p.1 #1 · Professional Photography Supply & Demand Summary
Over the next 3 weeks, I'll be developing a summary paper regarding Laws of Supply & Demand in the professional photographic marketplace for an economics curriculum. I'll be trying to glean some of my research from the input of FMers (current & previous). I realize that much of what is posted here is anecdotal without tangible eveidence, but as the saying goes ... "Where there's smoke ..."
That having been said, here's a chance to have professional voices heard beyond the realm of cyberpost belly-aching. I can deal with venting fine enough in the forum, but I will be still be looking to extract objective reasons within the curriculum of economics to explain why the venting exists. For instance ...
The 5 factors that affect Demand are:
1. The number of buyers
2. The taste & preference of buyers
3. The income of buyers
4. The expectations of buyers
5. The price of related goods
For this, I'll post poll(s) to allow for both data collection & anecdotal information. In doing so, this will provide me with both some research and/or research ideas for exploration / corroboration elsewhere but I believe that FMer's (lurkers included) have a pulse on things that I'd like to tap into ... so please express your input via either posting or polling rather than remaining silent.
A lot of issues are often raised surrounding the digital era, GWAC's, Walmart/Costco, etc. and I'll be putting them into context of the tenets of economics. I've chosen to do this as a subject matter for an economics class, but realize the value of this endeavor has practical merit for both myself and others who might like to understand a little better how the industry is being effected.
I will make my findings available here, so like any endeavor of this type, it'll be a bit of "GIGO" ... Garbage In - Garbage Out. That is not to say that venting or ranitng won't be paid attention to, but more so as a REQUEST that the more who provide opinion & input to participate in this, the more viable the output will be.
Thanks in advance for your input(s) ... I'm looking forward to seeing what shakes out from this.
Thanks,
Kent
Nov 06, 2010 at 02:54 PM
jim allison Offline • • • [X]
p.1 #2 · Professional Photography Supply & Demand Summary
Hi Rusty,
I think that you have missed several factors that effect demand. I will list a few for you.
1) advertising including frequency, placement and quality
2) self image of the consumer is he or she a wanna be pro or artist, etc does the product attach prestige to the consumer?
3) peer pressure
4) availability
5) reputation of manufacturer
6) warranty
7) resale value
8) brand loyality
As a retired sales executive in the photo equipment industry I can tell you that these and many other factors effect demand. I think your approach maybe too quantative and may benefit by taking a more psychological approach to the subject.You just can' reduce demand to 5 or six factors. It is much too simplistic.
Hopes this helps!
Jim
p.1 #3 · Professional Photography Supply & Demand Summary
Jim,
Cool ... thanks for the input. I'll toss those in the mix, especially to see how they fit in as sub-categories. The listed factors for 'Supply & Demand" I've listed are specifically for the classic academic criteria of my economics class ... so I understand that academia terminology / universal theory framework can seem a bit different / odd compared to real world industry specific considerations.
