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A penetration pricing strategy tends to be most effective when?
A penetration pricing strategy tends to be most effective when entering a competitive market with price-sensitive consumers, as it helps quickly attract customers and gain market share. It is also beneficial when the product has mass appeal and can achieve economies of scale, allowing for lower costs over time. Additionally, the strategy works well when the long-term goal is to establish brand loyalty and later raise prices without losing customers.
Explain why company procedures are important to good customer service?
because customers don't want to be put through the wringer, passed from person to person in an attempt to get to someone who actually knows what they're doing. simple, definative company policy and procedures help to avoid torrents of polite abuse pouring down the phone lines. it also tends to keep customers rather than send them away in droves. Sueing is an option if there absence of service caused you grief rather it be financial or mental.
Where Adidas sells less product?
Adidas tends to sell less product in regions where it faces strong competition from local brands or where market penetration is low, such as in certain parts of Africa and South America. Additionally, sales may be lower in areas with economic challenges or where consumer preferences lean towards alternative brands. Seasonal variations and the impact of global events can also affect sales in specific markets.
Roles of front office in organization?
Front office of an organisation tends to be the main reception area. Their duties would include: Meeting and greeting any customers coming through the front door Operating telephone switchboard Fielding calls for managerial staff Filing Maintaining records Working with cash Handling financial transactions Maintaining diary for management
How will role of advertising differ when the product involved is a consumer packaged product instead of a consumer durable?
When advertising a consumer packaged product, the focus is often on immediate appeal and quick purchasing decisions, emphasizing convenience, taste, or promotional offers. In contrast, consumer durables require advertising strategies that highlight long-term value, quality, and durability, as these products typically involve higher investment and longer buying cycles. The messaging for consumer packaged goods tends to be more emotional and sensory, while consumer durables may lean towards rational decision-making and detailed product information. Overall, the approach varies significantly based on the purchase frequency and consumer engagement level.
when the need for a product is not urgent demand tends to be what?
When the need for a product is not urgent, demand tends to be more elastic. This means that consumers are more sensitive to changes in price, often leading them to postpone purchases or seek alternatives if prices rise. Additionally, non-urgent demand may be influenced by factors such as marketing, promotions, and overall economic conditions, as consumers are likely to prioritize their spending on more immediate needs.
When less expensive substitutes for a product are readily available then demand for that product is likely to be more (1 point) elastic unitary urgent inelastic?
When less expensive substitutes for a product are readily available, the demand for that product is likely to be more elastic. This means that consumers can easily switch to alternatives if the price of the original product rises, leading to a significant change in quantity demanded. In contrast, if substitutes are scarce, demand tends to be more inelastic, as consumers have fewer options to turn to.
What is the significance of relative quantity in determining the value of a product?
The significance of relative quantity in determining the value of a product lies in the principle of supply and demand. When a product is scarce or in high demand, its value tends to increase. Conversely, when a product is abundant or in low demand, its value tends to decrease. Therefore, the relative quantity of a product in relation to its demand plays a crucial role in determining its value in the market.
How do changes in supply and demand impact the equilibrium price of a product?
Changes in supply and demand impact the equilibrium price of a product by influencing the balance between how much of the product is available (supply) and how much people want to buy (demand). When supply increases or demand decreases, the equilibrium price tends to decrease. Conversely, when supply decreases or demand increases, the equilibrium price tends to increase.
What is the demand relationship between price and quantity for this product?
The demand relationship between price and quantity for a product is typically inverse, meaning that as the price of the product increases, the quantity demanded by consumers tends to decrease, and vice versa. This is known as the law of demand.
As something increases what decreases?
As the price of a product increases, the demand for that product tends to decrease due to higher costs for consumers. Additionally, as the temperature decreases, the speed of chemical reactions tends to decrease as well.
How does the relationship between price and demand impact the overall market dynamics?
The relationship between price and demand in a market impacts the overall dynamics by influencing how much of a product is bought and sold. When the price of a product goes up, demand tends to decrease, and when the price goes down, demand tends to increase. This interaction between price and demand helps determine the equilibrium price and quantity in the market, affecting the overall supply and demand balance and ultimately shaping market outcomes.
Does the demand for a product in general tend to be more inelastic than the demand for that product from a particular supplier?
no, product demand in general tends to be more elastic because there are more options the consumer can choose from. demand for the product in general allow for the principle of "substitution" to be used by the consumer. if one producers price is too high then the customer will be able to shop around for the best price available for that product. demand from a singular supplier is more price sensitive, and with demand being inversely related to price and increase in price negatively impacts the level of demand and visa-versa
What will happen if there is an increase in demand for a product who's supply is perfectly elastic?
The quantity of the the products bought tends to fluxuate a lot. The prices tend to stay somewhat stable. It is opposite for inelastic demand,
How do substitution affect demand elasticity?
Substitutes affect demand elasticity by making demand more elastic; when consumers can easily switch to a similar product if the price of one increases, demand for that product becomes sensitive to price changes. If there are many close substitutes available, even a small price increase can lead to a significant drop in quantity demanded. Conversely, if few or no substitutes exist, demand tends to be inelastic, meaning consumers are less responsive to price changes. Overall, the availability of substitutes is a key determinant in assessing how elastic or inelastic the demand for a product will be.
What signs are the cross elasticities for substitute products?
Cross elasticity of demand for substitute products is positive. This means that if the price of one product increases, the demand for its substitute tends to increase as well, indicating that consumers will switch to the alternative. Conversely, if the price of the substitute decreases, the demand for the original product may decrease. This positive relationship highlights the competitive nature of substitutes in the market.
Consumers who are willing and able to purchase a product or service create an economic situation referred to as?
Consumers who are willing and able to purchase a product or service create an economic situation referred to as supply and demand. The price of the product or service tends to rise and fall depending on these factors.
