1-Price Elasticity of demand measures the responsiveness of the quantity demanded of a particular product or service to a change in its price. Regarding total revenue, when small changes are made in price, this does not overall impact the total revenue. However, when large prices have changed, these impacts create a different outcome. Price increases will decrease the demand and, therefore, often result in total revenue loss. Therefore, we must be mindful of factors and influences of pricing strategies and demand, and how elastic and inelastic this can be.

Big companies such as Teladoc can respond to competitors in the market who are reducing prices, which will strategically lower costs and reduce the rate for a visit. For example, Teladoc offers remote on-demand medical services via phone or internet to patients all over the country and internationally. As a result, they have seen quite an increase in demand for services due to access to healthcare needs and patients’ convenience or those who do not have established primary care providers or specialty providers.

The demand rises when Teladoc contracts with insurance companies to offer 0 copays for patients. This low-cost and convenient service can often help keep patients healthier and reduce the costs incurred by our already highly costly healthcare system.

References

Scheidler, S., Edinger-Schons, L., Spanjol, J., & Wieseke, J. (2019). Scrooge Posing as Mother Teresa: How Hypocritical Social Responsibility Strategies Hurt Employees and Firms: JBE. Journal of Business Ethics, 157(2), 339-358. http://0624jbmb2.mp01.y.http.dx.doi.org.prx-keiser...

Parnell, J. A., & Lester, D. L. (2008). Competitive Strategy and the Wal-Mart Threat: Positioning for Survival and Success: Quarterly Journal. S.A.M.Advanced Management Journal, 73(2), 14-24,2. https://0624jbmb2-mp01-y-https-www-proquest-com.pr...

2-Hello, outstanding evening Professor and classmates,

The determinants of demand and the elasticity factors of demand Apple's products. The projection plan of future demand to the company's strategic plan states that the previous sections of the paper are being produced instinctively with the correlation factors being appropriately conducted (IMF Direct: Smartphones Drive New Global Tech Cycle, but Is Demand Peaking, 2018). The income of the consumer also affects the elasticity of demand. For the high-income groups, the demand is said to be less elastic as the rise or fall of the price will not have much effect on the demand for the product (EconMatters: Is Demand for Smartphones Peaking? 2018). Also, the amount of money spent is the elasticity demand for a product is determined by the proportion of income spent by the individuals on that product.

Another determinant would be the nature of the commodity. The elasticity of demand also depends on the nature of the commodity (2016, Aug 25). The product can be categorized as luxury. Whether the demand can be postponed or not. If the demand for a particular set of products. The projection of future demand to my company's strategic plan and any other essential sections being produced goes to state that the forecasting of sales and products in which it needs to develop for the future of the company. This, along with how the system works with how it is developing faster with more significant aspects of how the company's strategic plan in providing their customers with what the customers will tend to buy and be useful more for them (2020, Jun 02).

The elasticity of demand for Apple's products goes to the state. The iPhone in the Apple category is categorized as an elastic product on demand. This is because this product is in a competitive market, whereby consumers may opt to use other smartphones with similar applications. If the iPhone product price goes up far beyond the consumer's prediction or set level meet, they would quickly look at other products to substitute. With these correlations correctly instated properly. Overall, in the factors of Apple's elasticity of demand. The available substitutes, in the amount of income available to spend on the phone and time. In certain situations with the quality of products that meet the customer's needs, it is exact (IMF Direct: Smartphones Drive New Global Tech Cycle, but Is Demand Peaking. 2018).

References

EconMatters: Is Demand for Smartphones Peaking? (2018). Newstex.

Global Wearable Tracking Devices Market Key Players, Applications, Segmentations, Future Demand to 2027: Global Wearable Tracking Devices Market Information by Types (Wristwear, Footwear, others) By Application (Healthcare, Consumer electronics, others) - Forecast to 2027. (2016, Aug 25). PR Newswire https://0624jvvcb-mp02-y-https-www-proquest-com.pr...

