ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -In this lesson, we’ll discuss consumer tastes, which refers to the products and services that consumers consciously choose over others. An example of this is a customer choosing a salad over a hamburger. You will see just how changes in consumers’ taste affect businesses.

Detailed explanation-2: -Some of the examples for consumer preferences products are Rolex watches, artisanal handcrafted food, Louis Vuitton handbags, Rolls Royes cars. The products are high in value and hence high in price. These types of products are personally sought after by the consumer’s taste and preferences. Q.

Detailed explanation-3: -Why is customer preference important? Knowing consumer preference equips you to achieve guaranteed customer satisfaction, effective marketing strategies, improved brand image, and customer loyalty.

Detailed explanation-4: -When a change in customers tastes and preferences and market structures in general occurs, it is termed as. Market drift.