Answer to Question #175259 in Economics for rtdiyrtd

Question

Write in your dream product idea

• 1. What could be a substitute for your product? How would get consumers to buy your product instead?
• 2. Is there a market for your product? If so, how would you get your product to sell, if not how would you create demand for your new product.
• 3. How would you build the popularity of your product?
• 4. Think ahead, what kind of events would affect demand for your product? How could you deal with them?

Answer 1

Product idea - honey

1. What can replace your product? Sugar, but it is not an equivalent substitute.

How do you get consumers to buy your product?

Tell about the beneficial properties of honey.

2. Is there a market for your product? Yes, but it is limited by the people's misconception that honey is a product that is used as medicine.

 If so, how will you get your product to sell, if not, how will you create demand for your new product.

I will conduct an advertising campaign such as: no need to wait when you get sick, strengthen your immunity with honey constantly.

3. How would you increase the popularity of your product?

Would give free tastings.

4. Think ahead, what events will affect the demand for your product? How could you deal with them?

If farmers use pesticides on plants, many bees will die and there will be a shortage in the market. Social advertising about a healthy lifestyle can also affect the demand. I will cope with the increased demand by increasing the number of honey bees.