• Regular prices • Price adaptation • Altered pricing • Fixed pricing 1. A company can learn a great deal by analyzing the degrees of brand loyalty. For example, ________ can show the firm which brands are most competitive with its own. • hard-core loyals • split loyals • shifting loyals • switchers 1. Marketers need to identify the hierarchy of attributes that guide consumer decision making in order to understand different competitive forces and how these various sets get formed.
Distinguish between a Change in Supply and a Change in Quantity Supplied. List and explain the factors that will shift a supply curve. Use demand and supply curves to determine the equilibrium price and quantity of a good. Use demand and supply curves to show the effect changes in supply and/or demand have on the price and quantity of a good. • Define Price
Competency 309.1.2: Supply and Demand A. Elasticity of Demand as it relates to Elastic, Unit, and Inelastic Demand. Elasticity of demand is a way to measure how a price change of a unit will affect the overall desire for a consumer to purchase that unit. There are three ways that a price change can affect the demand of a product, it can increase demand, decrease demand, or not affect demand at all. (McConnell, Brue, & Flynn, 2012) Elastic Demand is when a price change directly effects a dramatic change in demand, most commonly in the opposite direction of the price change. Unit Demand is when a price change and consumer demand change together in the same direction.
Explain why change happens in a business environment. You should include at least three reasons in your answer. Economy is a big factor in change in a business, some reasons for this are as follows: • Competitors behaviour, performance and trends. • Tax and Interest rates • International competitors' behaviour, economy, economic trends, tax, interest rates, exchange rates and trade issues • Product changes Section 2 – Understand the purpose of supporting change in a business environment 1. Identify the main reasons for reviewing working methods, products and / or services in a business environment.
Other fixed and variable costs are 40 per cent which allows 10 per cent profit per dollar. An increase in marginal costs will affect marginal revenue. Fortunately for the Snack Cart, the marginal cost does not greatly impact marginal demand. Dedicated customers are willing to pay the price in order to have their favorite products available in the manner they have grown accustom. The purchase price of supplies and products does not fluctuate so significantly that marginal revenue is affected unless there are weather-related events which create a decrease in supply.
Evaluate the influence different stakeholders exert in Sainsbury’s D1 I am going to evaluate the influence that stakeholders exert on Sainsbury’s. I will be evaluating the following stakeholders: customers, suppliers, owners, trade unions, employer associations, local community, national communities and the government. Customers The first stakeholder I am going to evaluate is customers who are also known as external stakeholders, customers influence Sainsbury’s as their main base of the business, they contribute to profit levels through buying products. Customers are influential to Sainsbury’s as they are able to influence the business in many ways such as their aims and objectives and how they run the business, customers are the base of any business therefore they are one of the most important stakeholders that a business can have. One action that the customers can take to influence Sainsbury’s is their customer service as it has a big impact as if the staff of Sainsbury’s were to be rude and obnoxious to the customer then this will result in a bad feedback with leads to a bad reputation for Sainsbury’s as one of Sainsbury’s aims is to be there for the customer and have their colleagues making the difference which is to give a good customer service.
Market research contains a collection of data which obtains knowledge into the needs, demands and preferences of customers and the dynamic of the market in which they are involved in. The process involves gathering, analysing and interpreting information about a market and about past, present and potential customers for the product or service; research looks at the spending habits, location and needs of the business’s target market, and the particular competitors that the business may be facing. Market research involves two types of data: * Primary information. This is information that comes from a business’s source – potential customers; this is generally gathered by a business for their own specific purposes. This type of research usually takes the raw data such as information collected through focus groups or/and surveys and interpret the data for different business purposes.
To utilize these performance indicators correctly an organization must collect both current and past data in the form of surveys, reports, and calculations to determine whether the supply chain is operating correctly. The Importance of KPIs When an organization needs to measure the performance of their supply chain they can choose a few key performance indicators to determine if their current system is successful. A supply chain exist because there is a need for a product by a customer, therefore customer service levels can tell an organization if they are meeting that need. If the customer’s needs are not being met this could result in a reduction of sales and a permanent loss of customers to other sellers. To ensure there are enough products for all customers, an organization will usually forecast the demand of the item.
You want to know how your product or service will stack up against your competition as well as what the demands of the market are or will be. With that being said, your supply and demand which has a significant impact on the organizational performance is reviewed. Per the textbook, supply is the number of products (goods and/or services) that businesses are willing to sell at different prices at a specific time and demand is the number of goods and services that consumers are willing to buy at different prices at a specific time (Hellriegel & Slocum, 2009,
Business strategy: Mabe uses a brand differentiation strategy to add brand value to obtain a price premium. PESTEL Analysis Political: Different governments have different policies to regulate business activities. In some countries, the weak legislative, high level of corruption and bribery, and high interference in business create barriers in doing business. The variation of human rights protection among countries causes different working conditions for companies. Regional trade agreement influences trade business greatly.