Definition of Consumer sovereignty:
The situation in an economy where the desires and needs of consumers control the output of producers.
The power of consumers to determine what goods and services are produced. The theory suggests that consumers, not producers, are the best judge of what products benefit them the most. Due to the fact that consumer markets depend so heavily on demand, producers must monitor the needs of these individuals if they want their products to have any chance at success.
How to use Consumer sovereignty in a sentence?
- The consumer sovereignty experienced in the market was unmatched in the region so we were able to specifically create products they adored.
- You need to be able to quickly react to the consumer sovereignty of your surrounding area and put out the products that they need.
- I did not have faith in consumer sovereignty because I think most people dont like any products with high value.
- More serious, the application of consumer sovereignty to real world producers cannot rely on their objective actions, but must probe into their subjective intentions.
Meaning of Consumer sovereignty & Consumer sovereignty Definition