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- Underpriced products produce less revenue than they would if they were priced at the level of perceived value. Select one: True FalseA marketing manager reducethe price on a brand of cereal by 10 percent and observed a 25 percent increasein quantity sold. The manager then thought that if the price were redused by another 20percent, a 50 percent increase in quantity sold would occur. What would be your response to the marketing manager's reasoning?Consumer value can be defined as what the consumer feels they get as benefits in return for the resources they pay. Using the concept of the value equation (Value = what you get - what you give), show how customers evaluate the benefits with the cost of a purchase, explaining the types of value customers gain from a purchase.
- Market strategy assists entrepreneurs in determining who is most likely to use their company's product or service. Select one: True FalseTrue or False? The core product is a form of product that consisits of activities, benefits or satisfactions offered for sale that are essentially intangible and do not result in the ownership of anything. Examples are banking, hotels, airlines, retail, tax preparations and home repairs. Demographics are the statistics of human populations Generation X comprises the most commercially influential demographic group in history.A marketing manager reduced the price on a brand of cereal by 10 percent and observed a 25 percent increase in quantity sold. The manager then thought that if the price were reduced by another 20 percent, a 50 percent increase in quantity sold would occur. What would be your response to the marketing manager’s reasoning?
- The amount of pleasure or satisfaction derived from consumption of a good is called consumer surplus. utility. demand. elasticity.How does Implementing loyalty programmes to entice customers and distributors to buy from the company again be beneficial to the company's profitWho is a consumer for a private middle school? Who is the customer? Generally, it is very difficult to make both consumers and customers happy. Think of scenarios where efforts by the private middle school to please the consumers will make the customers unhappy.
- Imagine you run a small apparel shop in rural India and positive about sales of T-shirtthis year (2021) due to good monsoon. You ‘signed a contract’ with manufacturer to buy 100T-shirt of four different colors of equal numbers at Rs 200 each and paid advance 5000 Rs forit. Manufacturer supplied all the T-shirt of same color. Discuss the remedy you have in yourhand against the manufacturer.Imagine you run a small apparel shop in rural India and positive about sales of T-shirt this year (2021) due to good monsoon. You ‘signed a contract’ with manufacturer to buy 100 T-shirt of four different colors of equal numbers at Rs 200 each and paid advance 5000 Rs for it. Manufacturer supplied all the T-shirt of same color. Discuss the remedy you have in your hand against the manufacOn your own, develop a product that you think would sell on the consumer market today. It can be a new invention or an innovation to an existing item that does not currently exist. Identify some of the features of your product with respect to each type of utility (at least 2 per utility where applicable), including each of the major components of form utility. Depending on your product, some of the major types of form utility may not apply and that is perfectly fine. Be sure to indicate why they do not apply if that is the case. PRODUCT DESCRIPTION TYPE OF UTILITY PRODCUT/SERVICE FEATURES FORM MATERIAL SCENT FLAVOUR COLOUR DESIGN PACKAGING PLACE , INFORMATION, TIME , POSSESSION