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- The vast array of products that consumers buy can be classified on the basis of shopping habits and are broken down into four main areas. List these four main classifications of consumer goods and explain what elements are included within.1. Explain the decisions taken for an individual product.Outline the six steps in the consumer decision process.
- Utility from consuming a good is understood by economists to mean; (a) how often we consume the good. (b) how much satisfaction or benefit we get from consuming the good. (c) how much it costs to buy the good. (d) how we best use the good.In which of the service system does the customer affect the time of demand a. Low degree of customer contact b. High quality c. High degree of customer contact d. High delivery reliabilityFind out sources of raw materials, production process, marketing strategies, and difficulties encountered in the production of the given consumer products such as wine, vinegar, soap and processed foods.
- What would be required for consumers to have the necessary knowledge about a product and how it was made so that they could make an informed and ethical decision? The media? Commercial watchdog groups? Social-issues campaigns? Something else?How has the supply and demand of a specific product affected your/your family’s purchasing decisions? What variables most affect your decision to either buy or not buy a good or service?How crucial is utility for it organization