Strategies of Hearing Aids Market Essay Example | Topics and Well Written Essays - 500 words

Strategies of Hearing Aids Market - Essay Example An increase in the price of commodity results in the decrease of the quantity demanded the same commodity and vice versa (Keat and Young, 2009, p. 47). Therefore, if the firms reduce the prices of hearing aids, there can be increased demand for it and as  result firms can achieve higher sales and higher profits. Demand and revenue are closely related. When demand is elastic, the total revenue will be increased due to a decrease in the price of the product. When the percentage of quantity demanded is more than the changes in price, the total revenue will be increasing. While analyzing the price factor and demand for the hearing aids, it can be understood that reducing the prices can be a reasonable measure to expand the demand and market for hearing aids. But same time, the price is often regarded to be an attribute that consumers value a product and its quality. The case of hearing aid markets show that high price has become the main factor behind less demand for it and therefore firms can increase potential demand for the product if they can offer hearing aids for reduced prices. The hearing aid companies can have pricing strategies. Companies can increase the total revenue by decreasing the prices of hearing aids if the demand is Elastic or by increasing the prices if the demand is inelastic. The hearing aids demand is inelastic because there are very few substitutes and it is considered to be an essential device for hearing for those who suffer from hearing loss (Amlani, 2007). So, the hearing aids firms can possibly increase the prices in order to increase the revenue, but it may have to reduce the prices and increase the quality of the products in order to gain a better position among the competitors especially if there is perfect competition in the market. Based on market and situational analysis like Porter’s five force analysis, a marketing manager will be able to analyze various factors like buyer and supplier powers, competition rivalry, potential entry and other threats, and based these the managers will be able to implement either cost-leadership approach or differentiation approach (Keat and Young, 2009, p. 376).  

Undertake project work Assignment Example | Topics and Well Written Essays - 3000 words

Undertake project work - Assignment Example This will exhibit whether the product is a success or a failure within the market. The period for the project will be three months. a period in which the project will research on the market viability, strengths as well as weakness of the product, inclusive of the consumer reception of the new brand within the Indian market. The project follows the right standards of ethics in research. This means that it will consider all the required steps in conducting a research project, such as freedom of choice by participants, respecting the privacy and choice of participants, as well as giving accurate data for use in the analysis phase of the project. The project requires both financial and intellectual assets in order to undertake appropriately. this includes an experienced team of researchers, project managers, marketing professionals, market analysts, as well as adequate financial resources to undertake the entire project work appropriately. This includes money for the research, money for transport, and money to carry out the various analyses necessary to complete the research. Please identify the clients, employees or team responsible for the projects. Here students should outline each person or team’s responsibilities in order to complete the project. The team’s responsibilities should be aligned with the desired outcomes in the project. You may use the table below: The young ones are equally an important market segment of the company. As such, this market segment needs particular attention in order identify its tastes and preferences, trends, as well as other likes that contribute largely to market viability and growth. The teenagers are the most users of soft drinks, especially owing to their fast transformation from children to adulthood. This is the point when many young ones transform in all ways, especially