Demand in Business

lj.willis
Mind Map by lj.willis, updated more than 1 year ago
lj.willis
Created by lj.willis about 6 years ago
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A Levels Business Studies (AQA AS BUSS1) Mind Map on Demand in Business, created by lj.willis on 04/07/2014.
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Demand in Business
1 Definition of Demand = How much customers are prepared and willing to buy at a given price
1.1 How it is measured : Through volume of sales or volume of products bought
2 Factors that affect demand for a startup's product...
2.1 Price
2.2 Incomes
2.3 Tastes & fashion
2.4 Competitor actions
3 1. Price
3.1 Perhaps the most important factor - a key signal of "value" for most customers; demand for some products are more "price-sensitive" than others
4 2. Incomes
4.1 What people buy is linked to their disposable income & attitude to credit. As incomes change, customers often switch to substitute alternative products
5 3. Tastes & fashion
5.1 Often changing, particular for consumer products
6 4. Competitor actions
6.1 Price often used as a competitive weapon to gain sales
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