The demand function provides a relationship between the consumption of the customer and the willingness as well as the ability that they have to consume more or make purchases. The demand function is a principle of microeconomics which is dependent on other functional elements. The demand function main sources of the demand function are independent in nature and tend to influence the dependent demand function. It takes into account consumption, investment, government spending, and net exports that are calculated by deducting the imports from the exports. “The demand for any good is the amount consumers want to buy and are able to buy in a particular period of time.
The basic model of demand says that the amount demanded of any good depends on the good’s own price, consumer income, the prices of substitutes and complements, consumer preferences, and perhaps other factors.” (‘Demand Functions and Demand Curves’)The other factors that also tend to influence the demand for any product or service pertain to the income, the tastes of the consumers, their preferences as well as the price of substitutes. In the retail sector demand is influenced by the above mentioned drivers as well as the product and services offered in the retail stores, the ambiance of the store and the store layout, the brand name and image, as well as the past experiences of the consumers with the retailer. The price of the product and services and their availability also influence demand for the consumers in the retail sector.
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