For any business, the worst scenario is getting out of product inventory when customers are ready to buy your product. Keeping a stock of every item in the store is another burden to carry for every business. This trade off has been even more problematic in current times, when manufacturing firms are flooding with SKUs (Stock Keeping Unit) ranging from product sizes, flavours, styles etc. To cater personalised demand companies are customising…Continue
Added by PS Dhillon on August 30, 2018 at 3:35am — No Comments
INTRODUCTION TO THE RESEARCH QUESTION
The research was conducted to find out what price maximises profit without sacrificing the high demand for the product due to the price being too high nor sacrificing the margins on the product due to the price being too low.
The goal is to experiment with different price levels for the same product in one market place and country to see how sales volumes change with prices and which volume level of…Continue