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 the delivery of these resources. Schools at some point can succumb to the pressure as it is apparent in our campus bookstore where books are becoming a rare commodity. Students have shared their disgust in the fact that the books available are highly-priced limiting their purchasing ability and consequently, their learning process. In this regard, calls have been forwarded in determining the case for web-based booksellers as another avenue to access these resources. In support of this proposition, this report avails alternatives that students can use in accessing the books with vital consideration into their prices, availability, integration of book buyback programs, and finally, providing an overall analysis of the best web-based stores for students.
3.0 Cost
Price is the primal basis for any difference that arises in the demand of any commodity and it is the reason most students are discontent with the current system. All other factors constant, the quantity demanded is inversely proportional to the price of the commodity. This rule holds and is the law of demand (graph DD) represented with the graph below. The intersection point is the market equilibrium, which under ordinary situations, is very challenging to achieve.
A graph showing the laws of demand and supply.
The mere fact that students are struggling to afford books with the current price implies low demand in the campus bookstore and hence, the need to search for websites that provide similar services.
RedShelf is the Learners access these books at a fraction of the usual price. According to the site, books are "priced up to 80% below print," which is a great feature if it is true rather than an advertisement tool. This situation calls for comparison with other websites offering similar services. In this case, the book “An Introduction to Project Management” by Kathy Schwalbe is priced at $38 while BookScouter has options running as low as $19.20. That is a significant discrepancy in price, which price-sensitive students are bound to take into account. On the other hand, the student collaboration feature facilitates the possibility of many students using the same resource regardless of their geographical location. In this way, many students can share the cost of the book relieving an individual the burden of the entire cost. This point, which is the primary concern for the students is thus sorted with the incorporation of this site’s services. Moreover, the site provides other unique services. It allows students to use online flashcards during their learning and studying process. These tools contain consolidated bits of information related to their subjects such as...