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business
essentials of economics

Questions and Answers of Essentials of Economics

2 Economists often argue that wage rates reflect productivity. Yet the wages of housepainters have increased nearly as rapidly as the national average, even though these workers use approximately the
1 "The principle of comparative advantage gives individuals an incentive to specialize in those things that they do best." Explain in your own words why this is true.
8 There are two basic methods of making economic decisions: the market mechanism and public sector decision-making. The decisions of individuals will influence the result in both cases. The tools of
7 Every economy must answer three basic questions: (a) What will be produced?(b) How will goods be produced? (c) How will the goods be distributed? These three questions are highly interrelated.
6 Exchange is productive. Voluntary exchange (a) channels goods into the hands of people who value them most, (b) permits individuals to specialize in the areas of their greatest comparative
5 Joint output of individuals, regions, or nations will be maximized when goods are exchanged between parties in accordance with the law of comparative advantage. This law states that parties will
4 Production can often be expanded through division of labor and cooperative effort among individuals. With division of labor, production of a commodity can be broken down into a series of specific
3 The production possibilities curve of an economy can be shifted outward by (a)current investment that expands the future resource base of the economy, (b) technological advancement, and (c) the
2 A production possibilities curve reveals the maximum combination of any two products that can be produced with a fixed quantity of resources, assuming that the level of technology is constant. When
l Because of scarcity, when an individual chooses to do, to make, or to buy something, the individual must simultaneously give up something else that might otherwise have been chosen. The highest
6 SENATOR DoGOODER: I favor an increase in the minimum wage because it would help the unskilled worker.SENATOR DONOTHING: I oppose an increase in the minimum wage because it would cause the
5 "Reasonable rental housing could be brought within the economic means of all if the government would prevent landlords from charging more than $200 per month rent for a quality three-bedroom
4 What's Wrong with This Economic Experiment?A researcher hypothesizes that the medical attention received by U.S. citizens is inadequate because many people cannot afford medical care. The
3 Write a couple of paragraphs, explaining in your own words the meaning and essential ingredients of the economic way of thinking.
2 What does it mean to economize? Do you attempt to economize? Why or why not?
1 1 :00 A.M. to 7 :30 A.M. on one's decision to attend the lectures(c) A reduction in the number of exam questions that relate to the text on the student's decision to read the text(d) An increase in
7 The origin of economics as a systematic method of analysis dates back to the publication of The Wealth of Nations by Adam Smith in 1776. Even though legal restraints on economic activity abounded
6 Microeconomics focuses on narrowly defined units. such as individual consumers or business firms. Macroeconomics is concerned with highly aggregated units, such as the markets for labor or goods
5 Testing economic theory is not an easy task. When several economic variables change simultaneously, it is often difficult to determine the relative importance of each. The direction of economic
4 Economic science is positive. It attempts to explain the actual consequences of economic actions and alternative policies. Positive economics alone does not state that one policv is superior to
3 Economics is a method of approach, a way of thinking. The economic way of thinking emphasizes the following:(a) Among economic goods, there are no free lunches. Someone must give something up if we
2 Scarcity and poverty are not the same thing. Absence of poverty implies that some basic level of need has been met. Absence of scarcity would mean that all of our desires for goods have been met.
