Demand

Demand

The demand for your goods and services is the amount the customers are willing and able to buy at any given time. There is an inverse relationship between demand and price, which is expressed in the ‘law of demand’. This… Continue Reading

Promotional Mix

The promotional mix is the combination of tools used to promote a product. There are four aspects to the promotional mix; sales promotion, advertising, personal selling and public relations. This article looks at sales promotion and advertising. Sales Promotion Sales… Continue Reading

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Market Research

Market Research for businesses

Market research seeks to help you identify the possibilities in the current market. You will be able to make predictions from the market research analysis and hence better able to satisfy the needs of your customers. Market research is critical… Continue Reading

Market Feasibility

Market Feasibility Study - Product or Service

Why Market Feasibility? Market Feasibility is quite appropriate where you are planning to open a new business or extend an existing line of product. Your aim is to determine how ‘feasible’ your product would be in the current market. It… Continue Reading

Cost-plus Pricing

Cost Plus Pricing

Calculating Cost-plus pricing To determine price using the cost-plus method: Cost-plus price = (Total cost of production + mark-up) / Total output For example if you are producing and selling bags and your cost to produce 200 bags was $5,000… Continue Reading

Pricing Strategy

Costing and Pricing for products and services

All businesses at various times deal with issues relating to the cost they accrue for acquiring raw material and determining prices which they will charge customers for goods and services. Costing Cost is a necessary part of running a business,… Continue Reading

Quality Control

Quality Control - Julian Gooden

Quality Control is the process by which businesses review the quality of all factors involved in production. The aim of management and employees should be to strive for excellence. High quality is to be maintained regardless of whether a product… Continue Reading

Enhancing Business Competitiveness

Enhancing Competiveness

There are usually businesses entering or leaving a market. The rate is of course dependant on a number of factors. However, regardless of the reasons, you have to stay competitive in order to operate profitably. How can you stay competitive?… Continue Reading