Thursday, 13 October 2022

Thur. Oct 13

 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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