Products and services
Consumption is the process of acquiring, possessing, and using goods and services to satisfy needs and wants (Chung & Kim, 2017). It involves decision making, such as choice of product, quantity, and type of services to be consumed (Kumar & Prasad, 2018). Consumers consume to meet their wants and needs. Consumers engage in consumption to satisfy their wants and desires and to improve their quality of life (Kumar & Prasad, 2018). Demarketing, on the other hand, is the process of reducing the demand for goods and services (Chung & Kim, 2017). This is in contrast to marketing which is designed to increase demand for products and services. Demarketing involves using tactics such as price adjustments, promotion changes, product repositioning, and product removal (Kumar & Prasad, 2018). When the market has become saturated, or the demand is declining for services and goods, remarketing can be used to decrease the sales. Demarketing is used to reduce the cost of production and to generate more profit (Kumar & Prasad, 2018). Cont…
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