Answer to Question #158200 in Microeconomics for Mponda bahati

Question

Imagine that you an expert of microeconomics. You have been approached by ms Lynn, a young graduate business lady who selling local breed chickens(kuchi) from singida at the price of Tshs 30000 per chicken. Ms Lynn has about 100 customers, each one with own individual demand curve. Ms Lynn has approached you as an expert to assist her identifying some key microeconomics aspects which she should explore as she wants to increase herrevenue from the selling chickens

Answer 1

To increase her revenue from the chicken sells, the following are the vital microeconomic aspects she should explore:

• She should focus on repeat customers to eliminate spending more resources in trying to gain new buyers.
• She should add complementary services or products
• The lady should hone the pricing strategy by selling at an affordable price to ensure more sells.
• The lady should offer discounts and rebates to increase sells
• She should use effective marketing strategies such as public relations and traditional marketing, including flyers.
• The business lady should innovate her sales channel to generate enthusiasm and a reason to buy.