Final answer:
You have the information needed to successfully sell when you can answer all customer questions, indicating you understand product details, pricing, and quality. Providing clear information and reassurances like guarantees or customer reviews can help mitigate buyer concerns about imperfect information.
Step-by-step explanation:
To successfully sell products in your store, having all the necessary information about your products and market is crucial. You can say that you have all the information you need when you can answer all of your customer's questions, indicating that you are well informed about your products. This involves understanding the product's price, quality, and relevant features that customers might inquire about. Moreover, for a market to reach equilibrium, both sellers and buyers must have full information. In cases where information is imperfect, a seller can reassure buyers by providing clear and transparent product descriptions, offering guarantees, showcasing customer reviews and testimonials, and establishing a comprehensive return policy.
This builds trust and mitigates the hesitancy that arises from imperfect information. The overall goal is to create an environment where buyers feel confident in their purchasing decisions, without regretting past purchases or avoiding future ones due to a lack of clear information.