Factors Influencing Demand

A Demand and Supply Graph Factors Influencing Demand This article serves to supplement the article Influences for Supply and Demand, that I wrote a while ago. For a more general overview of supply and demand, I suggest visiting there first. Demand has many factors that influence a market, such as;- Changes to the prices to substitute products, such as cheaper products available online or at discount stores could reduce the sales of a premium product or product range. Changes to the availability of complementary goods or changes in the price of complementary goods, such as two large luxury opposing ice cream… Continue reading Factors Influencing Demand

Influences for Supply and Demand

Businesses work on a complex demand and supply based method of producing products and services. Supply is the quantity of a good or service that a producer is offering to supply into the market Demand is the quantity that the customers are willing to buy at a given price over a given period of time External factors, such as income or environmental or ethical change may mean that a product is no longer viable, smoking for example is no longer as profitable as it was as people no longer smoke as much as they used to. Influences may be out… Continue reading Influences for Supply and Demand

Stock Control and Resource Management

Just In Time is a lean production technique, It involves ordering a product right as it is about to run out, but before the business has to stop manufacture, this allows a business to work effectively when creating a product that requires a lot of parts and accessories. Raw Materials Work in Progress Finished Goods Bought from suppliers Supplier may not be able to meet demand Supplier could not raise prices Used in assembly or as ingredients Parts for assembly Not Sellable Costs business money to make into product May be a slow process… Continue reading Stock Control and Resource Management