An increase in the demand for plant and equipment can lead to a much larger increase in consumer demand. This is known as the acceleration effect.

In high-low pricing, retailers charge low prices on an everyday basis with occasional price increases.

Initiators are those who authorize the proposed action of deciders or buyers.

The buying center is where consumers go to purchase their goods and services.

Psychogenic needs arise from the physiological states of tension such as hunger or discomfort.

Many consumers use price as an indicator of quality and value.

Although consumers may have fairly good knowledge of the range of prices involved, very few can accurately recall specific prices of products.

Price elasticity depends upon the magnitude and direction of the contemplated price change.

When Ketan went to college he had a burning desire to join a social fraternity; for Ketan, the fraternity would be a dissociative group.

Services represent the fastest-growing sector of the global economy and account for two-thirds of global output.