Economics concept used in Reliance hyper market

Company Name : Reliance Hyper Market

The five economics concept used in Reliance hyper market are:-

1. The Economics of Scale:-

The reliance hyper martket is example of economics of scale. Under one shelter, it provides you so many good to buy, so that means percent change in average cost of production following a 1% increase in output.

2. Price Discrimination:-

Exploting demand characterstics to allow the same product to be sold at various prices unrelated to the cost of supply. In reliance hyper market, a single consumer may be charged different prices for different units of a good bought or different consumer may be charged different prices for the same product.

3. Product Differentiation:-

Product differetiation is a process to distinguishing product from others, to it more attractive to a particular target market. The reliance hyper market do product differentition to target middle class people by provide variety of goods at one place.

4. People Respond To Incentives:-

During festival season, reliance offer high discount and offers to their customer and people to increase there sale and profit.

5. Scarcity:-

Now a days, people don't have to time to buy different type of product at different places, so that reliance market provied different type of product at one place.