Respuesta :
Answer:
1. In order to estimate demand the analysts should;
- Survey customers
- Add up the total quantity demanded by the customers at each price point
- Scale up the quantities demanded by the survey respondents.
- Plot the demand curve
When the analysts go into the market to research, they should start by surveying a sample of customers. They can then add up the quantity that was demanded by the customers at each price point to find out the total demand.
They should then scale up these results to see what the total market demand is. Then finally they should then use the scaled up data to construct a demand curve.
b. Two important factors
- existing competition in the market - when creating demand estimates the analysts should keep in mind that they may have competition who are already selling their product. Their demand analysis should take into account factors like the people who have already bought the product and might no longer needing it or the price that the other competitors are selling at.
- consumer demographic information - demand also depends on demographic factors such as age and economic class. Some products are not very well used by the older generation such as smart watches so the researchers need to ensure that they have the right age groups. The watch might also cost an amount that some people cannot afford so this must be taken into account as well.