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Marketing mix is controllable set of activities that the firm employs to respond to the wants of its target markets. Make a report on the marketing mix and keep the following questions in mind:
- Describe what is meant by marketing mix.
- Describe and discuss the different elements of the marketing mix for a product of your choice.
- How does the marketing mix enable marketers to better serve their customers?
- How does the marketing mix enable marketers to increase their satisfaction and result in greater sales of their products?
- How would you use the marketing mix to select a new product or service?
Economists make decisions by thinking in terms of alternatives. Why do economists thinks there is no such thing as a free lunch?
Why is it not surprising to find that in the oligopoly which sells basically undifferentiated product like chicken growth hormone all the firms change prices simultaneously, even if there is no explicit price fixing?
Assume a decrease in consumers' incomes causes a decrease in the demand for chicken and an increase in the demand for potatoes. Which good is inferior and which is normal? Explain your reasons.
The output effect of an increase in the wage comes about because higher wages:
Does it make sense to hold sleep, work, and leisure fixed while changing study? Why or why not? Explain why this model violates the assumption of no perfect collinearity.
What will be the effect of the following events on the market for French wine and the quantity consumed? Distinguish between the short-run and the long-run impact.
Do you think the overall level of R&D would increase or reduce over the next 20 to 30 years if lengths of new patents were extended from 20 years to, say "forever"?
Firm Z, operating in a perfectly competitive market, can sell as much or as little as it wants of a good at a price of $16 per unit. Its cost function is C=50+4Q+2Q^2. The associated marginal cost is MC=4+4Q, and the point of minimum average cost ..
You have the following data for the last 12 months' sales for the PRQ Corporation (in thousands of dollars): Calculate a 3-month centered moving average.
Suppose that firms in the short-run are earning above-normal profits. Describe what will take place to these profits in long-run for the following markets:
Assume the following was overheard at the water cooler: "I think our medical device company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs."
Explain how microsofts bundling of free internet browser software with its windows operating system could violate US antitrust laws, and be sure to mention which laws in particular might be violated.
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