Salvage this file in your class booklet. and name it with Assignment. the subdivision figure. and your first initial and last name. For illustration. Jessie Robinson’s assignment for Section 1 would be named Assignment1JRobinson.
Type the replies to the assignment inquiries below. Use complete sentences unless the inquiry says otherwise. You will hold more than one twenty-four hours to finish an assignment. At the terminal of each twenty-four hours. be certain to salvage your advancement.
Review Lesson 4 of the Course Overview for instructions about turning in your assignments.
Assignment Questions
In Section 1. you learned about economic rules. Now. you’ll use what you learned.
1. Choose a well-known company that you know of. and reply the undermentioned inquiries about it:
a. Is this chiefly a product-based or service-based concern? ( 1. 0 points ) it is chiefly a merchandise based company.
B. What type of good or service is this company best known for? ( 1. 0 points it is a nutrient service company so it is known for the nutrient.
c. What makes the company different from its rivals? ( 1-3 sentences. 3. 0 points ) this company is known for there quality of fast nutrient. The nutrient is prepared much more fresh than other companies much like this 1. This company besides tends to hold more of a scope of nutrients to pick from.
d. Why do you believe this company became successful? Describe at least one ground. ( 1-5 sentences. 2. 0 points ) I think this company became successful because it was non the first company like it and people like to be able to catch something rapidly and travel so fast nutrient plants good.
2. Choose a different well-known company that you know of. and depict its direct and indirect rivals. Describe at least 2 direct rivals and 2 indirect rivals. ( 1-5 sentences. 4. 0 points ) a indirect rival would be for illustration if person opens a store merchandising Malay rice while the opposite street another individual is selling the same rice but so comes along a individual selling Chinese fried rice. Although the individual who is selling the Chinese fried rice and the two other rivals are selling Malay rice. the individual selling the Chinese fried rice is considered an indirect rival. But for another illustration a pizza store in competition humor a fried poulet store would be indirect because the merchandises are non the same but they are still viing for gross revenues.
3. Describe at least 3 nonprice competition strategies a company could utilize to convert clients that its merchandise is better than other similar merchandises. Why would those schemes matter to clients? ( 1-6 sentences. 3. 0 points ) It is better quality so it will last longer. it has a better guarantee in instance anything goes incorrectly. it functions or looks better than the resistance. the design is future projected. They would count to the clients because clients care about the quality of whatever merchandise it is they are perchance believing about puting in. clients besides don’t want things that are traveling to out of day of the month in a twelvemonth. And of class the client is traveling to buy the merchandise depending on how much better they think it is in general including the visual aspect of the merchandise.
4. Describe a existent or made up but possible illustration of a merchandise that went through a clip of scarceness. What was likely to go on to the monetary value of the merchandise when it was scarce. and why? ( 1-3 sentences. 3. 0 points ) intoxicant during the prohibition. The monetary value skyrocketed. As the punishments for interrupting the jurisprudence increased. so did the demand and monetary value.
5. Describe a merchandise you know of that has elastic demand. Why is the demand for this merchandise elastic? Explain. ( 1-3 sentences. 3. 0 points ) a stock in a micro cap company or a gas pharmaceutical company. Its factors are that the authorities suggesting a jurisprudence that is in favour of te industry. media. and merely regular guess.