IMF Direct: Smartphones Drive New Global Tech Cycle, but Is Demand Peaking? (2018). Newstex.

mHealth Apps Market to Gain Exponentially Exhibiting 29.1% CAGR by 2026; Increasing Demand for Smartphones to Stimulate Demand: Fortune Business Insights™: Key Companies Covered in the mHealth Apps Market Research Report are Fitbit, Inc., Apple Inc., DEXCOM, Jawbone Health Hub, Inc., Omada Health, Inc., BioTelemetry, Inc., Livongo Health, AT&T, Boston Scientific Corporation and other key market players. (2020, Jun 02). NASDAQ OMX's News Release Distribution Channel https://0624jvvcb-mp02-y-https-www-proquest-com.pr...

3-Determinants of Demand – Amazon

Demand is one of the determining factors in economic growth. Organizations like Amazon want to increase demand so they can also increase their revenue. Local governments and central banking systems add additional support to increase the demand and recessions, something that is growing increasingly more applicable to today’s global marketplace. Amazon’s determinants of demand, in the real world, pose an infinite number of variables that can impact a consumer’s choice or decision to make purchases. Unequally in economics, the choices are simplified to notate a variety of determinants of individual demand and aggregate demand. The determinants of demand our price of goods or services, income of consumers, price of competitive goods or services, the needs or wants of consumers that will increase demand, and buyer’s unique expectations of prices and products that will be important to them in the future. Each of these variables effect Amazon in a different and unique way. If we look at the income of a buyer that has increased, demand could also increase. The buyer has more money and is more likely to spend it, but when other factors increase – like the price of related goods, for example – demand could decrease (Amadeo, 2021).

Amazon is one of the world’s largest e-marketplace retailers with attributes that can influence nearly every aspect of a buyer’s purchasing experience, from browsing, to ordering, two returns. The purchasing decisions factors are contributing to the development of new pricing strategies, influenced by consumer expectations and demand (Davis, 2019). Amazon leverages technological innovations and expansion in IT department to enhance their buyer’s decision journeys and prospective buying experiences. The modern shopper eats this up because they love the online buying experience where it’s easier, more comfortable, and likely comes with drastic cost savings. To adjust and adapt to the determinants of demand, Amazon successfully changes the way people shop. Cost is one of the main factors that determines a consumer buying decision at an estimated 41.1%. Quality of shopping experience is ranked as the second top factor that influences the purchasing decision of surveyed customers when it comes to buying products on Amazon with a rate of 22.7% (Davis, 2019). 7.7% of buyers look to product ratings or customer reviews as an influence for their buying decisions at Amazon. Lastly, previous buying experiences of similar products or from the same organizations play a role in purchasing decisions at 9.1%.

Elasticity of Demand – Amazon

Amazon provide consumers with convenience and it’s one of the most redeeming qualities of the organization that’s made it successful. It’s this convenience on Amazon and Amazon prime services that dictates an inelasticity of demand. Many of Amazons consumers are pre-existing customers who will except any price because they like the advantages of a subscription service, free two-day shipping, free TV, and many other benefits. However, Amazon does he is re-pricing strategies to match or beat the competition on many of their products and services. The re-pricing strategy is managed manually or using an automated re-pricing tool like Repricer-Express, where you can adjust the price of a product to match the lowest amount at that time (Clinton, 2021). If Amazon were to achieve an income and assets day of demand that was more than zero, the demand for the good rises as income rises. If it’s less than zero, then the income elasticity is inferior to the good. If Amazon changed prices a little at a time with products, they have a large quantity demanded, the product will be elastic or responsive to price changes. On the other hand, a product is deemed inelastic if a large change in price is accompanied by a small amount of change in quantity demanded (Clinton, 2021).

Reference:

Amadeo, K. (2021, March 19). 5 determinants of demand with examples and formula. The Balance. Retrieved December 1, 2021, from https://www.thebalance.com/five-determinants-of-demand-with-examples-and-formula-3305706.

Clinton, A. (2021, April 12). Is Amazon elastic or inelastic? Is Amazon elastic or inelastic? | EveryThingWhat.com. Retrieved December 1, 2021, from https://everythingwhat.com/is-amazon-elastic-or-inelastic.

Davis, F. (2019, July 7). Top factors that influences consumers purchasing decisions on Amazon, 2019. Digital Marketing Community. Retrieved December 1, 2021, from https://www.digitalmarketingcommunity.com/indicators/purchasing-factors-amazon-2019/.