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

Effective use of interpersonal communication skills, QUESTION "There is...

QUESTION "There is a growing emphasis on the importance of interpersonal communication. This arises from the realization that the greatest challenges to management are not prob

What types of information systems serve each level, QUESTION 1. The Uni...

QUESTION 1. The University of Technology set up in year 2000 in Mauritius operates three schools around twenty different programmes at Certificates, Diploma and Post-Graduate l

Webers principles of bureaucracy, QUESTION Part A (a) Elaborate on t...

QUESTION Part A (a) Elaborate on the Communication Process Model and explain successively through the use of this model the various stages that can ensure effective business

Evaluate the business performance, a) Based on the data for the years 1997,...

a) Based on the data for the years 1997, 1998, 1999, evaluate the business performance of Baxton Technology.  Given this review what i) unit sales ii)  $ sales iii) $ cont

Explain the term ethical dilemma and how to deal with it, QUESTION 1 (a...

QUESTION 1 (a) Define the term management by objectives (MBO) and outline its unique features (b) Enumerate and explain the two main organizational structures? QUESTION

principles of writing especially business writing , What are the general p...

What are the general principles of writing especially business writing

#title.profit for measuring performance., Asdiscuss the problems of using p...

Asdiscuss the problems of using profit to measure performancek question #Minimum 100 words accepted#

Identifying and responding to consumer needs, 1. Increasing the organizat...

1. Increasing the organization ability to compete with rival firms and remain competitive over the long run. JIT allows organizations to develop an optimal process ( well in

Ethics, Ask question #Minimum 100 words accePhase 1: (5%)pted#

Ask question #Minimum 100 words accePhase 1: (5%)pted#

Team leadership, Identify and explain what you think Levi Strauss & Co. did...

Identify and explain what you think Levi Strauss & Co. did well and did poorly in implementing its team reorganization. Be sure to relate your observations to Hackman''s research

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