In order for most companies to be successful, they need to sell their products or services. To sell products or services consumers must accept them, which means they are willing to purchase or at least tolerate them.
Consumer acceptance is directly linked to satisfaction. Although acceptance does not guarantee satisfaction, it is a necessary step for there to be any chance of approval and repeat buying.
Needs and Preferences
The degree of consumer acceptance can vary depending on if the product or service in question is a necessity or a want. Consumer acceptance of necessary products is much higher and easier to obtain than acceptance of luxury items. People are more selective with unnecessary purchases, therefore acceptance can be more difficult to obtain.
The strategy of a company often depends on the level of consumer acceptance. If a product is accepted by consumers immediately, it may not require a lot of marketing and may be sold at a higher price. A product which takes longer to be accepted by consumers will require more promotion to convince people of its merits.
Ashley Lochead began writing professionally in 2010, and has been published in The Xaverian Weekly. She holds multiple leadership accreditations, and has a special interest in career services. Lochead is a business student pursuing a Bachelor of Business Administration in accounting at St. Francis Xavier University in Antigonish, Nova Scotia.