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Word Count: 3,157
Executive Summary The satellite dish industry follows the laws of supply and demand Demand is associated with product pricing Satellite dishes are considered to be price elastic because the demand varies with price The following items will be discussed in terms of demand and product pricing Utility The Law of Diminishing Marginal Utility Determinants of Demand Substitutes and Complements Elasticity Costs of production are a basis for product pricing A company cannot make a profit by selling a product below production costs Costs also affect the supply of a given product or service The following will be discussed in relation to costs and supply Costs The Law of Diminishing Returns Determinants of Supply The market structure in which a firm operates affects both price and non-price competition The following components of market structure will be discussed Defining Characteristics Implications Non-price Strategies Economic forecasts affect all determinants of supply and demand Being an elastic product satellite dishes are vulnerable to economic forecasts The following will be discussed about economic forecasts Supply Indicator Demand Indicator Implications Table of Contents Product Pricing5-8 Costs8-11 Market Structure11-15 Economic Forecast15-16 References17 Product Pricing Demand is a curve that shows the amount of a product consumers are willing to purchase at a variety of different prices during a specific period of time There is an inverse relationship between product price and demand All else equal as price falls the quantity demanded increase and as price rises the quantity demanded decreases McConnell 40 All else equal is important in this statement There are several determinants of demand other than price which are discussed below Utility Utility is a measure of satisfaction or happiness from buying goods or services The more utility there is the happier the person is In this situation the utility is the satisfaction which the consumer gets by watching television using his satellite dish
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