1 Scarcity and choice are the two essential ingredients of an economic topic. Goods are scarce because desire for them far outstrips their availability from Nature. Since scarcity prevents us from
Could you use the marketing research process to analyse your career opportunities and job possibilities? (Think of yourself as a ‘product’ and employers as potential ‘customers’.)What would
What specific kinds of research can VisitScotland use to learn more about its customers’preferences and buying behaviours? Sketch out a brief research plan for VisitScotland’s next project
discuss the special issues some marketing researchers face, including public policy and ethics issues pg98‑
explain the importance of information to the company and its understanding of the marketplace pg98‑
Is the marketing environment uncontrollable – something that the company can only prepare for and react to? Or can companies be proactive in changing environmental factors?Think of a good example
How are major demographic forces linked with economic changes? With major cultural trends? How are the natural and technological environments linked? Think of an example of a company that has
identify the major trends in the firm’s natural and technological environments pg98‑ explain the key changes in the political and cultural environments pg98‑ discuss how companies can react to
explain how changes in the demographic and economic environments affect marketing decisions pg98‑
describe the environmental forces that affect the company’s ability to serve its customers pg98‑
list the marketing management functions, including the elements of a marketing plan, and discuss the importance of measuring and managing return on marketing pg98‑
describe the elements of a customer-driven marketing strategy and mix, and the forces that influence them pg98‑
explain marketing’s role in strategic planning and how marketing works with its partners to create and deliver customer value pg98‑
discuss how to design business portfolios and develop growth strategies pg98‑
explain company-wide strategic planning and its four steps pg98‑
Think of a company for which you are a ‘true friend’. What strategy does this company use to manage its relationship with you? pg98‑
How well does Ford manage its relationships with customers? What CRM strategy does it use? Compare the relationship management strategies of Tesco and Asda. pg98‑
14-13 Determine the advertising-to-sales ratios for two competing companies and compare them to the industry advertising-to-sales ratio found above. Why do you think there is a difference between
14-12 Find industry advertising-to-sales ratio data. Why do some industries have higher advertising-to-sales ratios than others? (AACSB: Communication; Use of IT; Reflective thinking) pg98
14-11 Find other examples of marketers creating controversy by promoting culture-based products that could be viewed as inappropriate by others outside of that culture. (AACSB: Communication;
14-10 Since lighter skin and skin whitening are popular in Thailand, is it wrong for marketers to offer and promote products that encourage this belief and behaviour? Explain why or why not. (AACSB:
A Unilever brand in Thailand ran into some problems with one of its promotion campaigns, the ‘Citra 3D brightening girls search’. Citra Pearly White UV Body Lotion is marketed as a skin-whitening
14-9 Debate whether or not current regulations and guidelines regarding online advertising are adequate for this 428 pg98 PART 3 DESIGNING A CUSTOMER VALUE-DRIVEN STRATEGY AND MIX type of promotion.
14-8 Find examples of native advertising on various publishers’websites. Create a presentation with screen shots showing the content and how it is identified. Has the content been shared with
Marketers have always advertised in traditional media such as newspapers, television and magazines, but today they are increasingly creating content for the online platforms of these media through
14-7 Find three examples of advertisements that incorporate socially responsible marketing in the message. Some companies are criticised for exploiting social issues or organisations by promoting
14-6 Marketers use Q Scores to determine a celebrity’s appeal to his or her target audience. Research Q Scores and write a report of a celebrity’s Q Score for the past several years. If the score
Communication; Use of IT; Reflective thinking pg98)
14-5 In a small group, select a company and research its marketing communications activities for the past several years.Has the company changed its advertising campaign in that time? Has the type of
14- 4 Name and describe the two basic promotion mix strategies.In which strategy is advertising more important?(AACSB: Communication; Reflective thinking) pg98
14-3 Name and briefly describe the nine elements of the communications process. Why do marketers need to understand these elements? (AACSB: Communication;Reflective thinking) pg98
14-2 Why is there a need for integrated marketing communications and how do marketers go about implementing it? (AACSB: Communication; Reflective thinking) pg98
14-1 List and briefly describe the five major promotion mix tools. (AACSB: Communication)
Socially responsible marketing communication(pp. 424–425) pg98
➤ OBJECTIVE 4 Explain the methods for setting the promotion budget and factors that affect the design of the promotion mix.Setting the total promotion budget and mix(pp. 420–424) pg98
A view of the communication process (pp. 412–414)Steps in developing effective marketing communication pp. 414–420) pg98
➤ Objective 3 Outline the communication process and the steps in developing effective marketing communications pg98
➤ Objective 2 Discuss the changing communications landscape and the need for integrated marketing communications. pg98 Integrated marketing communications (pp. 409–412)
➤ Objective 1 Define the five promotion mix tools for communicating customer value.The promotion mix (pp. 408–409) pg98
4. What recommendations would you make to Auchan’s management for the future of their global business? pg98
3. What are Auchan’s long-term prospects and what threats does the company face in its dependence on emerging markets? pg98
2. As a retail brand, assess the Auchan retail strategy with respect to segmentation, targeting, differentiation and positioning. pg98
1. Describe Auchan according to the different types of retailers discussed in this chapter. pg98
13-14 If this company’s stockturn rate was 3.5 last year, is the stockturn rate calculated above better or worse?Explain. (AACSB: Communication; Reflective thinking)
13-13 Refer to Appendix 2: Marketing by the numbers, and determine the stockturn rate of a retailer carrying an average inventory at cost of €350,000, with a cost of goods sold of €800,000.
