MEQA501, Business Management

Assignment Help:
Today is your first day working for MarmaMed, a firm that produces and sells a small range of medical diagnostic products. MarmaMed’s main product is the DiagnoKit™, a simple-to-use test for the rapid diagnosis of Hepatitis C. The test is intended for use by trained personnel in medical facilities, clinical laboratories, emergency care situations, and physicians'' offices as a screening assay capable of providing a result in less than 30 seconds. There is only one competing product in the marketplace, the HepaFind™, which is manufactured by the firm JerryPharma .

Last week, MarmaMed’s business analyst, Jo Green, didn’t show up for work. Rumour has it that Jo went to Vegas for the weekend and ended up joining Cirque du Soleil, but nobody really knows. The police have been informed.

Before she disappeared, Jo was working on an important and time-sensitive project for MarmaMed’s CEO, Harry Harrison. The project involves four interrelated tasks:

1. Estimate an empirical demand function for DiagnoKits™.
2. Interpret the estimated demand function for DiagnoKits™.
3. Make pertinent recommendations to senior management based on the empirical demand
function.
4. Write a short report summarizing the results of the analysis and any recommendations.

Harry asks you to complete the project. He tells you that he’s particularly interested in knowing
if the current price of the DiagnoKit™ is optimal and, if not, whether it should be increased or
decreased. He tells you that the current price of a DiagnoKit™ is $30.00 and that since the
production process has been set up, the marginal cost of producing additional kits is essentially
zero. Harry is also interested in knowing whether or not the firm’s advertizing expenditures
over the last three years have been a good investment and anything else relevant that your
analysis uncovers.

You only have a week to complete the analysis, interpret the results, and summarize your
findings and recommendations in a brief report. Harry tells you that the main body of the
report must be short (a 1000 words at most excluding the title page and any appendices), to
the point, and not overly technical. He tells you that his formal knowledge of mathematics,
economics, and statistics is somewhat limited, and asks you to keep that in mind as you write
the main body of the report. Nevertheless, your conclusions and recommendations must be
based on a rigorous analysis of the available data and you should provide a concise summary of
any technical details in an appendix. Harry also tells you to be explicit about any important limitations that your analysis might have.

Related Discussions:- MEQA501

Minimum cost, Sid and Nancy both need to buy pens for school. The bookstor...

Sid and Nancy both need to buy pens for school. The bookstore has only two types of pens: Basic blue pens (B), which cost $.60 each. Long-lasting green pens (G), which have

Diversity management, Diversity management may be understood as the systema...

Diversity management may be understood as the systematic and planned commitment by organisations to recruit, retain, reward, and promote a heterogeneous mix of employees (Thomas, 1

Quantitative Applications in Management & Research, Ques.1 Comment on “Quan...

Ques.1 Comment on “Quantitative Techniques is a scientific and for enhancing creative and judicious capabilities of a decision maker”, also state the different elements of Decision

Process of preventive maintenance, Retards or show down the process of ...

Retards or show down the process of deterioration or wear: To reduce friction. Assess to wear and determine on diagnosis the action required. To check a breakdown a

Test markiting, various approches in test marketing.

various approches in test marketing.

MBO, Breakdown of what MBO is all about

Breakdown of what MBO is all about

Useful of Management in business sectors, Management is Really useful fo...

Management is Really useful for decesion making if your statement is true then comment !how?

Explain the product development, During the course of the module you were a...

During the course of the module you were asked to study the targeted market of three local brands. You have now been employed by an Apparel industry as Merchandiser, and you have b

Discuss the two main types of competitive pressure, Question 1: "The ov...

Question 1: "The overall attractiveness of a country as a market/investment site depends on balancing the likely long-term benefits of doing business in that country against th

CASE STUDY, It goes by many terms - information overload, analysis paralysi...

It goes by many terms - information overload, analysis paralysis, data dumping, and so on. You know what we''re talking about. It is indeed greater to live in the information age w

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd