Demand factors are factors that determine: a. the number of consumers who can afford to purchase a product or service. b. the price that should be charged for a given product. c. consumers' willingness and ability to pay for goods and services. d. the number of consumers who want to purchase a product. e. the number of consumers who can purchase a product.

Question

Business

Cedric Atkinson

8 December, 08:47

Demand factors are factors that determine: a. the number of consumers who can afford to purchase a product or service. b. the price that should be charged for a given product. c. consumers' willingness and ability to pay for goods and services. d. the number of consumers who want to purchase a product. e. the number of consumers who can purchase a product.

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Janae Blackwell · Answer 1

C) consumers' willingness and ability to pay for goods and services.

Explanation:

In marketing, the demand factors are those factors that determine a consumer's ability and willingness to buy or consume a specific good or service.

There are six major demand factors that determine the demand of a good or service:

Consumers' tastes and preferences Consumer income Changes in prices of substitute or complementary goods or services Advertisements Total number of consumers in a market Consumers' expectations about future prices