From the course: Excel: Market Research Strategies

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Measuring product demand

Measuring product demand - Microsoft Excel Tutorial

From the course: Excel: Market Research Strategies

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Measuring product demand

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- [Instructor] To understand what demand for our product is, we need to first start by looking at some simple historical data related to price and our sales. I'm in the zero one zero two, begin Excel file. Now we've got here to start out with is just a very simple example of price and sales data for two particular products. And this is just going to illustrate for us the concept of demand and how we might apply it in a business setting. So beginning over here on the left, we have product number one, and we've recorded data on our sales for that product at three different price levels. We tried a price of $75 $75 and 75 cents, and then $76 and 50 cents, and our demand over the same amount of time at each of these three different prices was 5000 units, 4900 units and 4760 units. That, of course lead to sales, which are simply equal to, the price times the demand of $375,000, $371,175, and then $364,140. Now I've…

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