Dowson, T. (2013). How star bucks use pricing strategy for profit maximization: price intelligently
Dowson came up with a detailed article that addressed the pricing strategy of star bucks that would be used to maximize their profits. The content of the article was aimed at the improvement of the operations of Starbucks business. The work is relevant in the sense it gives options in which the company can price its products and maximize its profits. The source is relevant to the topic as it is in the position to show us how pricing can be made so that to maximize profits. Dowson suggested that for Starbucks to improve its business operations and realize more profit it should employ the mechanism of price and demand. This is because high demand for the company products will mean that the company will price its products an action that will translate into increased profits.
Lau, L, J. &Yotopoulos, P. A. (2013). Profit, supply and factor demand function: American journal of agricultural economics: Oxford University press.
The authors studied trends in business concerning supply, demand, and profit whereby they later came to develop a function that links them together. The function has variables that are to be varied in order to get the right and superior service that fits business. Their study and results were focused on agricultural economics, to investigate the efficiency of the mechanism on farm products. Despite the fact that their results were agricultural based, the function was able to give reliable results when the price and demand factors were varied which in turn affected the profits realized by the entity using the service. Similarly, the same results of this agricultural economic based study can be used in business context.
Simon, H. (2015). Confessions of the pricing man: how price affects everything. Cham: Copernicus Books, a brand of Springer.
Simon developed an interest in the characteristics and operations of the price. He studies how price affects the market factors and their implications to a business entity. He believes that price is a driving factor that determines how a business is going to perform. The price is a variable, can be varied to the point that will increase the demand for the products in the firm and thus increase the profit margins due to high sales made. With this reason, the source is relevant to the topic as it deals with demand and price that will lead to the maximizing of profits in business. It is helpful as it can ensure that it gives details on how to vary the factors so that to come up with the required mix that will be useful.
Singh, J. (2016). Price demand relationship: Normal, Inferior and Giffen goods: economic discussion
The article focuses on price and demand variables. The author evaluates the variables in order to establish the effects they have on the overall profit margins. The work was aimed to people in the business sector who are interested in maximizing their profits by varying the price of their products. The source is relevant to the topic in question as it focuses on how a business can change the prices of its products so that to increase sales as well as profits. When there is a high sale turn out than the profits of the company will rise significantly.
Borad, B. S. (2017). Process of capital budgeting: Financial Management
Borad is an economist who has majored in budgeting. He focuses on the essentials that are required by a business in order to present a viable budget. Borad uses all the factors in the market that are used in valuing the company advise businesses on the best way to vary them to come up with the best business budget. The source is relevant to the topic, as it shows relevance to price and demand about profit. The preparation of the production budget by the business will require the companies to have a prior knowledge about the demand, price and profit of the new product. The budgeting for the businesses operations affect the pricing. With this reason, the source may be useful, as it shows how price may be varied so that to increase the demand and thus affect the profit.