Specifically the following critical elements must be addressed:
II. Explore the supply and demand conditions for Smith & Wesson product.
a) Evaluate trends in demand over time and explain their impact on the industry and the firm. You should consider including annual sales figures for
the product your firm sells.
b) Analyze information and data related to the demand and supply for Smith & Wesson product(s) to support your recommendation for the firm’s
actions. Remember to include a graphical representation of the data and information used in your analysis.
III. Examine the price elasticity of demand for the product(s) Smith & Wesson sells.
a) Analyze the available data and information, such as pricing and the availability of substitutes, and justify how you determine the price elasticity
of demand for Smith & Wesson product.
b) Explain the factors that affect consumer responsiveness to price changes for this product, using the concept of price elasticity of demand as your
c) Assess how the price elasticity of demand impacts the firm’s pricing decisions and revenue growth