Meeting the Greatest Demand
Although it won't guarantee you business success, the strategy of meeting your customer's greatest need will significantly increase your chances of success. The economy and the marketplace are all ruled by the law of supply and demand. These have a direct impact on price. If a huge pool of consumers going after a limited supply of items such as iPods or Xbox game consoles, the consumers who want the item badly enough will raise their offer price to guarantee getting one of the units. On the other hand, if there is excess product supply, customers will be intelligent enough to hold back their purchase. In order to make the product seem attractive, the business owner will lower product prices to increase their appeal. The consumer will then either buy the product immediately or wait for further price drops before making a decision. In this manner, the excessive supply will cause prices to fall. It is therefore important to develop an effective plan of action.
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