Which of the scenarios below is not an example of no price competition? The flower shop on the corner has the prettiest roses in town. The flower shop is selling roses at a discounted price this week. The flower shop next door has the best customer service in town. The flower shop near the restaurant has the best location in town.
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Which of the scenarios below is not an example of no price competition?
The flower shop on the corner has the prettiest roses in town.
The flower shop is selling roses at a discounted price this week.
The flower shop next door has the best customer service in town.
The flower shop near the restaurant has the best location in town.
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- FRONT PAGE Pricing Disney+ Disney decided it wanted to provide streaming services directly to customers, rather than renting its library of films and television shows to other streaming services like Netflix. But how successful would a streaming service be? In other words, what did the demand for a "Disney+" streaming service look like? Disney knew that the number of subscribers would depend not just on the attractiveness of the Disney archives, but also on the subscription price. After doing some market research, Disney decided to launch Disney+ at a price of $6.99 a month (or $69.99 per year). When Disney+ was launched on November 12, 2019, 10 million people signed up on the first day-a resounding success! Source: News reports, October-December 2019. Suppose Disney+ changes its monthly subscription price from $7 to $9 per month. Graphically show the impact of this price change in the following markets: a. Popcorn, pizza, and other movie snacksIn which of the following situations would a company have a lower chance of losing customers when it raises the price of its product? a) There are low switching costs. b) Companies advertise their prices. c) Customers have many sellers to choose from. d) The product is differentiated across companies.Supplier Set Price Versus Market-Determined Price: Collusion or Competition?
- In advertising, a business is not only making consumers aware of the existence of the product and its positive features but is purposely trying to persuade consumers to purchase the product. As a piece of economics which of the following best characterises what advertisers are trying to do? (a) Shift the demand curve to the right and make it more income elastic; (b) Shift the demand curve to the right and make it less income elastic; (c) Shift the demand curve to the right and make it less price elastic; (d) Shift the demand curve to the right and make it more price elastic.Summarize the six components of a marketing plan.Advertising and sales promotions are ways of persuading consumers to match demand with products offered by sellers. Advertising can be informative or competitive. Explain the good and bad of advertising for society!
- The setting is a Ralph Lauren outlet store, and the product line is Polo golf shirts. A product manager and the General Manager for Outlet Sales are analyzing the discounted price to be offered at the outlet stores. Let’s work through the decision at the level of one color of golf shirts sold per outlet store per day. The decision being made is how low a price to select at the start of any given day to generate sales at that price throughout the day. The demand, revenue, and variable cost information is collected on the following spreadsheet:Questions1. Identify the change in total revenue (the marginal revenue) from the fourth shirt per day. What price reduction was necessary to sell four rather than three shirts?2. Does this fourth shirt earn an operating profit or impose an operating loss? How large is it?3. What is the change in total revenue from lowering the price to sell seven rather than six shirts in each color each day? In what sense is the decision to sell this seventh shirt…Build a chart with columns for traditional grocers, Instacart, and FreshDirect. Add rows showing various advantages to the firm and consumer and use the row/column intersection to show whether the alternative in the column has an advantage over its rivals. Also list how the advantage is realized (e.g., lower costs/higher profits, or strategic asset creation such as improved brand, more data, switch cost creation)The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $18, $14, $12, $6, and $3 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $12, $14, $18, $28, and $34 (one buyer at each price). For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied. Quantity Demanded Quantity Supplied (widgets) (widgets) Price ($ per widget) $3 $6 $12 $14 $18 $28 $34 In this market, the equilibrium price will be per widget, and the equilibrium quantity will be 4 5 0 3 1 2 widgets.
- As a basic rule of thumb, business owners should differentiate their products as much as possible when: a) price competition is intense. b) price competition is subdued. c) costs are low. d) costs are high.The widget market is competitive and includes no transaction costs. Five suppliers are willing to sell one widget at the following prices: $26, $14, $10, $5, and $3 (one seller at each price). Five buyers are willing to buy one widget at the following prices: $10, $14, $26, $34, and $42 (one buyer at each price). For each price shown in the following table, use the given information to enter the quantity demanded and quantity supplied. Price Quantity Demanded Quantity Supplied ($ per widget) (widgets) (widgets) $3 $5 $10 $14 $26 $34 $42 In this market, the equilibrium price will be per widget, and the equilibrium quantity will be widgets.Profit maximizing condition in any market.