Q: ILLUSTRATE THE VARIOUS COST CLASSIFICATIONS. (PLEASE INCLUDE PHOTOS OR TEXT FOR THE EXPLANATION)…
A: Cost can be understood as the price which is being paid for acquiring a specific resource such as…
Q: What major factor determines whether a product is a consumer or a business product?
A: Any tangible or intangible thing that can be bought or sold by any potential buyer or seller is…
Q: Describe the concepts of cost and costing, as well as the role they play in the management of…
A: Management of the financial resources of any business is an essential activity of an organization.…
Q: What are the four methods used in by-product costing, and how do they differ? Which is the…
A: As we all know that “by-products” is generally used to denote one or more products of relatively…
Q: Why setting the right price is essential?
A: Pricing is the process of determining the value that a manufacturer will receive in exchange for…
Q: Assessing the current set of brand personalities is one of the aspects of evaluating the strategic…
A: A firm is a commercial enterprise, a company that buys and sells products and/or services to…
Q: In what ways can a company adjust its brand portfolio? Explain each option with examples
A: Brand Portfolio can be described as the umbrella of one brand under which several smaller brands are…
Q: How much flexibility does the salesperson have in negotiating price with the customer?
A: Customers always look for a salesman who is very flexible in negotiating prices and details for…
Q: What is the amount of the difference between the variable costing and absorption costing net…
A: Absorption costing: It is a type of costing where all the manufacturing costs are treated as…
Q: What is Price competition?
A: Features of competition: 1.Competition is a never-ending cycle. It occurs constantly, whether…
Q: s a private brand and store brand ?
A: A private brand could be a product that's made of or marketed beneath the identity of one merchant…
Q: Use a clear example to explain the product life cycle idea in detail
A: Concept Of Product Life Cycle - Product Life Cycle, is a type of concept, which is described as the…
Q: What do you understand by these terms ‘Product owner, Product Backlog, Retrospective’?
A: A product owner (PO) is an individual who works to define and maximize product value. He/she is a…
Q: what is differentiation? What are some forms of differentiation in washing detergents? How does…
A: Differentiation - It is a marketing strategy in which companies introduce their product or services…
Q: At what stage of the product life cycle is price competition likely to be the greatest?
A: The maturity stage has the most price competition. Once products are created, they are more…
Q: What is target costing?
A: Target costing is where prices are determined by market conditions. In FMCG, healthcare construction…
Q: product features, distribution, promotion, and pricing for a minimalis handbag.
A: Minimalism is a way of living wherein only the things that are actually needed are used. Unnecessary…
Q: Describe what is more important for a purchasing transaction, price timing or quality
A: Purchasing is really the act of buying to advance a company's goals.
Q: Being at the premium end is a category upon itself. Describe the indicators of premiumness or high…
A: Pointers/indicators of "premium-ness" will differ enormously relying upon the item. The familiar…
Q: what is an amount deducted from the list price that is granted by a supplier of goods/services on…
A: When a supplier reduces or deducts any amount of price from the specifically listed price of the…
Q: Consider two products with the same cost but different margins. Which product should have higher…
A: If the products are having same cost but different level of margins the, the product having higher…
Q: What is the price at which the product becomes tooexpensive for the target market?
A: A product can be referred to any object or item that has some worth and is on sale. Just like goods…
Q: What is your perceptions of value and how much you are willing to pay for the following products:…
A: According to me, value refers to the worth, importance, and usefulness of products and services that…
Q: What is the decision facing Blue Diamond?
A: Ethical marketing can be described as a concept through which the sellers market their products by…
Q: Which of these products is considered as a final good?
A: A final goods or consumer goods is a product that is utilized by the customer to fulfill current…
Q: Please briefly answer the following: Which firm/product are you examining? What is the…
A: McDonald's is the largest fast food American multinational company serving more than 90+ countries…
Q: Which product life-cycle stage, if any, is the most important? Which stage is the riskiest? Which…
A: Product life cycle stage refers to the life span of the product throughout its existence at market…
Q: Determine the best strategy for pricing a new product, giving two reasons for your choice
A: The expression "Pricing Strategy" envelops every one of the strategies that an entrepreneur uses to…
Q: Why is product specialization important? Who is responsible for setting the level of…
A: Product specialization is a market strategies used by the companies . A research of product…
Q: Briefly introduce your own product (goods or services) And explain why you choose or create that…
A: Healthy You ( Health drink ) It will be a health drink to nourish overall health through its fine…
Q: Should a firm pursue differentiation in an industry where customers are very price-sensitive? Use…
A: Product differentiation is a process of making a unique benefit to the product concerning…
Q: product is anything that can be offered in a market for attention, acquisition, use, or consumption…
A: The four classifications of consumer products are: Convenience goods: These are goods that people…
Q: How can an industry put pressure on demand for a product? What are the steps or ways to put pressure…
A: It can be fun and challenging at the same time to come up with a unique product. The same thing that…
Q: What is the relevance of manufacturing businesses to price level?
A: MANUFACTURING: Manufacturing is the process of converting the raw materials into finished products…
Q: How does branding relate to competitive advantage? Why do all firms not brand their goods, if this…
A: Branding refers to giving an unique recognition of the product through distinct attributes of the…
Q: ake five products/brands,write down the reasons of their failure in detail?
A: Product failures are often a news in the marketing industry. There have been many companies in the…
Q: List other factors besides demand and costs can influence price?
A: Price is the term given to value of the goods or services that business produces to sell in the…
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Solved in 2 steps
- Explain why it is more important for a purchasing transaction, price , timing or quality ?How does price relate to value in the eyes of a customer?Suppose you bought a mobile phone recently. (As customer you have some basic expectations from this mobile at the same time the mobile should possess certain qualities/features for different levels. Now consider the mobile that you bought is an iPhone. You also bought clothes and Life insurance for yourself. For your Business purpose you bought raw materials, computer and writing papers.) relate the mobile phone with different product levels with proper explanation. Now relate all the mentioned purchased products with classification of products and discuss their characteristics with proper example ?
- "It is impossible for a firm to produce a relatively low-cost, yet somewhat highly differentiated product.” Is this statement true or false? Explain your answer providing examples where feasible"Design your product and provide it a name and a description and visual/picture of it (this can be your own drawing or an image from the internet with your brand/logo assigned to the image). Justify your choice by explaining in detail the reasons why you select your product (i.e. is there a demand for it? will it solve any social, environmental or financial issues? etc.). What is your vision for the selected productWhen the product is tailored to the consumer's wants and requirements, does it fare better?
- 19. You prefer superior brands to inferior brands. Given this information, the next time you buy a chocolate bar, you should choose an inexpensive bar to save money. choose the brand with the highest MU/P. choose a superior brand to so you get the best possible bar. I choose to use one of my three skips on this question. choose a medium priced bar to ensure decent quality and prevent being ripped off by expensive brands.Identify where each of the following products likely lie on a traditional Product Life Cycle. Justify each of your answers with the most current data and research you find on the Internet (e.g. sales, product development, competition, consumer feedback, etc.) e) Soda (Coca Cola, Pepsi, Fanta, etc.)What is the price at which the product becomes tooexpensive for the target market?
- Discuss instances of food labels, denim, sports shoes that are able to offer customers different value?What is the difference between hard product variety and soft product variety?What are the various categories of comparison categories and how do they affect customer preferences and decisions? With the aid of real-life illustrations, explain.