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Q1) list and elaborate on the factors that will be affecting the demand for the following products in the next several years. do you think these factors will ca - Essay Example

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Q1) list and elaborate on the factors that will be affecting the demand for the following products in the next several years. do you think these factors will ca

movement along the same curve towards a higher level of quantity demanded. Any other factors other than price which affects the demand for a product will result into a change in its demand at every level; hence the whole demand curve will shift from its original position and will operate on a new demand curve formed on the basis and magnitude of the change. Some factors which affect the demand for a product are changes in the income level of a person, changes in the distribution of income, advertising and marketing of the product, consumer's taste, fashion or trend, credit facilities associated with the product, price of substitute goods and complementary goods etc. Any changes is population are also considered to be a factor which influence the demand, however, it is considered to be a long-term factor, any changes in population usually occur over a large period of time.
The market for convenience foods is expanding rapidly even though there are various programs and efforts directed to inform the people about its adverse effects on human health. Some people believe that it contains lesser amount of nutrients and higher amount of fats, preservatives, taste enhancers etc. Despite the concerns associated with it the demand for convenience food is on the rise as the quality or taste of the food and female employment has increased. More people are attracted towards these nearly ready-to-eat meals as they feel it saves time and is more convenient than usual cooking. The market for convenience foods is expected to expand further which means there will be further increases in its demand, this could be due to different factors such as change in taste, fashion, lower price, higher quality etc.
The price of a good always plays an important role in determining what quantity will be demanded by the consumers. The price of convenience foods is expected to decrease as newer and efficient factors and methods of production are been used. This will result into an extension in its demand, i.e. its quantity demanded will increase and it will remain on the same demand curve.
Any increase in the disposable income of the consumers will increase the demand (shift the demand curve to the right) and vice versa. If income becomes unevenly distributed, the demand for luxury goods is expected to increase whereas demand for convenience foods and other basic necessities in that case will decrease.
If the price of substitutes for convenience food decreases, demand for convenience food is expected to decrease as well and vice versa. Similarly, if the price of a complementary good decrease, the demand for convenience food will increase (the demand curve will shift to the right).
Convenience food are already marketed heavily in some areas. Advertising can be a useful tool to compel the buyers to buy a product. Good advertising and successful marketing strategies can increase the dema ...Show more

Summary

Ans.) There are various factors which affect the demand for a product. The main factor which affects the demand for a product is its 'Price'. The Law of Demand states that : As price of a good increases, its quantity demanded decreases and vice versa. However, any change in the price of a commodity will not shifts its demand curve, any price changes will result in an extraction or contraction of demand i.e…
Author : cathrinefisher
Q1) list and elaborate on the factors that will be affecting the demand for the following products in the next several years. do you think these factors will ca Essay essay example
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