Please Help me is DUE tomorrow @ noon The Market Forces of Demand and Supply. Pi
ID: 1132432 • Letter: P
Question
Please Help me is DUE tomorrow @ noon
The Market Forces of Demand and Supply.
Pick a local area you will study: Glenview, Skokie, Northbrook, etc.
Demand. Examine the determinants of demand for local food vs.
factory farmed products (factory farmed food includes fast food and processed food). Do you think the demand for factory farmed products is high? What can you tell about the demand for locally grown and sustainable food?
Find information about local area consumers (pick any local community), such as trends in average income, population size, poverty level, how many people live below poverty line, population distribution by age (seniors usually have low incomes and suffer from malnutrition), education. How do food stamps affect demand? One determinant of demand is Consumer Preferences. Find if the local community distributes any information about local farmers, the benefits of locally grown food, offers a public discussion about factory farms and the nutritional value of the food we buy. Are there any local organizations that educate consumers how to make food choices?
Determinants of demand
Local Sustainable food
List of determinants ( there are five determinants of demand)
Data and Your discussion
...
What did you learn about the demand?
Supply. Study if everyone in the community has access to affordable and healthy food, i.e. locally grown fresh fruits and vegetables.
Supply
Grocery stores
List the number of stores and their accessibility.
Convenience stores
Farmer’s markets (real farm stands)
Fast food
Are there any food deserts in the area?
List the sources used: ...
Keep in mind the question: How can you use this information to make public policy recommendations? For example, how can we raise the supply-demand for locally produced food?
Determinants of demand
Local Sustainable food
List of determinants ( there are five determinants of demand)
Data and Your discussion
...
Explanation / Answer
From Global Marketing Perspective every companies which wants to go global and expand its product and service in other countries and regions of the world have to grind through detailed Marketing Reasearches for each country or each region to understand the customers their motivations , their ability of buying products and the triggers required to get them moving.Through Marketing Research they get to know the needs of the consumers and then accelerate and design products or services with better profiles at a price which is right for the customers in those countries or regions. In today's fast changing and competitive environment where consumer preferences can change and adapt very fast, companies should keep their facilities as close to their customers as possible so that they can also change and adapt as soon as possible . This not only helps them stay awake it also helps them to be fresh and fast in delivery products and services. Any information collected from the market can be acted upon in a very timely and effective manner .So in a global set up also it helps if the companies are in these region or country with their R&D and their manufacturing or operating facilities. If the companies are entering matured markets then through their Marketing Research the focus should be on finding the gaps between Customers wants & needs and availability of products & services those fulfill those needs. Once the gaps are assesed the companies can develop products & services which perfectly matches those needs wants fully. Another important area for companies going global from Marketing persepective is product or service promottion. Social initiatives are good tools for investment for promotion of their products & services. These improves their visibility in these countries and regions . They get fast recognition among customers. They should promote through other means also which are relevant for those regions like for some regions advertisements through television are important and while for others it is the print media that matters . They should try and trigger the chords of every customer in that region or country and provide an excellent product or service experience to them