A power strip is a block on the end of a power cable with a number of sockets (usually 3 or more), often arranged in a line. This term is also used to refer to the whole unit of a short extension cord terminating in a power strip.
Why Is It Important? Pricing is a key determinant in the decision making process customers use to purchase a product or service. It is important to establish how much your target market will pay for your product or service. Shows you how sensitive your customers are to changes in price.
Consumer is the most important person. The business revolves around the consumer... So, while operating as a firm, it is essential for the firm to gain the good understanding â¦of it's target market. The more the Consumer Behaviour is learnt the more the needs and wants of the Customers are fulfilled.