Podcast
Questions and Answers
What is the first step in the study of demand?
What is the first step in the study of demand?
- Forecast future demands
- Identify the consumers (correct)
- Gather information on total past demands
- Evaluate future demand projections
Which of the following is NOT a primary question addressed in the study of demand?
Which of the following is NOT a primary question addressed in the study of demand?
- Is there a demand?
- Who are the consumers?
- Can we forecast future demands?
- What are the future production rates? (correct)
What characteristic is NOT used in market segmentation?
What characteristic is NOT used in market segmentation?
- Type of consumers
- Flavor preference (correct)
- Location
- Income classification
During the demand study, which process comes after gathering information on total past demands?
During the demand study, which process comes after gathering information on total past demands?
Which of these processes is critical for answering the question of whether there is a demand?
Which of these processes is critical for answering the question of whether there is a demand?
Which age bracket has the highest population according to the provided data?
Which age bracket has the highest population according to the provided data?
What is one method mentioned for gathering total demand data?
What is one method mentioned for gathering total demand data?
Which age group has the lowest population according to the data provided?
Which age group has the lowest population according to the data provided?
How many individuals are aged 28-36 years old according to the provided data?
How many individuals are aged 28-36 years old according to the provided data?
Which organization is NOT listed as a source for gathering demand data?
Which organization is NOT listed as a source for gathering demand data?
What is one challenge mentioned regarding the gathering of total demand information?
What is one challenge mentioned regarding the gathering of total demand information?
What is the population of individuals aged 19-27 years old?
What is the population of individuals aged 19-27 years old?
Which question is NOT considered essential in the total demand study process?
Which question is NOT considered essential in the total demand study process?
How is the total past demand for a product computed?
How is the total past demand for a product computed?
According to the hypothetical data, what is the total demand for poultry eggs in Davao in 2014?
According to the hypothetical data, what is the total demand for poultry eggs in Davao in 2014?
What adjustment is made to the past demand calculation if all local production is sold locally?
What adjustment is made to the past demand calculation if all local production is sold locally?
Why is care needed in calculating total demand?
Why is care needed in calculating total demand?
If the total number of poultry eggs produced outside Davao but sold in Davao is not accounted for, what will happen?
If the total number of poultry eggs produced outside Davao but sold in Davao is not accounted for, what will happen?
What is the total past demand if only the local production and outside production are included, excluding consumption?
What is the total past demand if only the local production and outside production are included, excluding consumption?
What sum is included in the total past demand calculation when assessing poultry eggs?
What sum is included in the total past demand calculation when assessing poultry eggs?
Which of the following scenarios leads to an accurate calculation of total past demand?
Which of the following scenarios leads to an accurate calculation of total past demand?
What is the first step in conducting a demand study?
What is the first step in conducting a demand study?
Which of the following is NOT a component of the study of supply?
Which of the following is NOT a component of the study of supply?
Why should indirect competitors be included in the study of supply?
Why should indirect competitors be included in the study of supply?
What is the last step in the major processes of the study of supply?
What is the last step in the major processes of the study of supply?
What crucial information should be gathered about competitors in a supply study?
What crucial information should be gathered about competitors in a supply study?
In a demand study, what should be evaluated to understand future consumer needs?
In a demand study, what should be evaluated to understand future consumer needs?
Which element is critical for categorizing competitors in the study of supply?
Which element is critical for categorizing competitors in the study of supply?
Which of the following is a potential challenge when gathering historical supply data?
Which of the following is a potential challenge when gathering historical supply data?
What is the first step in conducting the market study as described?
What is the first step in conducting the market study as described?
Why is determining market share significant in a project feasibility study?
Why is determining market share significant in a project feasibility study?
Which factor is NOT considered in computing the selling price of a product or service?
Which factor is NOT considered in computing the selling price of a product or service?
What is an essential aspect of the marketing program in a feasibility study?
What is an essential aspect of the marketing program in a feasibility study?
Which adjustment step is necessary if there is a significant price difference between similar products?
Which adjustment step is necessary if there is a significant price difference between similar products?
What role does the marketing staff play in the marketing program?
What role does the marketing staff play in the marketing program?
Which step is involved in determining the expected share in the market?
Which step is involved in determining the expected share in the market?
What is a key conclusion to draw from each major aspect of the market study?
What is a key conclusion to draw from each major aspect of the market study?
Study Notes
###Â Demand
- Total demand is calculated by adding local production, consumption, and imported units.
- Past demand can be calculated by adding the total units produced in the area, total units consumed in the area, and total units produced outside the area but sold in the area.
- Future demand is a projected demand for a product.
- To determine if a product is in demand, consider the following:
- Identify consumers, including:
- Type of consumer
- Income classification
- Use of the product
- Location
- Age
- Gather information on past demand
- Sources include: manufactures, retailers, trade associations, government agencies, local government units, universities and colleges, and existing users of the product.
- Evaluate past demand patterns
- Forecast future demand
- Evaluate future demand projections
- Identify consumers, including:
###Â Supply
- Supply is analyzed to determine if there are existing suppliers of a proposed product.
- To determine if a supplier exists consider the following:
- Conduct a thorough study on competitors.
- Gather information on historical supply.
- Evaluate supply growth patterns.
- Forecast future supply.
- Evaluate the result of future forecast.
Market Share
- Market share is a significant factor in a project feasibility study.
###Â Pricing
- The price of goods or services is determined by demand-supply situations.
- Consider the following factors when setting prices:
- The cost of making the product, including direct materials, direct labor, and factory overhead
- Proposed mark up on finished goods
- Comparison of proposed selling price with similar products
- Expected operating expenses
- History of prices of similar products
Marketing Program
- This section of the study includes the following:
- Target market
- Terms of sale
- Channels of distribution
- Transportation arrangement
- Estimated selling price
- Promotion and advertising activities
- Distribution network
- Packaging
- Marketing staff
- Estimated cost of marketing
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Description
Test your knowledge on the concepts of demand and supply. This quiz covers total demand calculations, past and future demand projections, as well as the factors influencing consumer behavior and market supply. Enhance your understanding of economic fundamentals with practical examples.
