Correct Answer:
Producer
Explanation:
Consumer is the one who buys the product and uses it. In this case consumer will be the friend.
Producer is the one who makes, builds or manufactures something and sell it to someone. According to the given example, if I make a cake and my friend buys the cake from me, I am the Producer.
Purchaser is the one who purchases the product. So the friend will also be a purchaser in this case.
Commodity is the raw material or the basic goods that can be sold.
So, the best answer to this question is producer.
Answer:
Adam Smith, author of "The Wealth of Nations", was a staunch believer in the free market and private property. Karl Marx, on the other hand, believed that the free market was destroying the world and leading to the "exploitation" of the middle class and the poor.
The five marketing strategies includes strategies on 5P's which includes Price, Product, Promotion, Place and People.
The retailers are basically people who sells goods in smaller quantity to the final consumer in the chain of distribution.
The five marketing strategies they spend half of their annual budget on includes on the following:
- Price: The retailers ensures that prices of their product are reduced below cost price to persuade consumers to buy from them.
- Product: The retailers need to ensure that varieties of product are available in the stores to satisfy the consumers need.
- Promotion: Various advertisement and others strategy to persuade consumers needs funds to make successful.
- Place: The store and outlet need to be where is more favorable and comes with high cost of expenses for the retailers.
- People; The consumers are given discounts and other incentives to persuade them to come and buy more goods from the retailers.
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