Which of the following steps of the market screening process involves the determination of a product's income elasticity?
A) identification of basic appeal of a product
B) measurement of market or site potential
C) assessment of the national business environment
D) selection of the market or site

Question

Quizplus · Accepted Answer

The measurement of market or site potential involves analyzing various factors that affect market demand, including income levels and the income elasticity of demand for the product. Income elasticity refers to the degree to which demand for a product changes with changes in consumer income levels. This step is crucial in determining the potential market size and growth prospects for a product in a particular market or site.

Which of the Following Steps of the Market Screening Process