https://padlet.com/jramsey6/2v70ge2svz8q Respond to the following question (Please do not include your name) - Why should firms constantly review and adjust the price of the goods and/or services they sell? Think about your sentence/paragraph structure, selection of words (economics terminology) and use of examples. Make sure that you understand what the question is asking you and focus on answering the question. en-us 2017-05-30 02:50:13 UTC 2026-03-10 19:42:08 UTC hello@padlet.com sentti22 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335522 Firms should adjust and review their product because if the firm's product stay the same price and is not reviewed no one will know what the product is and you will not make profit or revenue and you will have too much of the product. If there also is conpetition the opponent will always win and all the consumers will go to the opposing team because their price will be lower]]> 2017-05-30 04:32:47 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335522 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335526  I believe firms should constantly review and adjust the price of the good or service they sell because of these reasons.

Firstly, firms should understand or be in the consumers shoes when adjusting their business. This is because if the know what the customers feel, then they will know or understand what to adjust or change into their business or service.

Secondly, if they know what to sell at a good price, more consumers would buy or come to the good or service because they would think it is a good place that is reasonably priced. Which leads to more selling, which leads to profit.

Thirdly, setting a good price would make competition easier, because the competition may not be a fairly priced as your good or service, if that may happen, the competitor might close down which leads to less competition.

For example, my father owns a pharmacy, but his competitor is Chemist Warehouse. My Dad is trying to set a good price for his business to attract costumers to earn profit and make a better business (and hopefully will leave the competitor closing down for good).

In conclusion, I believe firms should constantly adjust their prices to attract more consumers and  make less competition, to do this you may need to know what it feels like in the consumers shoes..]]> 2017-05-30 04:32:49 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335526 waddg22 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335549 Businesses should constantly review and adjust the price of goods and or services because they need to know what consumers want to buy and what they are willing to pay for at that certain time. The reason for reviewing the prices they charge is so they keep the profit up and the customers still wanting to buy their product.]]> 2017-05-30 04:33:06 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335549 macdk22 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335593 They consistently change their prices because need to keep up with competition but also they need to attract more customers by lowering prices. 

For example Pizza Hut and Dominoes are always introducing new specials and lowering pizza prices. Dominoes have also introduced desserts such as the choclava cake.]]> 2017-05-30 04:33:45 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335593 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335604 I believe firms should adjust their prices to try get the upper hand on their competitors and to try get more consumers to come to their store]]> 2017-05-30 04:33:54 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335604 linga22 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335629 Firms should adjust their prices because there is a lot of competition now days. So producers need to introduce and]]> 2017-05-30 04:34:15 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335629 augut22 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335633 Firms are constantly changing their prices because if that particular trend is gone then they need to be updated and clear those products by putting them on clearance. They might also put prices down because of their competitors and they might lose their competition and consumers. They also might do it to attract consumers.]]> 2017-05-30 04:34:17 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335633 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335652 Firms should review and adjust the price of good and/or services so that if consumers wants change, they can appeal their wants. 

Consumer wants change over time, trends and other things change too. Maybe a product gets higher demand over time, and a firm may be selling it for too cheap, causing a shortage. 

Some prices may seem reasonable at a time, but as time passes it opcould become too expensive, resulting in the firm losing business.]]> 2017-05-30 04:34:29 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335652 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335661 Firms should adjust there prices to goods and services they sell, so they can get some consumer to buy there product and so they can get a profit.

Firms need to adjust they prices to benefit consumers wants and needs and demand and supply. If firms do not alter they pricing they could lose some consumers.

Firms also need to alter there pricing to compete with there enemies like McDonald's and hungry jack. McDonalds need to keep up with hungry jacks to get a more customers then hungry jacks by changing there prices.

Changing there pricing could also benefit us consumers so we can get a good price for our wants and needs. It is important to adjust the pricing.]]> 2017-05-30 04:34:38 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335661 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335760 They need to change their price every now and then so that if the competition is high then they can still afford to keep up and afford to change it and not go out of business. If other companies have it for a lower price obviously they're gonna go to them for that product and might find other things they like and not go back to the other company.]]> 2017-05-30 04:36:01 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335760 wickg22 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335863 If firms never  changed  their prices, consumers might go to another business with a lower price since you never change it, even if the other product isn't as good.]]> 2017-05-30 04:37:49 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335863 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335872 Firms should adjust there prices so that more people can buy there product and not there competitors product. If there business is a monopoly then they can charge really high prices and make a good profit.]]> 2017-05-30 04:37:54 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335872 clemj22 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335875 1)the reason that firms must change the products and prices.If firms don't change there products people will get bored of their item so they will stop buying and if they don't change the prices and other stores make it cheaper people will move to other stores and stop buying from you]]> 2017-05-30 04:37:57 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335875 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335892 Firms should constantly review and adjust the price of the goods and services they sell so more consumers are buying their products. There could also be competition with other companies selling the same products for a cheaper price so they would want to make their prices smaller. They can also make a higher profit if more consumers are willing to buy the products.]]> 2017-05-30 04:38:13 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335892 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335900 The reason why firms must change the prices of products in the future, is so that consumers may realise that something isn't worth buying for the price. So, a products price could be completely unnecessary as the product may of died out (lost trend) as well as beating the price of other competitors.]]> 2017-05-30 04:38:16 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335900 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335950 Firms should constantly review and adjust the price of their products because there might be a sudden drop in prices and they would not know but if they know that there was a sudden drop in profit then they can respond to that.]]> 2017-05-30 04:38:55 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174335950 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174336045
Firms need to consistently review and modify their price due to demand and popularity. If the product is doing well they can up the price 💵. Although if the products is doing poorly they will have to lower price.]]> 2017-05-30 04:40:10 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174336045 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174336658 They need to change their price because if they don't people could easily go to another producer for the same product and get it for cheaper otherwise a they will not make enough profit will go out of business ]]> 2017-05-30 04:48:24 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174336658 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174336721 I believe they do need to review and adjust their goods and services because if one good is having a down fall they can adjust it as soon as possible to satisfy consumers wants]]> 2017-05-30 04:49:01 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174336721 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174383257 Firms should constantly review adjust there prices because they need to make sure that there  price is better than there competitors in order to attract customers and make a profit]]> 2017-05-30 11:00:46 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174383257 https://padlet.com/jramsey6/2v70ge2svz8q/wish/174577322 Firms should always change their prices because another producer might sell the same product and they might have higher demand because they are selling the products for a lower price. If you change the prices you can have a taste and preference on what the consumer is willing to pay. ]]> 2017-05-31 08:54:26 UTC https://padlet.com/jramsey6/2v70ge2svz8q/wish/174577322