Basic Marketing

Business

Quiz 21 :
Appendix

Quiz 21 :
Appendix

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Explain in your own words how economists look at markets and arrive at the "law of diminishing demand."
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First two hours activities are very important to us. Marketing can affect each and every activity of our life. Our activities in the first two hours after we woke up in the morning are walking and exercise, brush and bath, breakfast, etc. All these activities can be affected by marketing directly or indirectly. Marketing is one of the most important part of our lives or we can say that most of the activities are affected by the marketing strategies in the long run as well as in the short run. Marketing activities are important for the individual as it can affect our decision making process.
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When we wake up in the morning, the alarm clock we use is a part of marketing. This activity is indirectly related to marketing as choice of brand and quality of the clock. Another activity after wake up is walk and exercise. Most of the people go to the gym for the exercise that plays very important role in marketing. Gym selection comes under the marketing and it affects the marketing activities directly. Brush and bath are also important activities in the morning and also affected by the marketing activities because in these activities various products used by us and these products are directly related to the marketing activities. Most of the routine activities of the day are related to the marketing directly or indirectly. Another activity of the first two hours after we woke up this morning is breakfast and this is highly affected by the marketing. Whatever we eat in the breakfast is one of the most important parts of the marketing so it can be said that we should choose our breakfast as per the requirements of our body. All the products of our breakfast can affect our choice of breakfast and decision making. Sometimes promotions and discounts on these items can affect our purchase decision.
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In conclusion, it can be said that the first two hours after we woke up in the morning are very important for us and marketing affect these activities in various ways. So each and every product should be chosen wisely. All these decisions are important in the purchase decision and for the marketing activities.

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Explain what a demand curve is and why it is usually downsloping. Then give an example of a product for which the demand curve might not be down-sloping over some possible price ranges. Explain the reason for your choice.
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Demand refers to the quantity demanded by the people with the same price. According to the law of demand "Others things remaining constant, the demand for the product increases with the decrease in price." This means there is inverse relationship between quantity demanded and price.
A demand curve is graph showing the relationship between the quantity demanded and the price. A demand curve is usually downward slopping because as the price increases the demand decreases and as the price decreases the demand increases. This makes the demand curve downward slopping.
But there are certain products whose revenue does not change in equal proportion which makes the demand curve less curvy. We can take an example of laptops whose demand will not always change in same proportion like if the price of the laptop is $30,000 and it changes to $35,000, then the demand might change from 100 to 30. So, while we draw a demand curve we will find that the price change makes the demand curve flat. The reason behind this change is the laptop is a necessary item and people will purchase it when necessary they will not wait for price to come down.

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What is the length of life of the typical demand curve Illustrate your answer.
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Demand refers to the quantity demanded by the people with the same price. According to the law of demand "Others things remaining constant, the demand for the product increases with the decrease in price." This means there is inverse relationship between quantity demanded and price.
A demand curve is graph showing the relationship between the quantity demanded and the price. A demand curve is usually downward slopping because as the price increases the demand decreases and as the price decreases the demand increases. This makes the demand curve downward slopping.
The length and the time period of demand curve are different for different kind of products. It depends upon the time period for which the demand will be there for the product. Like the demand for the seasonal products only arises during the seasons. There also certain trending and fashionable products whose demand rises in the time when they are trending e.g. merchandises. Like the demand for staple foods will be for all over the year but the demand for woolen clothes will be only for winter season.

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If the general market demand for men's shoes is fairly elastic, how does the demand for men's dress shoes compare to it How does the demand curve for women's shoes compare to the demand curve for men's shoes
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If the demand for perfume is inelastic above and below the present price, should the price be raised Why or why not
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If the demand for shrimp is highly elastic below the present price, should the price be lowered
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Discuss what factors lead to inelastic demand and supply curves. Are they likely to be found together in the same situation
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Why would a marketing manager prefer to sell a product that has no close substitutes Are high profits almost guaranteed
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If a manufacturer's well-known product is sold at the same price by many retailers in the same community, is this an example of pure competition When a community has many small grocery stores, are they in pure competition What characteristics are needed to have a purely competitive market
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List three products that are sold in purely competitive markets and three that are sold in monopolistically competitive markets. Do any of these products have anything in common Can any generalizations be made about competitive situations and marketing mix planning
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Cite a local example of an oligopoly, explaining why it is an oligopoly.
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Distinguish between the following pairs of items that appear on operating statements: ( a ) gross sales and net sales, and ( b ) purchases at billed cost and purchases at net cost.
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How does gross margin differ from gross profit From net profit
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Explain the similarity between markups and gross margin. What connection do markdowns have with the operating statement
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Compute the net profit for a company with the following data: img
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Construct an operating statement from the following data: img
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Compute net sales and percent of markdowns for the following data: img
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What percentage markups on cost are equivalent to the following percentage markups on selling price: 20, img , 50, and img ( b ) What percentage markups on selling price are equivalent to the following percentage markups on cost: img , 20, 40, and 50
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What net sales volume is required to obtain a stockturn rate of 20 times a year on an average inventory at cost of $100,000 with a gross margin of 25 percent
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Explain how the general manager of a department store might use the markdown ratios computed for her various departments. Is this a fair measure Of what
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