The desire for specific products which are backed by the ability to pay is

Assessment: WAEC SSCE - Marketing - 2017 (Objective) Subject: Marketing

Question 1 Report

The desire for specific products which are backed by the ability to pay is 

Answer Details
Demand refers to the willingness and ability of a consumer to purchase a specific product. In other words, it is the desire for a particular product, backed by the ability to pay for it. A need, on the other hand, is a basic requirement for survival, such as food, shelter, and clothing. An exchange is a process that occurs when two parties agree to give up something of value in order to receive something else of value. A transaction is a specific type of exchange that involves the transfer of money or goods between two parties.
Read lesson note on Products (WAEC)
View Answer

Related Questions

1

The selling concept is practiced aggressively with
2

A paid form of non-personal presentation and promotion of products is
3

How many groups of buyer make an industrial market?
4

The first step in the marketing research process is
5

The reason label of product must contain ingredients and uses of the product is to
6

A method of engaging in international marketing by which a company gives another the right to use its patent and trademark for a fee is
7

Products that are purchased for use in the production, of goods for resale are
8

Which of the following is not a step of marketing research process?

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning