Question
Choose a product you buy on regular basis (something you buy more than 4x per year). Think about how the supply and demand changes based
Choose a product you buy on regular basis (something you buy more than 4x per year). Think about how the supply and demand changes based on things like seasons, price, advertising/media, etc.
1-What is the product, where and how often do you buy it?
2-Which one of the four patterns does the product fit into or does it have more than one pattern? (Trend, Seasonal, Cyclical, or Trend with Seasonality? Please explain why.
3-Now, considering the pattern(s) that you chose, how might the product owner (manufacturer, store, and/or business) handle the changing demand by using internal methods described in the reading and from your own research?
4-How about external methods?
5-What do you think are the biggest factors that influence demand for the product you chose? For example, if I chose snow skis, demand varies all year because snow melts in spring in the Northern hemisphere.
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1 The product I buy on a regular basis is coffee I buy it approximately twice a month from a local grocery store 2 Coffee fits into the Trend with Seasonality pattern While there is a general upward t...Get Instant Access to Expert-Tailored Solutions
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