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Utility, Prices & Marketing Strategy - Coggle Diagram
Utility, Prices & Marketing Strategy
Basic Concepts
Utility
Definition
Key distinction
Consumer wants
Basic needs
Individual wants
Factors Affecting Utility
Individual Preferences
Personal tastes (vegetarian or meat-eater)
Cultural differences
Geographical location
Time factor
Seasonal changes
Wartime or peacetime
Economic cycles
Economic Principles
Law of Diminishing Marginal Utility
Decreasing satisfaction
Purchase decisions
Financial compensation
Price Controls
Government intervention
Rationing systems
Emergency measures
Market Equilibrium
Supply and Demand Balance
Equilibrium price
Market stability
Absence of surplus/shortage
Market Dynamics
Price adjustments
Consumer behavior
Producer responses