consumer sovereignty

  

Definition

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.

Use this term in a sentence

  • You need to be able to quickly react to the consumer sovereignty of your surrounding area and put out the products that they need.

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  • The consumer sovereignty experienced in the market was unmatched in the region so we were able to specifically create products they adored.

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  • I did not have faith in consumer sovereignty because I think most people don't like any products with high value.

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