Given the following, how can I increase demand for the gemstones we sell (keepin

Question

Given the following, how can I increase demand for the gemstones we sell (keeping in mind supply and demand):
Let's say that I own a business that sells gemstones from our region and they are provided by a local family that mines in the area. The family sells to us and other businesses in the community. This is our primary source of revenue. The family has decided to also open their own store which means that they will be able to sell their goods cheaper than we can. If we change our prices how should we do it? Are the prices we will charge our customers going to increase, decrease, or stay the same and why? Answer each with supply and demand in mind.

Explanation / Answer

You can increase demand by: 1. better advertising your product . 2. Try to increase the market of your product by selling it to other region. 3. Make your gemstones look more attractive and of better quality by giving it a better surface finish and polishing 4. Be cordial with your customers and listen to their problem. 5 . As a last resort , try to procure gemstone from other place too.

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