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business
essentials of economics

Questions and Answers of Essentials of Economics

Objective 1 Describe the major strategies for pricing new products. pg97 New product pricing strategies (pp. 314–315)
3. Could Cath Kidston have been successful as a designfocused product marketer had it employed a low-price strategy? Explain. pg97
2. Has Cath Kidston executed value-based pricing, cost-based pricing or competition-based pricing? Explain. pg97
1. Does Cath Kidston’s pricing strategy truly differentiate it from the competition? pg97
10-14 If the unit variable cost for each computer is €350 and the manufacturer has fixed costs totalling €2 million, how many computers must this manufacturer sell to break even? How many must it
Reflective thinking; Ethical reasoning)10-13 A consumer purchases a computer for €800 from a retailer. If the retailer’s mark-up is 30 per cent and the wholesaler’s mark-up is 10 per cent, both
10-12 Is this similar to the ‘freemium’ model used by many US game producers? Explain this model and discuss examples of games that use this model. (AACSB: Communication pg97;
10-11 Is it ethical for game producers to use game playing data to encourage consumers to spend more? Explain why or why not. (AACSB: Communication; Ethical reasoning) pg97
10-10 Camel is not the only Amazon tracking or online price tracking application. Find and describe an example of another online price tracking tool for consumers.(AACSB: Communication; Use of IT)
10-9 Go to http://us.camelcamelcamel.com/ and set up a free account. Track ten products that interest you. Did any of the products reach your desired price? Write a report on the usefulness of this
Communication; Reflective thinking) pg97
10-8 What is the Consumer Price Index (CPI)? Select one of the reports available at www.bls.gov/cpi/home.htm and create a presentation on price changes over the past two years. Discuss reasons for
10-5 What other issues beyond the market and the economy must marketers consider when setting prices? (AACSB:Communication) pg97
10-4 Name and describe the four types of markets recognised by economists and discuss the pricing challenges posed by each. (AACSB: Communication) pg97
10-2 Name and describe the types of costs marketers must consider when setting prices. Describe the types of costbased pricing and the methods of implementing each.(AACSB: Communication) pg97
10-1 How does value-based pricing differ from cost-based pricing? (AACSB: Communication) pg97
5. Can Reckitt extend its position in emerging markets. If so, how can this be achieved? pg97
4. Will Reckitt be able to maintain its market position in so many areas when strong competitors enter with their own niche products? Why or why not? pg97
3. Based on the product life cycle, what challenges does Reckitt face in managing its brand portfolio? Are the challenges for Mr Kapoor different to those faced earlier by Mr Brecht? In what ways?
2. Is Reckitt’s product development customer-centred?pg97Justify and explain your answer.
9-13 What other factors must a dentist consider before offering this service in addition to their in-office service?(AACSB: Communication; Reflective thinking) pg97
9-12 What types of fixed costs are associated with this service?Estimate the total fixed costs for this additional service, and, assuming a contribution margin of 40 per cent, determine the amount of
9-10 Discuss the ethical issues surrounding orphan drugs.Should pharmaceutical companies be allowed to charge such high prices for these drugs? (AACSB: Communication;Ethical reasoning) pg97
9-9 Discuss other existing products that have created new life for the product by embracing Internet, mobile or social media platforms. Suggest an app for another tangible pg97
9-8 In what stage of the product life cycle is the Reading Rainbow television programme? Has the mobile app changed that? Explain. (AACSB: Communication; Reflective thinking) pg97
9-7 The ‘Internet of Things’ — a term that refers to everyday objects being connected to the Internet — is growing.Thermostats, ovens, cars, toothbrushes, and even baby clothes are connecting
9-6 Find an example of a company that launched a new consumer product within the last five years. Develop a presentation showing how the company implemented the 4 Ps in launching the product and
9-5 It appears that the sky is the limit regarding ideas for smartphone/tablet apps. In a small group, create an idea for new apps related to (1) business, (2) health, (3) education,(4) sports and
