GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -A want becomes a demand only when it is backed by the ability of purchase. Demand of a commodity refers to the desire to buy the commodity backed with the purchasing power.
Detailed explanation-2: -Explanation: A want or a need turns into a demand just when it is supported by the capacity or the ability to buy. The interest or demand of a product alludes to the craving or desire to purchase the product upheld with the buying power.
Detailed explanation-3: -Both culture and individual personality shape human needs in what is known as wants. When wants are backed by buying power, they become demands.
Detailed explanation-4: -Desire backed by the ability to pay and willingness to buy that commodity is called demand.
Detailed explanation-5: -What Is Consumer Buying Power? Consumer buying power is how you (the consumer) decide to spend money. It’s all about your behavior. If you have $500 to spend on items each month, then that’s your consumer buying power-meaning $500 is how much money you’ll put back into the economy when you buy stuff.