In this paper, you will apply what you have learned in Chapter 4 to the firm or business you selected in order to see how the concepts can be applied to a business situation.
Keep in mind that throughout this course, papers are intended to bring real-world situations to the course material that we are covering each week. Part of your grade will depend on the connections you make between your chosen firm (which could include the economic environment of your chosen firm, the markets in which your chosen firm interacts with outside actors, the decisions your chosen firm makes, etc., depending on the particular question) and the material from the text.
Activity Instructions
For the particular firm/business you selected, explain how the demand for the firm’s product affects its choices regarding how much it can sell and the price that it can set for the goods it produces.
What could cause the demand for your business’ products to increase or decrease? Choose a couple of events that could affect the demand for the firm’s product and describe them. What effect would this have on the demand for the firm’s products and for the firm’s profitability? How would the firm react (what decisions would it possibly make) if those events occurred?
Are there any ways the firm can increase the demand for its products? What could the firm do, and why might a firm do those things? Do you see evidence that the firm you chose is doing those things?
Writing Requirements (APA format)
- 2 pages (approx. 300 words per page), not including title page or references page
- 1-inch margins
- Double spaced
- 12-point Times New Roman font
- Title page with topic and name of student
Resources
Read/review the following resources for this activity:
- Textbook: Chapter 4
- Videos: Chapter 4
- https://www.youtube.com/watch?
v=VMPYqgBmHr0 https://www.youtube.com/watch? v=1sUroA8pWkI https://www.youtube.com/watch? v=CvPduZKFQPE https://www.youtube.com/watch? v=cmDCZWgbkvI https://www.youtube.com/watch? v=oDb93ztVVgI - No outside sources are required
Answer preview
Effective marketing and advertising provide a product a step ahead of competition due to recognition from a broader audience of potential customers. Apple can advertise the iPhone before its launch to engage anticipation among clients. The expectation created around the product promotes in increasing the demand for the product (Cronovich, 2012). Also, the use of incentives like added features incorporated in the purchase can assist to improve the need of the iPhone. Software and applications essential for the iPhone are unique to only the device. The incorporation of offers on apps like the iTunes or iMusic assists in increasing the demand for Apple’s iPhone. Evidence regarding such approaches to improve the need of the iPhone continue to prove relevant in the firm’s campaigns. The advertisements and incentives offered by the iPhone continue to significantly promote the demand of the product to hold the leading position in need in the smartphone industry.
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