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

How Customers Associate Quality with a Brand

Within any business there are multiple factors that a customer can imprint on to recognise a brand and associate with quality. Businesses can use the customers intuition to their advantage, targeting on the key aspects of a quality product in order to maximise return. Here is a list of the common points a business can tailor in order to maximise their revenue;   Profitability, Businesses must decide how much profit each product or service should undertake, whether it be a large return or a small one. Customers may be willing to buy a product purely on its premium price point.… Continue reading How Customers Associate Quality with a Brand