Create a demand schedule for yourself for a good or service you regularly consume. Include 10 different prices, in equal increments.

(TCI)

DEMAND SCHEDULE: SHOES

Explanation:

Taking into account the product or service to be put up for sale, the number of units to be sold and their unit price must be foreseen. For this, several techniques can be used:

Investigate the competition. To set the number of units to sell, you can discover the sales volume that the competition accumulates; determine the quota to be collected and apply said quota to the total volume. In order to establish the price, it is possible to obtain an average of the prices of the competition and decide the positioning in a higher or lower price, depending on the differential value of the offer with respect to the competitors.

Investigate the market. Surveys can be carried out on a sample of the target audience, obtaining data on their behavior and consumption regarding the product / service for sale; or search for studies already done that contain the data of interest. Thus, trying to obtain a wide confidence interval that minimizes the probability of error, the consumption results can be extrapolated to the total population, marking the monthly sales volume. Thanks to the questionnaires you can also get an estimate of the price that potential customers are willing to pay (adding questions about IT)