Marketing management on: Chosen product & its demand
- Choose a product of your choice, be as realistic as possible and illustrate with graphical explanations: (a) Change in demand versus change in quantity demanded and (b) Change in supply versus change in quantity supplied. The purpose of this question is to test candidates on their understanding of these concepts.
Ans1. The chosen product to depict graphical explanations in the change in demand versus change in the quantity demanded & Change in supply versus change in quantity supplied – computer disks & software. Change in demand leads to high levels of influence on the purchase of the goods on the price attached to it (Vitez, 2011). Whereas on the other hand, change in the quantity demanded revolves around the price of the good. Thus, it can be seen that change in the price of the computer disks leads to a change in the quantity demanded for the same.
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