Determinants of Demand Worksheet answers the following questions: What factors influence demand? What are the things that influence demand?
This worksheet helps us in formulating different strategies and is a very useful tool to use when we are working in any kind of industry. In the past, a lot of people were in the business of influencing demand. They made use of this worksheet to decide how to improve their business and how to improve their market share in the economy.
As far as an economist is concerned, there are many determinants of demand but not all of them are used for decision making. However, in business strategy, there are certain principles that can be applied. The Determinants of Demand Worksheet answers the following questions: What are the main determinants of demand?
Two other factors which are major determinants of demand are supply and demand. It is these two factors that determine whether a product will be successful or not.
The Determinants of Demand worksheet answers the question of what are the things that influence demand. In other words, it helps us to focus on these factors and find out if the factor does affect the demand for our product.
Factors that influence demand are: profitability, reputation, competition, economics, psychology, attitude, price, availability. These factors are important because they influence demand. However, in general, most of these factors are affected by factors that are outside the scope of the business.
It is also known that whatever a person can do to increase the demand, he can do it in his own way, which means that his ability to influence demand is limited. The determinants of demand worksheet answers the question of what are the things that influence demand. In simple terms, the answer to this question is the availability of the factors to influence demand.
It has been said that the first step in determining what things affect demand is to know what a demand for a product is. All these factors affect demand but there are no elements that can act alone in affecting demand. An example of the role that demand plays in influencing price is the brand name. It was once thought that the demand for a brand name would determine the price but it is actually the demand of the product that determines the price.