Question

role of consumers in market place

Answer 1

Their role is significant. ... The roleof a consumer (or of consumers in general) is important in an economic system because it isconsumers who demand goods and services. When they do this, they make it so that other people can have jobs making the goods and services the consumers want...

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Answer 2

Answer:

Consumers play an important role in the market economy because without consumer demand, producers would lack one of the key motivations to produce and sell to consumers.

Explanation:

• The consumer is the person who pays for the products and services that are produced.
• The consumer is very important in a market economy.
• There is a lot of competition in the market economy because producers want consumers to buy their goods.
• When a company's service is released to the market, consumers frequently participate in the collecting of feedback data.
• Following the formulation of the research plan and the introduction of the product or service, the company is expected to evaluate outcomes and actively monitor consumer demands in order to enhance the service.
• Because it is consumers who purchase commodities, the function of the consumer in an economic system is crucial.
• Marketing is concerned with finding, servicing, and retaining customers.
• Until the company produces anything valuable, it must first understand the strong demand or need of potential customers.
• Therefore, consumers have a critical role in a country's economic system because without customer demand, manufacturers would be unable to produce and sell to consumers.

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