers to individuals who are naturally inclined towards creativity and often pursue careers in arts, design, writing, and similar fields.

Sales Presentation

A structured pitch or demonstration aimed at persuading a potential customer or client to purchase a product or service.

Need-satisfaction

A sales strategy where the salesperson identifies and solves customers' needs, enhancing customer satisfaction and loyalty.

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