In Which Part Of Marketing Mix Seller Receives The Value In Exchange Of Goods And Services “Everyone Likes A Mercedes Car But Few Can Buy It''. This Is An Example Of

In Which Part Of Marketing Mix Seller Receives The Value In Exchange Of Goods And Services “Everyone Likes A Mercedes Car But Few Can Buy It''

Solution To The MCQ

The Correct Answer Of Multiple Choice Question is A) Demand.

Explanation:

Demand shows the consumer’s desire and ability to buy Mercedes at a given price. So, those, who can purchase merceds car can fulfill their desires and having a demand for merceds car and, ultimately, the seller receives the value of money in exchange of merceds car.

Needs, wants and demand are considered when the value of exchange of goods or services take place between buyer and seller. Needs are the basics necessities of life and without which, it is very difficult for a human being to survive. Needs include Foods, water, shelter and health.

Wants are not necessary for our life. A person needs is to eat food like Roti (Bread) or rice and drink water but he may want burger and lemon juice which are not essential to survive his life but these are wants.

Demand is the desire and ability of a customer to buy something to fulfill his needs and wants. A customer may desire to buy a costly house or a car which he has ability to buy to enjoy his luxury life.

So, a company must see the customers' needs, wants and demand when offering a product or service in the market. For example, in a rich society, costly products and services are offered and in poor society lower cost products and services are offered according to the desire and willing of the customers which they are able to purchase.

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