When consumers begin to buy the product less frequently or not at all it is the phase of MCQ?

Which one of the following demands states consumers are adequately buying all the products put into the marketplace?

1. Overfull demands

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   • Which one of the following demands states consumers are adequately buying all the products put into the marketplace?
   • Answer (Detailed Solution Below)
   • In which of the following stages of product life cycle a company reduces sales promotion to take advantage of heavy consumer demand?
   • Answer (Detailed Solution Below)
   • When Consumers begin to buy the product less frequently or not at all it is a phase of?
   • Which of the following is a stage of product life cycle Mcq?
   • Is known as a process when Consumers dislike a product and are even ready to pay a price to avoid it?
   • What is the difference between the term customer and the term consumer Mcq?

2. Full demand

3. Irregular demand

4. Latent demand

Answer (Detailed Solution Below)

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Teaching Aptitude Mock Test

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A marketer is someone who seeks a response—attention, a purchase, a vote, a donation—from another party, called the prospect. If two parties are seeking to sell something to each other, we call them both marketers.

Marketers are skilled at stimulating demand for their products, but that’s a limited view of what they do. Just as production and logistics professionals are responsible for supply management, marketers are responsible for demand management. They seek to influence the level, timing, and composition of demand to meet the organization’s objectives.

Eight demand states are possible:

1. Negative demand—Consumers dislike the product and may even pay to avoid it.
2. Nonexistent demand—Consumers may be unaware of or uninterested in the product.
3. Latent demand—Consumers may share a strong need that cannot be satisfied by an existing product.
4. Declining demand—Consumers begin to buy the product less frequently or not at all.
5. Irregular demand—Consumer purchases vary on a seasonal, monthly, weekly, daily, or even hourly basis.
6. Full demand—Consumers are adequately buying all products put into the marketplace.
7. Overfull demand—More consumers would like to buy the product than can be satisfied.
8. Unwholesome demand—Consumers may be attracted to products that have undesirable social consequences.

​Therefore, full demand states consumers are adequately buying all the products put into the marketplace.

Last updated on Sep 21, 2022

The UGC (University Grants Commission) has released the UGC NET Admit Card. The admit card has been released for the exam which is scheduled to be held on 14th October 2022. Candidates can download their admit cards through the official portal. The UGC NET CBT exam will consist of two papers - Paper I and Paper II. Paper I will be conducted of 50 questions and Paper II will be held for 100 questions. 

Win over the concepts of Demand analysis and get a step ahead with the preparations for Business Economics with Testbook.

In which of the following stages of product life cycle a company reduces sales promotion to take advantage of heavy consumer demand?

1. Introduction
2. Growth
3. Maturity
4. Decline

Answer (Detailed Solution Below)

Option 2 : Growth

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Teaching Aptitude Mock Test

10 Questions 20 Marks 12 Mins

Product Life Cycle:

1. The term product life cycle refers to the length of time a product is introduced to consumers into the market until it's removed from the shelves.
2. The life cycle of a product is broken into four stages—introduction, growth, maturity, and decline.
3. This concept is used by management and by marketing professionals as a factor in deciding when it is appropriate to increase advertising, reduce prices, expand to new markets, or redesign packaging.
4. The process of strategizing ways to continuously support and maintain a product is called product life cycle management.

1. Introduction Stage:
   • The introduction stage shows low sales numbers as the product is being introduced in the market.
   • Profit is zero or negative in this stage because of the heavy expenses of product introduction. 
   • Sales Promotion Strategy: Use heavy sales promotion to entice trial.
2. Growth Stage:
   • With proper marketing, a product can go into the growth stage.
   • During the growth stage, sales rise rapidly as consumers begin to accept the product.
   • The production runs become longer, and economies of scale are achieved, reducing per-unit cost, and also helping profits to increase rapidly. 
   • Sales Promotion Strategy: Reduce to take advantage of heavy consumer demand.
3. Maturity Stage:
   • During the maturity stage of the product life cycle, the sharp growth in sales begins to slow, and profits at the beginning of this stage decline. 
   • The most notable characteristic of this stage is the peaking of the product’s sales and profit curves.
   • At the beginning of the maturity stage, sales continue to grow but at a much slower rate.
   • Towards the end of this stage, sales and profits will start to fall fairly rapidly.
   • This stage is characterized by severe competition as many brands enter the market.
   • To combat competition, marketing costs increase substantially results in a reduction in profits. 
   • Sales Promotion Strategy: Increase to encourage brand switching.

For any product, it’s PLC will go to the decline stage, where the product’s sales and profits fall very quickly, and most competitors leave the market. Sales Promotion Strategy: Reduce to a minimal level.

Thus, option 2 is the correct answer.

Last updated on Sep 21, 2022

The UGC (University Grants Commission) has released the UGC NET Admit Card. The admit card has been released for the exam which is scheduled to be held on 14th October 2022. Candidates can download their admit cards through the official portal. The UGC NET CBT exam will consist of two papers - Paper I and Paper II. Paper I will be conducted of 50 questions and Paper II will be held for 100 questions. 

When Consumers begin to buy the product less frequently or not at all it is a phase of?

Which of the following is a stage of product life cycle Mcq?

Is known as a process when Consumers dislike a product and are even ready to pay a price to avoid it?

What is the difference between the term customer and the term consumer Mcq?