The correct answer is to establish the price of the new product. To understand consumer demand for a particular product, businesses research demand analysis. Businesses typically analyze whether they can effectively join a market and make the anticipated profit.
The number of rivals in the market and each company's current market share are two important factors in demand analysis. Less competition is typical in markets in the early stages of the business cycle. Consequently, your business will have a bigger profit margin.
Examples of specialized items are iPods and iPhones, which came onto the personal electronics market and saw a spike in demand due to consumers' perceptions of their utility. As a result of fresh customer demand, this demand quickly drives up demand in the current markets, boosting business earnings.
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