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When selling a product to the general public what would a demand and supply curve be used to determine?
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What three factors determine the demand for a product?
The desire, ability, and willingness to buy a product
What determines a demand for a product?
Purchase power,income level,necessarity,willingness
Distinguish between demand estimation and demand forecasting?
Demand estimation's purpose is to determine the approximate level of demand for the product whereas demand forecasting's purpose is to estimate the quantity of product or service that consumers will purchase.
Where does all the buying selling supply and demand for a product take place?
markets.
Does the demand for a product in general tend to be more inelastic than the demand for that product from a particular supplier?
no, product demand in general tends to be more elastic because there are more options the consumer can choose from. demand for the product in general allow for the principle of "substitution" to be used by the consumer. if one producers price is too high then the customer will be able to shop around for the best price available for that product. demand from a singular supplier is more price sensitive, and with demand being inversely related to price and increase in price negatively impacts the level of demand and visa-versa
Where does a buying selling and demand for a product take place?
Market
Where does all the buying and selling and demand for a product take place?
Market
What three factors determine the demand for a product?
The desire, ability, and willingness to buy a product
What determines a demand for a product?
Purchase power,income level,necessarity,willingness
Where does all buying selling supply and demand for a product take place?
Market
Distinguish between demand estimation and demand forecasting?
Demand estimation's purpose is to determine the approximate level of demand for the product whereas demand forecasting's purpose is to estimate the quantity of product or service that consumers will purchase.
Where does all the buying selling supply and demand for a product take place?
markets.
Does the demand for a product in general tend to be more inelastic than the demand for that product from a particular supplier?
no, product demand in general tends to be more elastic because there are more options the consumer can choose from. demand for the product in general allow for the principle of "substitution" to be used by the consumer. if one producers price is too high then the customer will be able to shop around for the best price available for that product. demand from a singular supplier is more price sensitive, and with demand being inversely related to price and increase in price negatively impacts the level of demand and visa-versa
The general willingness of consumers to purchase a product at various prices is .?
Demand is the general willingness of consumers to purchase a product at various prices.
How do you set up a sales target?
1. Determine the area in which you will be selling your product 2. Determine the demand for your product in your projected sales area 3. Determine how much of the market a product similar to yours presently controls 4. Determine if there are reasons for clients to switch to your product. 5. Determine the difference between present supply and demand, and the potential switched over clients that might be available to you. 6. This is your total potential gross sales amount. 7. Determine how much of the gross sales volume you could support with your supplier, sales staff, amd similar considerations. 8. Your sales target would be the percentage of this potential serviceable demand you could supply in years one through ten. Assume sales would increase annually if your product is better, cheaper, better serviced etc.
What do you need to determine market demand?
To determine market demand, one needs to do a lot of research. This includes studying statistics of past trends and sales. It also includes conducting survey of the population to see the level of demand for a product.
Do buyers and sellers as one group determine demand but only seller determine supply?
Yes. Buyers want a product and those that sell it regulate how much of it they sell to the buyers, therefore controlling the supply as a result of the demand.
