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When the need for a product is not urgent, demand tends to be more elastic. This means that consumers are more sensitive to changes in price, often leading them to postpone purchases or seek alternatives if prices rise. Additionally, non-urgent demand may be influenced by factors such as marketing, promotions, and overall economic conditions, as consumers are likely to prioritize their spending on more immediate needs.
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What is demand uncertainty?
You don't know how much need there is out there for your service or product.
What does it mean the demand for a product is inelastic?
When the demand for a product is inelastic, the product has no close substitutes and can't be easily replaced. Therefore, when the price of the product raises, people buy roughly the same amount of the product because they need it too much. This is in comparison to an elastic demand, where people will buy less of a product when it becomes more expensive.
What are the problem faced in determining the demand for a durable goods illustrate with example of demand for households refrigerator or television set?
The demand for a new product. A market survey of customer need analysis of sales records of competing products. The basis for making an estimate or a prediction of a new product can be used from a comparable product
What are the demand questions that need to be addressed in order to understand the market trends for this product?
To understand market trends for a product, it is important to address demand questions such as: What is the current demand for the product? What factors influence consumer demand? How does pricing affect demand? Are there any emerging trends or changes in consumer preferences impacting demand? By analyzing these questions, businesses can gain insights into market trends and make informed decisions.
What is the difference elastic and inelastic demand?
Difference is that inelastic demand people need to have that item no matter what the cost. An example would be insulin for diabetic people. Elastic demand is when someone doesn't need to buy a product if the price changes. Example is ramen noodles. If they cost $100 per packet people wouldn't buy them.
When a customers need for a product is not urgent demand tends to be?
The demand tends to be elastic b/c the purchase can be delayed and they don't need it at that moment.
What is demand uncertainty?
You don't know how much need there is out there for your service or product.
What is the definition of the word exigency?
The definition of the word exigency is an urgent demand or need for something. For example if you had an exigency for potatoes, you would need potatoes.
What is a call for a product or service a need or want?
a demand
What is timothy and Phillips urgent need for the rescue in The Cay?
the urgent need is for them to get out of the cay
What does it mean the demand for a product is inelastic?
When the demand for a product is inelastic, the product has no close substitutes and can't be easily replaced. Therefore, when the price of the product raises, people buy roughly the same amount of the product because they need it too much. This is in comparison to an elastic demand, where people will buy less of a product when it becomes more expensive.
What are the problem faced in determining the demand for a durable goods illustrate with example of demand for households refrigerator or television set?
The demand for a new product. A market survey of customer need analysis of sales records of competing products. The basis for making an estimate or a prediction of a new product can be used from a comparable product
What is the need for demand forecasting?
The need for demand forecasting is to help companies see the future of products they are launching. They can see what the future will hold for certain product and what the pricing should be.
What are the demand questions that need to be addressed in order to understand the market trends for this product?
To understand market trends for a product, it is important to address demand questions such as: What is the current demand for the product? What factors influence consumer demand? How does pricing affect demand? Are there any emerging trends or changes in consumer preferences impacting demand? By analyzing these questions, businesses can gain insights into market trends and make informed decisions.
What is the difference elastic and inelastic demand?
Difference is that inelastic demand people need to have that item no matter what the cost. An example would be insulin for diabetic people. Elastic demand is when someone doesn't need to buy a product if the price changes. Example is ramen noodles. If they cost $100 per packet people wouldn't buy them.
What is a demand and supply curve?
A demand and supply curve is used in economic to show that in a competitive market, the price of a product will vary depending on the need of the consumers.
What is Demand and supply curve?
A demand and supply curve is used in economic to show that in a competitive market, the price of a product will vary depending on the need of the consumers.