9-3 What are the benefits of an innovation management system and how can a company install such a system?pg97Do all products follow this pattern? Explain. (AACSB:Communication; Reflective thinking)
9-2 What decisions must be made once a company decides to go ahead with commercialisation for a new product?(AACSB: Communication) pg97
1. What do you think that the John Lewis brand means to consumers?Is this brand a strength or a weakness as the company moves forward? pg97•process? What is required in a good marketing strategy
8-13 What brand development strategy is Kellogg’s undertaking?(AACSB: Communication; Reflective thinking) pg97
8-14 Assume the company expects to sell 5 million packages of Pop-Tarts Gone Nutty! in the first year after introduction globally, but expects that 80 per cent of those sales will come from buyers
8-10 Discuss two examples of similar types of wearable technology for humans. (AACSB: Communication; Reflective thinking) pg97
8-9 Describe the core, actual and augmented levels of product associated with this product. What level does the monitoring service represent? Explain. (AACSB: Communication;Reflective thinking) pg97
8-8 Find five examples of service-provider attempts to reduce service intangibility. Describe them. (AACSB:Communication; Reflective thinking) pg97
8-7 A product’s package must satisfy many criteria, such as sustainability, convenience, safety, efficiency, functionality and marketing. Research ‘packaging awards’ and develop a presentation
8-6 In many countries, regulators are requiring improvements to the standard nutrition labels on food items. In a small group, research the nutrition labelling requirements and likely changes in a
8-5 Discuss how service providers differentiate their services from those of competitors and provide an example of each. (AACSB: Communication) pg97
8-4 What is a brand? Describe the brand sponsorship options available to marketers and provide an example of each. (AACSB: Communication) pg97
8-3 Explain the importance of product quality and discuss how marketers use quality to create customer value.(AACSB: Communication) pg97
8-2 Name and briefly describe the important decisions in developing and marketing individual products and services.(AACSB: Communication) pg97
8-1 What is a product? How do consumer products differ from industrial products? (AACSB: Communication;Reflective thinking) pg97
Use of IT; Analytical reasoning) pg97
7-14 Using the chain ratio method described in Appendix 2:Marketing by the numbers, estimate the market potential in the military (active duty and veterans) market in the USA. Could this model be
7-13 Discuss the factors used to evaluate the usefulness of the military personnel segment. (AACSB: Communication;Reflective thinking) pg97
7-12 Give an example of a company that is countering this trend by offering more realistic dolls for young girls.(AACSB: Communication; Reflective thinking) pg97
7-10 Can manufacturers use SoLoMo? Find examples of or make suggestions as to how manufacturers can use this type of targeting. (AACSB: Communication; Reflective thinking) pg97
7-9 Search the Internet to find examples of retailers using SoLoMo and similar new technologies to target and engage potential customers, or describe your personal experience as a shopper in this
7-6 Advertisers use market segmentation when promoting products to consumers. For each major consumer segmention variable, find an example of a print ad that appears to be based on that variable. For
show. What competitive advantage does the show pg97 have over existing shows? How many and which differences would you promote? (AACSB: Communication;Reflective thinking) pg97
7-5 Discuss the criteria that should be evaluated in determining which differences a company should promote in its products. (AACSB: Communication) pg97
7-4 Explain how a company differentiates its products from competitors’ products. (AACSB: Communication) pg97
7-3 Explain how companies segment international markets.(AACSB: Communication) pg97
7-2 Compare and contrast consumer and business market segmentation. (AACSB: Communication) pg97
7-1 Name and describe the four major steps in designing a customer-driven marketing strategy. (AACSB:Communication) pg97
4. How can the Industrial Internet potentially benefit B-to-C markets and customers? What impact might it have and in what ways? pg97
3. B-to-B marketers at GE used the creative concept of Datalandia to promote the potential benefits of the Industrial Internet. What approach to marketing the Industrial Internet would you take to a
2. Business buyers focus on benefits (e.g. cost savings through equipment efficiency) rather than features (e.g. the colour of a piece of equipment). What are the potential benefits of the Industrial
