Answer to Question #206795 in Macroeconomics for Nichia

Question

When businesses produce goods and services that consumers do not want

Answer 1

Answer

1. The business will lose its relevance in the market and hence cost the company and it's market share.
2. The business will not be able to attract new customers nor retain existing customers leading to it's failure.
3. There are high chances of service/product failure of the business. This is because consumers have a control on the market and should be a priority in goods and services production in the markets.