The online auction company eBay is discussed at length in the chapter. Using the Internet, research eBay’s competitors. Select one such competitor and write one or two paragraphs on how this company distinguishes itself from eBay.
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- Choose a pharmaceutical product that is on the market today and answer the following by doingsome research about the drug online. a. Explain what the drug is and what it is used for, and find an estimate of its price. Are thereavailable substitutes for this drug for its primary uses? b. Look online to see if you can find estimates of the markup above costs on the pharmaceuticalyou have chosen. If you cannot find this, see if you can find information on the history ofmarkups of that pharmaceutical (often times you may not know the markup above cost, butcan see that the drug has seen some % markup in price since it was introduced – this growth inthe price will suffice as a proxy for markup above costs of production). c. Based upon our discussion of the relative price setting power of different goods (use the LernerIndex), how does your understanding of the use of the good and the available substitutesexplain the markups you observe on this drug?eBay is an online auction site that connects millions of buyers and sellers every day. Discuss this statement: "An item on eBay is only worth what someone will pay for it."A sunglasses retailer is trying to determine if there is a significantmarket for its merchandise in a specific mall location where it isconsidering opening a store. It has an active Facebook page wherecustomers routinely visit to get coupons and comment on the latestsunglasses offered. How can this retailer use Facebook and FacebookInsights to decide if it should open the new store?
- Commercial television channels depend on one thing for survival - advertisement revenue. Naturally they have to come up with programs to attract the most number of people to watch their channels. Assuming that you are a television strategist (say for C9) and you have acquired some knowledge of market segmentation. You are to analyse the television market of C2 (ABC), SBS ,C7 ,C9 ,C10 based on the following questions. Who would watch “The Bold and Beautiful” on C10 in the afternoon?What type of people do you think will watch "Deal or no Deal"?Suppose Wal-Mart and Target both advertise that they will match the lowest price offered by any competitor. What is the purpose of such a strategy? This offer seems to be very good for consumers at first, but is it? Explain your answer.Given Warby Parker’s original idea of selling online to minimize distribution costs and keep prices low, do you agree with its more recent decision to open dozens of stores? Explain your answer.
- The world is always evolving, growing, and adapting to our every need and desire. The way we buy and sell products and services differs greatly depending on whether we are business owners or consumers. There is a market for everything, and existing markets have grown in size, making it increasingly difficult for businesses to capture the attention of their desired target market. Online marketing or traditional marketing which should be using for current marketing practices in capturing customer demand?How will you gather information about competitors, their products, and the prices that they charge for their products and services?For this conversation, you are being asked to share your opinions as a consumer. Share your personal experiences on a recent purchase with an online seller or retail store. What factors did you consider when deciding on your purchase? Was the price the most important factor? The quality? How did the promotion influence your decision? Simulated Business Scenario: The marketing process is intended to create value for the consumer. For example, customer satisfaction is dependent upon the product’s perceived performance relative to a buyer’s expectations. If the product performs as or better than the customer expected, they are likely satisfied and willing to purchase the product or service again. If the product does not meet customer expectations, the customers will likely not be satisfied and may write a poor review on the company and/or the product. Questions: For this discussion, think of an example of a product or service offering that has either met or exceeded your expectations by…
- Market share is “an indicator of how well a firm is doing against its competitors.Competition is a situation in the business environment where several businesses with more or less the same products / services compete for the support of the same consumers or customer segments. The development of competition is one of the main reasons that has resulted in the development and evolvement of the field of marketing. As the world grows smaller, more businesses are established and consequently spread themselves to all parts of the world, creating an even greater challenge for the art and science of marketing and its stakeholders.Using the above statement as your basis, and a company of your choice as an example, critically discuss why it is important that marketers study the business environment within which they operate, including their competitors.Assume you have joined an organisation “WealthMax” that deals with investors who areinvesting in various financial products like Mutual Funds, Equity, Cryptocurrencies, ETF,etc. The company is not available on any online platform. The online visibility is ZERO.You are a modern-day digital marketer and you have decided to increase the online visibility of the brand WealthMax. What are the various ways through which you will promote yourbrand online? Explain minimum five platforms with explanation to increase onlineawareness.Assume you have joined an organisation “WealthMax” that deals with investors who areinvesting in various financial products like Mutual Funds, Equity, Cryptocurrencies, ETF,etc. The company is not available on any online platform. The online visibility is ZERO.You are a modern-day digital marketer and you have decided to increase the online visibility of the brand WealthMax. What are the various ways through which you will promote yourbrand online? Explain minimum five platforms with explanation to increase onlineawareness. (All answers to be explained in 1000 words having Introduction ,Concepts and Application & Conclusion)