Consumer sovereignty refers to the ability of consumers to obtain exactly what they want by paying a price that is satisfactory to suppliers. It is considered a prerequisite of properly functioning markets. However, sovereignty can be limited by factors such as lack of information, constraints on prices and supplies, and third-party influences on purchasing decisions.
A flexible manufacturing system (FMS) is an automated production line that can be quickly adapted to produce multiple product lines, enabling companies to lower costs and respond swiftly to changes in consumer demand.
Market demand represents the total demand of all consumers in a market. By summing the quantities demanded by each individual consumer at various prices, it determines the overall demand experienced by the entire market.
Market equilibrium is a situation in a market where the prevailing price causes producers to produce exactly the quantity demanded by consumers at that same price. A market in equilibrium will not experience changes in price or quantity produced.
A marketing approach where the seller concentrates efforts on the end user through various promotional activities to create demand at the retail level.
