The Understanding Of Economics

Understanding economics is very essential nowadays, if we don’t know where to invest our money and how to invest, we’ll not be able to sustain longer in the market. If we’re able to properly manage our money, we can do so many things with a small chunk of money. When we start a business we need so many things and have to set up so many things, for purchasing the things or resources and setting up the processes. These all take time and money. If we know how to manage our time and money with every pillar of our business, we will never run out of money, and will always prosper.

Now, comes promoting our product for making 10 crores…!
The total transaction amount depends on only two things, the first is the number of sales, and the second amount of sales.

Total Amount = No. of sales (customers) x price of the product.

Let’s assume we want to achieve a turnover of 10 crores in a financial year. Then we can achieve it in different ways.
First, let’s assume we keep the price of the product at 500
10 Crore = 200,000(sales) x 500.

We’ve to generate more sales in this scenario. So, we increased the price of the product 10 times.
Now, see how many sales we’ll need to generate to achieve the target
10 crore = 20,000(sales) x 5000.

These many sales are easy to generate and the price of the product is also not so high.
So, we’ve to decide how we should price the product and the number of sales we need to generate, but before doing all this.

We need to understand who our customer is, what are their desires, and what their problems are because the product is more than an item. It’s a solution to the problem people are facing. We need to create a marketing persona for our customers, and then develop the product according to their needs.

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