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How To Find Profitable Products?
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[QUOTE="Finger Geek, post: 276719, member: 27389"] One factor that determines the profitability of a product is demand. If consumers want an item, manufacturers are incentivized to produce it. If a product is profitable, manufacturers can sell excess items to wholesalers at low wholesale prices and make profits. On the other hand, if a product isn't profitable, manufacturers won't sell it to wholesalers at all. They'll sell it directly to consumers at retail prices or wholesale prices. Because of this, the demand for a product determines whether it's profitable or not. Another factor that determines the profitability of a product is competition. If many companies make similar products, competition drives down the price of products. This makes it less profitable for companies to produce items. To stay in business, companies need to produce profitable items, but if many companies make similar products, they're at a disadvantage when competing against each other. To stay in business, manufacturers need to find profitable products among their competitors' products. The factors that determine the profitability of a product are consumer demand, competition and supply chain management. Manufacturers can determine whether a product is profitable by considering demand, competition and their supply chain management strategies when developing new products. Anyone can benefit from identifying and implementing these strategies whenever possible. [/QUOTE]
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