What elements are consumers likely to consider when evaluating the purchase price of a product they...
What elements are consumers likely to consider when evaluating the purchase price of a product they want to own compared with the price of renting that product for a limited time?
Homework Answers
Consumers likely to consider the following features:
- usefulness of product beyond particular period of time,
- how much would be the difference between the price on buy the product and taking it for rent for a particular time period,
- product reselling power or capability,
- number of substitutes available for the same product
- Its unique feature of buying this product and converting it to their own.
- Durability or life span of the product
This charecteristics will help them to take a decision whether to buy or rent the product.
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