Reflection on Advertising Weserville

This week in Personal Finance and Economics, we formed groups that made advertisement campaigns to draw tourists into Weserville. We considered six factors that affect demand: income, consumer tastes, consumer expectations, substitute goods, complementary goods, and market size. These are all ideas that pervaded our advertisement campaigns. We had to make a newspaper ad, a radio ad, and a TV ad. My group found that the small town charm would appeal to consumer tastes. We also thought that the fact that it is a small town with lower prices than big cities, that tourists would not feel as much of a strain on their budget.

The other attractions in Weserville made for great points to increase the market size. Our ads proposed opportunities that would attract people of different backgrounds. There is a Walmart coming as well as a YMCA, McWeser's, and Bass Pro already in Weserville. We also wanted to appeal strongly to consumer tastes by making people aware of the stunning wilderness that surrounds Weserville. The beauty that can be found in Weserville is an amazing point to bring to potential tourists. This would attract both those who seek adventure hiking and those who seek peace in the quiet setting. The advertisement campaigns we made really demonstrated how the factors that can change demand are what guides advertising and how many of the interactions in the world happen.

Demand is a strong influence on many of the occurrences that happen in the economy as well as the rest of the world. If people cannot or do not want to buy something the demand goes down and in knowing the factors that affect it helps to understand what is happening. The concept of demand is something that provides a building block for many future concepts. If someone does not understand demand, they will not understand how the pricing of items works. They will not understand how the quantity of a particular item's production is determined. Demand is a constant and integral part of life and the importance of it cannot be understated.

Works Cited

"Ricketts Glen State Park - Google Search." Ricketts Glen State Park - Google Search. N.p., n.d. Web. 13 Mar. 2014.