1. What are the specific benefits of the Industrial Internet for each member of the buying centre? What is the key message that needs to be communicated to each member? pg97
6-15 If each sales rep earns a salary of €60,000 per year, what sales are necessary to break even on the sales force costs if the company has a contribution margin of 40 per cent?What effect will
6-14 Refer to Appendix 2: Marketing by the numbers to determine the number of salespeople a company needs if it has 3,000 customers who need to be called on ten times per year. Each sales call lasts
6-9 Research mobile procurement and discuss the roles in the buying centre that are impacted most by this technology.(AACSB: Communication; Reflective thinking) pg97
6-8 Discuss the advantages of e-procurement to both buyers and sellers. What are the disadvantages? (AACSB: Communication;Reflective thinking) pg97
6-13 How would other company employees interpret your acceptance of this invitation? pg97
6-12 Do you think the supplier will expect ‘special’ treatment in the next buying situation? pg97
6-11 Just because it is not specifically mentioned in the employee manual, would you be acting ethically if you accepted? pg97
6-10 Do you accept or decline the invitation? pg97
6-6 Kaizen. Seiri. Seiton. Seiso. Seiketsu. Shitsako. Jishuken .These Japanese words are related to continuous quality pg97 improvement and are applied in supplier development programmes,
6-5 Compare the institutional and government markets and explain how institutional and government buyers make their buying decisions. (AACSB: Communication) pg97
6-4 List the steps for a typical new task buying process.What is product value analysis and in which step of the buying process does it occur? (AACSB: Communication;Reflective thinking) pg97
6-3 Discuss the major influences on business buyers.(AACSB: Communication) pg97
6-2 Explain what is meant by systems selling and discuss why it is a preferred approach to buying for many organisations. (AACSB: Communication; Reflective thinking) pg97
6-1 Explain how the market structure and demand differ for business markets compared to consumer markets.(AACSB: Communication; Reflective thinking) pg97
➤ Objective 4 Compare the institutional and government markets and explain how institutional and government buyers make their buying decisions. pg97 Institutional and government markets (pp.
➤ Objective 3 List and define the steps in the business buying decision process. pg97 pg97E-procurement and online purchasing (pp. 179–180) pg97
➤ Objective 2 Identify the major factors that influence business buyer behaviour.Business buyer behaviour (pp. 172–176) pg97
➤ Objective 1 Define the business market and explain how business markets differ from consumer markets.Business markets (pp. 170–172) pg97
5. What role does the Porsche brand play in the self-concept of its buyers? pg97
4. Explain how both positive and negative attitudes toward a brand like Porsche develop. How might Porsche change consumer attitudes toward the brand? pg97
3. Which concepts from the chapter explain why Porsche sold so many lower-priced models in the 1970s and 1980s? pg97
2. Contrast the traditional Porsche customer decision process to the decision process for a Cayenne or Panamera customer. pg97
1. Analyse the buyer decision process of a traditional Porsche customer. pg97
5-9 Summarise the FTC’s disclosure rules on using social media to promote products and services. Does the blogger you reviewed in the previous question follow these rules? Explain. (AACSB:
5-8 Find an example of a blog on a topic that interests you.Are there advertisements on the blog? Does the blogger appear to be sponsored by any companies? Is there information regarding sponsorship?
write the two
what u can
we are the
what is the
how do you know
✷ How do supply and demand shifts affect a market?
✷ What determines supply?
✷ What determines demand?
✷ What are the fundamentals of a market economy?
e. Rachel makes 2 pies per loaf and Joey makes 1 pie per loaf. So any trade between 2:1 and 1:1 would benefi t them both.
d. Joey should make the bread and Rachel the pies.
c. Joey has a comparative advantage.
b. Rachel has the absolute advantage.
7.a. Rachel gives up 2 pies for every loaf she makes. Joey gives up 1 pie for every loaf he makes.
8. Where would you plot unemployment on a production possibilities frontier? Where would you plot full employment on a production possibilities frontier? Now suppose that in a time of crisis everyone

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