Discuss the factors that affect the market price of a product (part A) Essay

Discuss the factors that affect the market price of a product (part A) and (part B) describe the trend in world price of oil over the past two decades and discu - Essay Example However, the broader description of a product as anything that is made available in a market, as provided by Philip Kotler in his book Marketing Management needs to be taken into account in this discussion. In simple terms again, the price of any product is controlled by the demand of the product and the supply of the product and yet there are many factors that play a role on the supply side and the demand side of the product and it is these factors that need to be examined (Fletcher. T & Russell-Jones N. 1997. VALUE PRICING: How to Maximise Profits Through Effective Pricing Policies. Pp 14 to 43). The initial factors on the supply side are availability of the product and cost of production of the product. The greater availability of the product will tend to lower the price of the product. The more the cost of production the higher will be the price. The next factor is competition. Competition in normal circumstances is present for all products and acts as a control on prices, unless a single entity or a group of suppliers is in a position to dominate the supply of the product and therefore exact higher prices. (Competition and the Effects of Price Controls in Hawaiis Gasoline Market. 2003.). The next factor is legislative control on the price of the product in the market. Legislative action is normally used as a measure to protect the consumers from being over charged by suppliers. The next factor is changing markets. Changing markets could have a positive or negative impact on prices. The next factor is technology, which tends to increase efficiency and thereby reduce the pr ice of the products. Then we come to management strategies in terms of profit goals and growth objectives. These have an effect of raising the prices of a product. On the demand side there is only one factor and that is consumer demand for the product. Consumer demand is however controlled by the economic state of

Is a more able student of mathematics better at estimating the length Essay

Is a more able student of mathematics better at estimating the length and weight of an object than a less able student - Essay Example I decided to specify the units of measurement because some students, such as those from Britain or USA, also use the imperial system of measurement. I have restricted the population of students to girls in my school as it has been proven in the past that the two sexes do have different spatial abilities. Therefore I believe that using boys could have an effect on the results by adding the additional variable. The pen has a length of 14.5cm and a weight of 12 grams. I believe that people who are in the higher mathematics sets will be more able to guess the length and weight of an object with more accuracy than those in the lower sets. This investigation will examine the innate aptitudes of people: abilities that are not usually learned from a textbook. In addition, I believe that those who are better at guessing the weight will, in general, be better at guessing the length. I also believe that the estimates of length will be more accurate than the estimates of the weight. The data was analyzed by viewing several graphical aspects. The groups were compared using the percentage of error on length and weight. An additional chart was created to analyze overall error and predict the trend for a larger sample. As can be seen, the higher level group was consistently more accurate than the studies level group. The mean error (from data tables) for the higher level group was 4.1 grams, while the studies level group had a mean error of 5.45 grams. The estimation of length shows that the higher level set was more consistent, but the studies group had 4 samples that were as good or better than any of the higher set. However, the overall mean for the higher set was lower with a mean error of 3.8 cm., while the studies set had a mean error of 4.4 cm. As the chart indicates, the overall accuracy of the higher level set was more consistent