Formal Business Report. Business & Marketing Essay

Formal Business Report
Name
Institutional Affiliation
Memo of Transmittal
It is indeed with great pleasure as a representative of the student government that I address the ongoing issue at the campus bookstores. This report is an acknowledgment of the unbearable, though never exploitative, pricing status of the books in these premises and more so, a frequent student complains over the same. This report has been prepared according to my best level of knowledge. Much of the information has been extracted and synthesized based on internet information. The details highlight the various web-based platforms that would come to the rescue over similar concerns. It is a report worth reading for every student so that they can seek better ways of managing their hard-earned and limited cash. Any student that needs more clarification can immediately contact me for further details. It is in the hope that students will appreciate the work done here and excuse the minor errors. Thank you.
Executive Summary
Businesses are adherent to the dynamics of the free market economy. Nevertheless, smart business management teams never seek to exploit their customers, which I would not ascertain is the case here. Nevertheless, since the prices at the campus bookstores are high taking into account our income positions, web-based stores would intervene as a much-needed resource. Websites that do sell books have a propensity to fill the price concerns because they are much more flexible concerning people's needs. Websites such as RedShelf, BVTPublishing, and BookScouter are inadvertently important if the shared goal of better learning and studying is to be achieved efficiently and effectively in college.
Formal Business Report
1.0 Introduction
Economists regard consumers as rational beings because they seek to optimize the value they gain from goods or services. This position comes about because financial resources are limited while their wants are unlimited. Consequently, they will want to buy as many goods as possible or receive the most exceptional services available for the limited amount of cash they possess. In a free-market economy, this rule prevails and so does the principle of demand and supply. Low prices will result in higher demand and the opposite is true (Malyshkin, 2016). On the other hand, high prices will motivate suppliers to produce more in the quest to maximize their profits while lower prices will demotivate them. Besides the prices, these rules are subject to influence from other factors such as consumer preferences, the relative availability of commodities, future expectations from the consumer’s or producer’s angle as well as changes in technology (Braekkan, 2014). Nevertheless, each sector faces its set of predicaments and conditions regarding influencing factors.
2.0 Case Study
The current situation in the school is a recurrent challenge in the education sector, but still highlights problems that arise with a free market economy and more so, concerning demand and supply. Students, including myself, are consumers who need the necessary resources for their learning process to continue smoothly with minimal interruptions. On the other hand, their demands can be quite overwhelming to the system in th...