Managing supply and demand
by Karen James
Imagine standing at a podium, posing for the camera; you are a winner in the Best of SVG Peopleâs Choice Awards. Are you ready for the change that such a coveted title could bring? Such a win could create a greater demand for your goods or services than you are currently able to supply.
âThe principle of supply and demand states that when a particular good or service has limited supply and increased demand, the price of the good or service increasesâ¦â Exciting as this may sound, an increase in price because of supply could make your goods or services unaffordable to existing customers, pushing them out of your market.
On the other hand, letâs propose that you anticipated the win and forecasted a huge demand, but the demand was only moderate, you may end up investing more than you should have and left with more than you can sell. The principle of demand and supply further states ââ¦Conversely, when a particular good or service has an abundant supply and little demand the price of the good or service decreases.â
However you choose to manage demand, you must take your existing customers into consideration and you must avoid the age old mistake of watering down your product and trivializing the importance of quality. This will only be to your detriment. There are organizations here that provide counselling and advice, training and capacity enhancement to new and existing business owners. Seek and you shall find.
âDonât be afraid to ask questions. Donât be afraid to ask for help when you need it. I do that every day. Asking for help isnât a sign of weakness, itâs a sign of strength. It shows you have the courage to admit when you donât know something, and then allows you to learn something new.â Barack Obama
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