13-12 Discuss the impact the Marketplace Fairness Act will have on small retailers in the US. Is it fair that small retailers should have to collect sales taxes on online sales to customers outside
13-11 Why did Amazon change its position regarding online sales taxes and why does it now support the Marketplace Fairness Act? (AACSB: Communication; Reflective thinking) pg98
13-10 Create a presentation to give to local retailers in your locality explaining how they can effectively use online, mobile and social media marketing to engage customers and enhance their
13-9 Find an example of a local retailer in your country or locality that uses online, mobile and social media marketing.Interview the owner of the store or restaurant and ask about the challenges
13-8 The majority of shoppers agree that online reviews can be very helpful. However, some online reviews are fake.Research this issue and write a report on how to spot fake online reviews and the
13-7 Deciding on a target market and positioning for a retail store are very important marketing decisions.In a small group, develop the concept for a new retail store. What is the target market for
13-6 Visit a local shopping centre where you are and evaluate five stores. What type of retailer is each of these stores? What is the target market for each? How is each store positioned? Do the
13-5 Compare and contrast brokers and agents with merchant wholesalers. (AACSB: Communication; Reflective thinking) pg98 Critical-thinking exercises
13-4 Explain how wholesalers add value in the channel of distribution. (AACSB: Communication) pg98
13-2 Define the concept of shopper marketing and explain why it has grown in prominence.(AACSB: Communication) pg98
13-1 Explain how retailers can be classified based on the amount of service offered and give an example of each retailer type. (AACSB: Communication; Reflective thinking) pg98
➤ O bjective 4 E xplain the major types of wholesalers and their marketing decisions.Wholesaling (pp. 393–397) pg98
➤ O bjective 3 D iscuss the major trends and developments in retailing. pg98 Retailing trends and developments (pp. 386–392)
➤ O bjective 2 D escribe the major retailer marketing decisions. pg98 Retailer marketing decisions (pp. 381–386)
➤ O bjective 1 E xplain the role of retailers in the distribution channel and describe the major types of retailers.Retailing (pp. 375–381) pg98
5. Consider what other types of channel partnering may revolutionise conventional channels in other markets.
4. How can competitors respond effectively to the P&G/Amazon partnership with new channels of their own? pg98
3. Are there any potential risks and disadvantages to a close cooperative partnership of this kind — from the points of view of the partners and the consumer? List them and discuss how serious they
2. What potentials are there for disagreements between the partners which could undermine the partnership system? pg98 For example, as P&G expands its own online operation, are there potential
1. What are the advantages of a channel partnership like that between P&G and Amazon from the points of view of the partners and the consumer? pg98
12-10 What other industries’ channels of distribution have been impacted dramatically by online, mobile and social media? (AACSB: Communication; Reflective thinking) pg98
12-9 Visit a self-publishing site such as Amazon’s Kindle Direct (https://kdp.amazon.com/) and create a presentation to give to aspiring authors about distributing their works this way. (AACSB:
12-8 The term last mile is often used in the telecommunications industry. Research what is going on in this industry and how the last mile has evolved in recent years, then predict where it is
12-7 The most common type of contractual vertical marketing system is the franchise organisation. Visit the International Franchise Association at www.franchise.org/and find a franchise that
12-6 Distribution channel concerns for pharmaceutical drugs — especially the problem of counterfeit drugs —can be a matter of life and death. There have been moves in some parts of the world to
➤ Objective 5 Discuss the nature and importance of marketing logistics and integrated supply chain management. pg98 Marketing logistics and supply chain management(pp. 358–365) pg98
➤ Objective 4 Explain how companies select, motivate and evaluate channel members.Channel management decisions (pp. 356–357) pg98 Public policy and distribution decisions (pp. 357–358)
➤ Objective 3 Identify the major channel alternatives open to a company.Channel design decisions (pp. 351–356) pg98
➤ Objective 2 Discuss how channel members interact and how they organise to perform the work of the channel.Channel behaviour and organisation (pp. 345–351) pg98
➤ Objective 1 Explain why companies use marketing channels and discuss the functions these channels perform.Supply chains and the value delivery network(pp. 340–341) pg98 The nature and
5. What recommendations would you make to Coach?
4. Will the plan proposed by current Coach leadership be successful in reversing the brand’s slide in market share? Why or why not? pg98
3. How has increased competition at Coach’s price points affected the brand’s performance? pg98

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