Strategies of Hearing Aids Market Essay Example | Topics and Well Written Essays - 500 words

Strategies of Hearing Aids Market - Essay exemplificationAn increase in the wrong of commodity results in the decrease of the quantity demanded the same commodity and ill-doing versa (Keat and Young, 2009, p. 47). Therefore, if the firms reduce the prices of interview support, there rump be increased demand for it and asresult firms nates achieve higher sales and higher profits. Demand and revenue are closely related. When demand is elastic, the get along revenue will be increased due to a decrease in the price of the product. When the share of quantity demanded is more than the changes in price, the total revenue will be increasing.While analyzing the price factor in and demand for the hearing aids, it can be understood that reducing the prices can be a bonnie measure to expand the demand and market for hearing aids. But same time, the price is often regarded to be an attri only whene that consumers value a product and its quality. The case of hearing aid markets show tha t high price has become the main factor behind less demand for it and therefore firms can increase potential difference demand for the product if they can offer hearing aids for reduced prices.The hearing aid companies can have pricing strategies. Companies can increase the total revenue by decreasing the prices of hearing aids if the demand is Elastic or by increasing the prices if the demand is springless. The hearing aids demand is inelastic because there are very few substitutes and it is considered to be an essential device for hearing for those who suffer from hearing loss (Amlani, 2007). So, the hearing aids firms can possibly increase the prices in order to increase the revenue, but it may have to reduce the prices and increase the quality of the products in order to gain a crack position among the competitors especially if there is perfect competition in the market.Based on market and situational summary like Porters five force analysis, a marketing manager will be able to analyze various factors like buyer and supplier powers, competition rivalry, potential entry and some other threats, and based these the managers will be able to implement either cost-leadership onslaught or differentiation approach (Keat and Young, 2009, p. 376).