Factors That Influence Supply and Demand Free Essay Samples & Outline

Calculate PRICE (20% Discount)

Sample Essay on Factors That Influence Supply and Demand for the Products or Services

Supply is the quantity of services and goods supplied by the business, whereas demand is the amount of goods and services that customers buy (Girju 2012). Various factors influence supply and demand in the hospitality industry. For instance, product and services demands are affected by the taste of customers and market preferences. The demand for goods and services depends on the habits, advertisements, tastes, new technologies used in production, customs, and the preferences of the customers. The income of the customers implies their ability to purchase a certain commodity or services.

These factors can increase the demand. Similarly, the quality of goods and services offered in the market influence customers’ purchasing behavior. The price and availability of products in the market from other competitors are also determinants of supply and demand. If other competitors offer similar products and service at a lower or higher price, customers will either buy or go for competitors’ products depending on their choices and preferences.

Further, population growth increases the demand for the products by customers. For instance, the rise of population in a small community may increase the demand for local dishes thus increasing their supply. The government’s economic policies influence the demand for commodities (Girju 2012). For example, if the government decides to impose massive taxes on particular products in the form of excise duty, sales tax may increase the commodity price; hence, decreasing the demand.

Additionally, several factors influence the supply of goods and services in the hospitality business. The cost and capacity of production, including interest charges, the cost of raw materials used in the production of goods and wages for hotel workers, are such factors. Moreover, competition from other hospitality ventures with similar services and products, as well as the prices offered dictates the supply of products (Girju 2012). The marketing strategies also determine the number of customers reached and their knowledge of the products and services provided. Branding, which is all about product reputation, influences influence the supply of goods. Finally, the technology used in production of goods (preparing food and drinks) may affect the taste and preference of customers thus increasing its supply.

Reference

Girju, M. M. (2012). Variation in consumption: Supply and demand factors that affect individual
consumer behavior. Thesis, the University of Texas at Dallas.

Browse More Essay Topics 24/7/365 Support 11+ Yrs in Essay Writing Pay for Quality not Quantity Score that A+ Grade

Bible & Christianity Essay Examples & Outline The Caux Round-table principle believes that the world business community plays an important role in the improvement of economic and social conditions. Through an extensive as well as the collaborative process, the business leaders in the Caux Round-table principles developed the CRT principles for businesses in order to embody the aspiration of principled business leadership. Read more	SPEECH: Obama’s Immigration Executive Actions Free Essay Samples & Outline House Republicans intend to vote in order to block President’s Barack Obama executive actions in immigration. This intends to set up potentially explosive showdown with no certain outcome in the Senate with it considering the legislation regarding Homeland Security Read more	Juvenile & Tort Law Essay Examples & Outline The juvenile justice system is a system that is established to dispense justice to individuals who are still regarded as children by the law. In most cases, these individuals are below 18 years of age since most judicial systems recognize individuals aged 18 and above as adults. Read more	Business plans & Entrepreneurship Free Essay Samples & Outline Business plans are the foundations from which successful businesses are constructed. It can be a statement of goals of the business, the reasons as to why these goals can be attained, and the plans that can be used to attain the set goals. A plan may contain information such as; Read more
Race & Ethnicity Essay Examples & Outline The city of Detroit is a city that has witnessed a drastic metamorphosis over the last 50 to 60 years. This metamorphosis has seen the city of Detroit change from a central industrial hub to a city that is on the verge of filing for bankruptcy. Read more	Organizational Theories Essay Examples & Outline A theory is essentially a set of concepts, propositions and ideals that have a direct relationship (Mullins, 2005). Therefore, the main approach used in the development of a theory is correlation which often assumes a causality relationship. Read more	Nutrition Effects On The Body Essay Examples & Outline The uptake of nutrients is important for the development of a functioning body. Essential vitamins are needed for the completion of some functions of the body. The body cannot make most of the vitamins in the body. Read more	Fiscal & Monetary Policy & Economic Fluctuations Essay Examples & Outline Various economic big academics are arguing on whether the progress of the economy is sluggish owing to too much stimulus from the government. The other reason for the stands is the fact that the rate of economic growth has ended being slower than anticipated even prior to the recession. Read more
Insanity & Assessment Tools Free Essay Samples & Outline When is someone not responsible for a crime because of their mental illness, this is the question that many forensic psychologists often ask themselves. The forensic evaluation of a legal insanity defense and it often involves a careful analysis of the actions as well as the ideas that lead up to the crime and it coordinating with several witness statements. Read more	Business Outsourcing Essay Examples & Outline Should a company outsource? Is the company not causing loss of employment to the local community in order to save costs. These are some of the questions that are often posed by the critics of outsourcing. Read more	Human Nature & Abraham Maslow Essay Examples & Outline Just like in a ladder, the lower rungs have to be stepped on before proceeding to the next runs that are located at the higher levels (Myers, 2004). There are different motivations behind the invention of the hierarchy of needs. This paper will focus on the hierarchy of needs and the motivation behind the development of the hierarchical representation of needs. Read more	Samsung Galaxy Phone Pricing & Service Essay Examples & Outline Human beings are visual creatures. The ability of a company to attract the customers lies on the packaging and labeling design of the products (Blythe, 2006). Read more
Communication Essay Examples & Outline Communication is a way of life and can be considered as a basic need in life. The use of communication is very broad and spreads from one field area to another. In a general view Read more	Influential People & Leadership Essay Examples & Outline In life there are many instances when the rich and influential people have to interact with poor and less renowned people. In most of the cases, the influential people are always making the decisions and the uninfluential Read more	Argument on Art Courses & Federalist Free Essay Samples & Outline The most significant argument made in Federalist 70 is the unitary executive provided for in the United States constitution. The argument has been seen in the sense that, the author tries to argue that unity in the executive division is a major component for energy and safety. Read more	US President Trump & Obama Free Essay Samples & Outline Notably, a president can influence how these areas perform by passing new laws that are geared towards improving the situation (Kahler Financial Group, 2016). However, he cannot do this without the support of Congress. Read more

You are here

Factors That Influence Supply and Demand Free Essay Samples & Outline

Examples of Business Essays Below

Sample Essay on Factors That Influence Supply and Demand for the Products or Services