OSP article excerpt: Getting Online Business Profitable
by Jo T. Yusef, Astrophysics Teacher on Nov 27, 2011
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I've covered before how to leverage your product income, as well as the real basics to economics. But unfortunately, I can't find these links for you....
I've covered before how to leverage your product income, as well as the real basics to economics. But unfortunately, I can't find these links for you.
Let's recap (quickly):
I. Economics consists of four inter-related functions, not just two as is taught -
Supply means having a valuable product, but also covers how much competition you have - if you are selling a commodity product (and so have to compete on price as well.)
Demand - is anyone actually looking for your product and how much can they afford to pay for it.
Information - are you actively promoting this product so people can find you?
Service - are you delivering high quality, or schlock?
These inter-relate: More promotion will increase demand. Low-quality will decrease demand - and if you are selling tainted peanut butter, can decrease supply as well. Non- or slow-delivery will decrease demand for your product. Information: An incorrect price (too high or too low) can affect demand...
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