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What are the factors that are likely to determine the demand for a product?
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How can companies more accurately measured and forecast demand?
There are several ways that can help companies predict demand.- Study the Target Market - Market growth rate, consumption history, consumption growth rate, what influences their consumption, etc.- Look at Past Consumption - Although this may not be a great way to forecast the future because of the multiple factors that can influence demand. It may provide a benchmark or general idea of demand in a stable market.- Study other factors that may influence demand - Social, Economical, TechnicalFor example:The demand for Christmas trees will likely increase in December.The demand for VHS tapes will likely decrease as technology advances (i.e. DVDs, Blu-rays)The demand for luxury items (e.g. Cars, Boats) may decrease as the average household income decreases.- Market Research
How do you develop a new product in the market?
If you have a product no-one else has - market research will identify whether the product is likely to be successful.
What is most likely to push the price of a company's stock higher?
An increase in demand for the company's stock
What are the applications of statistics in marketing?
Marketers use statistics to determine how to market their products. With statistics, they can determine who is more likely to purchase their goods.
What will happen if you do not suggest the correct product to the customer?
He will ignore it. You should target the people most likely to be interested in any particular product.
Discuss the factors that are likely to influence the demand for desktop computers in Ghana?
Discuss the factors that are likely to influence the demand for desktop computers in GHANA?
The demand for a product is likely to be more elastic when?
A product is likely to be more elastic the more dispensable or unnecessary it is to the consumer. For instance, if the price increases and the product is elastic, the consumer will not demand as much because they can do without it.
How do you determine my target market?
To determine your target market, you must consider your product and then decide who it is that will be using it. Your target market is all of the people likely to use your product and are typically grouped by gender and age, and may also be grouped by level of education, income, or other factors.
When demand for an item decreases and the supply increases the price of the item will likely?
The price of the item will likely decrease - as there're more stock than demand for the product.
What product is more likely to have the MOST elastic demand curve?
Household electricity
What is an increase in demand likely to lead to?
If there is an increase in demand, there will be increase in the price of the product if the supply remains the same. But if the manufacturer or supplier is able to supply increased quantity of product there will be no major effect.
What factors are most likely to affect the demand for the lines of Washburn guitars?
whatt factors are most likely to affect the demand for the lines of washburn guitars? bought for the first time? bought by a sophisticated musician who wants a signature model? anonymous
What is a demand for a product?
A demand for a product is when a customer expresses a desire or willingness to purchase a product. It is the amount of a product that customers are willing to buy at a specific price. Generally the demand for a product is determined by the price of the product the customers income the availability of a substitute and the customers preferences. When the price rises demand falls and when the price decreases demand increases.Factors that affect the demand for a product include: Price of the product Customers income Availability of a substitute Customers preferencesIf the price of the product rises then the demand for the product falls and vice versa. This is due to the fact that customers are willing to pay a certain price for a product and when the price increases customers will be less likely to purchase the product.
What product is likely to have the MOST elastic demand?
salt,water,matchbox and school bags
Which factor would most likely cause the demand for a company's product to decrease?
(Apex) A competitor introduces a similar product at a much lower price.
What is the Significance of cross elasticity in business decision making?
The degree of change in the demand for one product as a response to a change in the price of a different product. For example, an increase in the price of petroleum is likely to have a negative impact on the demand for gas-guzzling vehicles and a positive impact on the demand for fuel-efficient vehicles. The cross elasticity for substitutes is generally positive, in that a price increase for one product will result in an increase in demand for a substitute.
What is most likely to happen to the price of a product if demand and supply increase at the same rate?
prices stay stable. studddy islannd ! :)
