In a classic example of segmentation strategy, years ago Intel began promoting its computer chips, previously a commodity item, under its brand name with the slogan, "Intel Inside." In doing so, the company Multiple Choice differentiated its product streamined its delivery process created a new class of micromarketing defined consumers' basic needs redefined mass customization
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- Explain the type of pricing strategy that you as the manager of a company would implementfor Good X and Good Y with the following price elasticity of demand co efficients. Usediagrams to motivate your answer.a). Good X: 2.3 b). Good Y: 0.6Read the following statement and answer the question that follows."The term product life cycle refers to the length of time a product is introduced toconsumers into the market until it is removed from the shelves. The life cycle of aproduct is broken into four stages: introduction, growth, maturity, and decline."Describe how price elasticity of demand varies across the stages of the “product life cycle” andexplain the implications regarding the pricing decision in each stage. Support your answerwith real-life examples.16. Revenue with Substitutable Products. The Camera Shop sells two popular models of digital single lens reflex (DSLR) cameras. The sales of these products are not inde- pendent; if the price of one increases, the sales of the other increases. In economics. these two camera models are called substitutable products. The store wishes to estab- lish a pricing policy to maximize revenue from these products. A study of price and sales data shows the following relationships between the quantity sold (N) and price (P) of each model: NA 195 0.6PA + 0.25PB N = 301+0.08PA-0.5PB a. Construct a model for the total revenue and implement it on a spreadsheet. b. Develop a two-way data table to estimate the optimal prices for each product in order to maximize the total revenue. Vary each price from $250 to $500 in incre- ments of $10.
- Creative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned, however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(1) the concept of elasticity of demand, (2) why raisingprices without understanding the elasticity would bea bad move, (3) your recommendations for measurement, and (4) the potential impact on profits for elasticand inelastic demandCreative Homework/Short Project Assume that you arean entrepreneur who runs a bakery that sells glutenfree breads and cakes. You believe that the currenteconomic conditions merit an increase in the price ofyour baked goods. You are concerned. however, thatincreasing the price might not be profitable becauseyou are unsure of the price elasticity of demand for yourproducts. Develop a plan for the measurement of priceelasticity of demand for your products. What findingswould lead you to increase the price? What findingswould cause you to rethink the decision to increaseprices? Develop a presentation for your class outlining(I) the concept of elasticity of demand, (2) why raisingprices without undetstanding the elasticity would bea bad move. (3) your recommendations for measurement. and (4) the potential impact on profits for elasticand inelastic demandWhat is the differencw between the demands for hotels and pricing decisions for persons who gets a discount for booking early and staying longer than persons who book late and stay shorter?
- Assuming you are the managing director of a firm that produces three goods: A, Band C. The price elasticity of demand for A is 1.2, for B it is 1.00 and for C it is 0.75.It is known that he firm is experiencing serious cash flow problems and you have toincrease total revenue as soon as possible. If you were in a position to set the pricesfor these goods, what would be your pricing strategy for each productIdentify the five pricing policy decisionsmarketers must makeThe following table shows the demand and supply for a popular pair of shoes sold by Akron Enterprise Limited (AEL). Price per pair $ Qty. Demanded Quantity supplied Market condition Presure on price 105 25000 75000 surplus downward 90 30000 70000 surplus downward 75 40000 60000 surplus downward 60 50000 50000 equilibrium No pressure 45 60000 35000 shortage upward 30 80000 20000 shortage upward 15 100000 5000 shortage upward Other information regarding AEL are as follows: Fixed cost = $2000 Variable Cost = 20Q Question 1 a. Graphically illustrate market equilibrium using the information in the above table. b. Explain and graphically illustrate a price floor implemented by the government using an appropriate price in the table above. c. If Akron Enterprise Limited sells its products at equilibrium price, calculate total revenue and total profit. d. At what level of price(s) identified above is a shut-down price for Akron Enterprise Limited. e. Graphically illustrate…
- The following graph shows the daily demand curve for bippitybops in Detroit. Use the green rectangle (triangle symbols) to compute total revenue at various prices along the demand curve. Note: You will not be graded on any changes made to this graph. PRICE (Dollars per bippitybop) OTAL REVENUE (Dollars) 2400 1600 100 90 1200 80 1000 70 800 60 50 40 30 20 2200 + 10 2000 + 1800 + 0 1400 + Calculate the daily total revenue when the market price is $90, $80, $70, $60, $50, $40, $30, and $20 per bippitybop. Then, use the green point (triangle symbol) to plot the daily total revenue against quantity corresponding to these market prices on the following graph. (?) 0 ** B Demand 80 10 20 30 40 50 60 70 QUANTITY (Bippitybops per day) 90 100 Total Revenue A ? Total RevenueExplain the methods used toallocate the integratedmarketing communications(IMC) budget.Larry, Curly, and Moe run the only saloon in town.Larry wants to sell as many drinks as possiblewithout losing money. Curly wants the saloon tobring in as much revenue as possible. Moe wantsto make the largest possible profits. Using a singlediagram of the saloon’s demand curve and its costcurves, show the price and quantity combinationsfavored by each of the three partners. Explain. (Hint:Only one of these partners will want to set marginalrevenue equal to marginal cost.)