Do companies actually calculate demand to determine price?
All economics students are taught mathematic equations for determining supply and demand. Are there people who determine these equations for companies? What is their job title called? If not, how do companies determine price or estimate demand? I assume if they do use it, there are computer programs that calculate these for them. What are these computer programs called?
Asked By: ahubb - 11/27/2010
Best Answer - Chosen by Asker
Sure there are. They are usually called marketing directors, marketing managers, merchandisers, inventory planners, VP marketing, etc. I've probably spent 30 years of my career responsibly for pricing products (among other things). One doesn't exactly just run something through a computer program. You look at price... More
Answered By: SDD - 11/27/2010
Additional Answers (1)
I have very little knowledge of economics but I do know that this question is extremely complex. On the retail level, sales determine the price. If sales are low, a company will probably drop the price. If sales are high, they will probably keep the price static. Electronic inventory systems in large stores help... More
Answered By: Tara J - 11/27/2010
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