Question

Explore the supply and demand conditions for your firm’s product. a) Evaluate trends in demand over time and explain their impact on the industry and the firm. You should consider including annual sales figures for the product your firm sells. b) Analyze information and data related to the demand and supply for your firm’s product(s) to support your recommendation for the firm’s actions. Remember to include a graphical representation of the data and information used in your analysis. III. Examine the price elasticity of demand for the product(s) your firm sells. a) Analyze the available data and information, such as pricing and the availability of substitutes, and justify how you determine the price elasticity of demand for your firm’s product. b) Explain the factors that affect consumer responsiveness to price changes for this product, using the concept of price elasticity of demand as your guide. c) Assess how the price elasticity of demand impacts the firm’s pricing decisions and revenue growth.

Company that I chose is Walmart.

Answer 1

Over the final few weeks we have now been posting a series of articles to help you figure out what to sell on-line. In our first put up in this series, we discovered eight techniques for locating your first product, within the 2nd publish we discovered 10 locations entrepreneurs go to find product suggestions, eventually in our last post, we shared 10 product strategies that are currently trending.

Lets say you may have carried out the advice from our previous posts and you could have come up with a number of of your own ideas. How do you go about evaluating these strategies and selecting if there may be skills to build a lucrative ecommerce website around them?

In this article we overview the capabilities demand for a product we pick from the previous post, look at niche possibilities that exist round it and get an idea of demand for that area of interest.

Validating an proposal or product is main because it helps you get a way of the abilities market or, lack of market, on your product suggestion earlier than spending quite a bit of time and money on it.

In our last submit we checked out Google tendencies to see how the products have been trending. Google developments is a good however most effective tells you a small sliver of the story. If there used to be one character shopping for a product final 12 months and 10 men and women this yr browsing for it, the development is increasing but the market continues to be insignificant to enter as a trade.

Note: despite the fact that we perpetually endorse validating your product, we respect there are lots of effective on-line corporations created by entrepreneurs that just went with their intestine or that created demand where no demand existed prior. No single procedure is proper for each man or woman, product and industry. We advocate you decide what you feel is quality for you. All validation strategies are carried out to build confidence earlier than investing your time and money. There is no single test that can offer you an reply, instead its a blend of the whole thing, including your intestine feeling, you must rely on.

Market/Demand evaluation vs. Product evaluation

in this publish we're strictly going to be conducting a market based evaluation to get a better proposal of expertise demand and competition for coconut oil. In our next publish, we will be conducting a product-centered analysis, to be able to focal point on the viability of the special product including advantage margins, restrictions and laws and so forth.

The Product

Out of the 10 products we checked out in our final submit, we've made up our minds to decide on coconut oil as a product to further validate. We picked coconut oil in part considering that it appeared like an fascinating and versatile product but in addition considering the fact that once we when put next all 10 trending products to one another, coconut oil via a long way had the finest search interest. We decided this was the exceptional point.

*be aware that Google tendencies only enables you to examine as much as 5 products at one time, but we did check all of them.

The place It started out

when you consider from our last put up, we at the beginning learned coconut oil as a expertise product after we came across a Pinterest pin on 30 ways to make use of coconut oil. Right heres that pin once more:
With 934 re-pins and a hundred and five likes, apparently this is a fashionable product. Nevertheless, this is only one pin on Pinterest. We need to be trained more to understand for definite.

Lets take a seem again at Google tendencies to peer if correctly coconut oil is trending upwards, how gigantic the pattern is and when exactly it started.

Looking at Coconut Oil in Google tendencies, we are able to see that the pattern and popularity for coconut oil exists, increasing dramatically in view that approximately 2011.

To extra validate the status, appeal and usefulness of coconut oil we determined to seem at some product experiences. On MakeupAlley, a review web page for all types of skin and haircare products, coconut oil had an natural ranking of 4.5 stars out of 5 situated on 834 reviews and ninety% stated they would purchase it once more. Very favorable feedback for the uncooked ingredient.

Although we didn't find much in the best way of negative feedback for coconut oil, looking at bad feedback in studies can aid you to find deficiencies in current merchandise that you may capitalize on. Learn: The Amazon Whisperer.

We also made up our minds to determine out Amazon to peer how good coconut oil is selling.