Today in Class
1. Surprise Quiz: 15 marks
2. Understanding various pricing strategies : group presentation
3. Video Review of Pricing Stragegies ( you should watch)
Understanding Supply and Demand (Put into your notes)
The law of demand holds that the demand level for a product or a resource will decline as its price rises, and rise as the price drops.
Supply and Demand: Example: Vanilla Bean shortage/scaricity
Supply is low, therefore price goes up, Demand goes up
If Supply is high, price would be lower, and Demand would normalize or possibly go down.
Supreme does not do any traditional advertising. What is their strategy for selling their products? List all of the ideas in your notes.
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