BUSINESS ADMINISTRATION
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following business practice REDUCES consumer sovereignty?
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Marketing
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Misleading conduct
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Planned Obsolescence
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All of the above
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Explanation:
Detailed explanation-1: -Monopolies can override consumer sovereignty because there may not be other choices in the market. This also means the consumer has to purchase at the price decided by the monopoly.
Detailed explanation-2: -An example of consumer sovereignty is when companies bring in consumers to test products or listen to pitches for new ideas. It gives the consumer power in the decision making process before products go into production.
Detailed explanation-3: -noun. : the economic power exercised by the preferences of consumers in a free market.
Detailed explanation-4: -In command economies, goods are produced according to state dictates so there is no consumer sovereignty.
There is 1 question to complete.