Supply and Demand or Utility Option 1 Supply & Demand...

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Supply and Demand or Utility

Option 1

Supply & Demand - Using a product or service at your company, or one that you are familiar with, describe the various factors that impact its level of supply and demand in the marketplace. Is this product more susceptible to supply elasticity or demand elasticity? Explain. As a manager, how can you use this understanding to benefit your organization?

Option 2

Utility - Using a product or service at your company, or one that you are familiar with, describe it in terms of the utility it provides to your customers. What are its strongest utility features? What are the weakest? Why do your customers keep coming back to you and not your competitors?

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Product Utility
Utility is an economic term, which refers to the total satisfaction a consumer receives from using a particular good or service. It is hard to measure customer’s utility, but it is estimated indirectly with consumer’s behavior. Thus, this paper seeks to look...

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