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- A heavy truck parts maker is able to tender on a pre-production study contract of a new type of truck ventilator unit worth $25,000 net profit if it wins the contract. Tendering costs would be about $2,000. The chances of winning the contract are 50 percent. If the company wins the contract, it must decide on the level of marketing it should make to increase its chances of getting further production contract worth $55,000 net profit. Promotion at a high level costs $18,000 with a resulting probability of winning the contract of 0.8. At medium level promotion, it costs $12,000 with a probability of 75 percent and at a low level, it costs $8,000 with a probability of 60 percent. Should the initial study contract be lost, the company can still bid on the production contract at an additional tender cost of $6,000. The probability of winning the production contract from this stage is 30 percent. a) Draw a decision tree to show the relationship between the various options which arise as the…Changes in product price and levels of competition are not an examples of systematic risks. True or FalseWhich of the following is an internal factor that affects pricing decisions in a company? * ) The forces of demand and supply in the market Consumers' perception of value The degree of inflation in the economy The overall marketing strategy of the company
- Suppose a customer prefers to work with the criterion “How many items can be purchased for $1?” Explain why that might be a meaningful comparison for the customer to use, and explain how the comparison would then be able to compare two different items having different selling prices.2. Customers take into account various factors beyond just the monetary value when evaluating the worth of a product or service. The concept of 'Total Value' involves considering the overall perceived benefits in relation to the overall perceived price. Demonstrate your understanding of this concept by discussing the following scenarios, and for each, assess the Total Benefits and Total Price a Customer may consider: A Vehicle A Haircut A Laptop A Degree A ShoeA firm wants to stop its sales agents from pricing too aggressively to make sales by requiring the agent to obtain a marketing manager’s permission to reduce price below a specific threshold. This solution would only work if a) The marketing manager has no information about the matter at hand b) The marketing manager can only get all the information on the case from the sales agent c) Enough unbiased information is transferred to the manager to prevent an unprofitable price reduction d) All of the above Please clearly explain your answer
- All of these statements about price are true except which? Multiple Choice The price must generate enough sales dollars to pay for the cost of developing, producing, and marketing the product. The price for a product or service must earn a profit for the company. Small changes in price can have big effects on both the number of units sold and company profit. For most products and services, there is an agreed-upon price range set by makers. The price must be “right”—in the sense that customers must be willing to pay it.If you believe in your product and understand its unique 2 points features, it should not be necessary to prepare for price resistance. O True O FalseUnderpriced products produce less revenue than they would if they were priced at the level of perceived value. Select one: True False
- How would you expect seasonal fluctuations in demand to affect a rental company’s decisions about pricing rented products such as wedding dresses or convertible cars?A price that is too low may not generate enough interest or have enough of a margin for profit. Set the price too high and you may also lose customer's interest. True or False?In this Harvard Business Review (HBR) article entitled, "How to Finance the Scale-Up of Your Company" written by Daniel Isenberg and Daniel Lawton, the authors provide practical ways to ensure your business has sources of financing, especially when scaling-up your business. https://hbr.org/2014/08/how-to-finance-the-scale-up-of-your-company INSTRUCTION: Prepare a Reaction Paper called Reading Reflection Memo (RRM). READING REACTION MEMO FOR THIS ARTICLE: The reading reaction memo after reading the article above should: (a) compare and contrast key points that strike you from the reading(s); (b) evaluate the arguments and evidence on the point(s) you cover, identifying what was insightful, mundane, unclear, incomplete, contradictory, etc.; and (c) conclude with 3-4 questions for class discussion. The reaction memo should not merely summarize the reading(s) you consider, but it should also demonstrate an active engagement with the point(s) you select to focus on, including how it (they)…