Product Analysis (In Economics Terms)

Consider the following while analyzing the product.

  1. People’s taste for a particular product or service.
  2. People’s income
  3. The availability of complements which are other products that need to be used with the primary product. Gasoline, for example, is a complement to an automobile.
  4. The availability of substitutes for the product.
  5. Price expectations. There will be less demand if people expect a price to fall. More demand will exist if people expect prices to rise.

These demand determinants need to be considered along with some of the following:

  • What product features would appeal to people in this country/culture?
  • Are there supply chain issues?
  • Are key resources available and competitively priced?

Please use the IBIS world data base from the below login information while analyzing the product.

http://clients1.ibisworld.com.ezproxy.csp.edu/

Username:patir

Password: 12qq1A0510

 
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