...1. Ch.1 - 8 -- As area sales manager for a company manufacturing and marketing outboard engines, you have been assigned the responsibility of conducting a research study to estimate the sales potential of your products in the domestic (U.S. or Canadian) market. Discuss key issues and concerns arising from the fact that you, the manager, are also the researcher. Key issues and concerns 1. The key issues and concerns relating to any research project such as to estimate the sales potential in the domestic market, first points to the issue of defining the purpose of the research, the area sales manager or researcher must distinguish between symptoms of organizations problem regarding the manufacturing and marketing of the outboard engines, the manager’s perception of the problem, and the research problem (Cooper, & Schindler, 2011, p. 13). Conner (1997) also posited the importance of building market research plan by starting the process with a clear statement of the decisions one have to make.(Conner, 1997, p. H15) The purpose of the research should be clearly stated followed by the research process detail. 2. Figuring out the research process detail, the researcher or the manager should provide complete research proposal (Cooper, & Schindler, 2011, p. 13). 3. Research design thoroughly planned would require the manager to ensure exploratory procedures outlined with constructs defined. Sample unit clearly described along with sampling...
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...Group Discussion Board Forum 1 – Part 1 1. Ch.1 - 8 -- As area sales manager for a company manufacturing and marketing outboard engines, you have been assigned the responsibility of conducting a research study to estimate the sales potential of your products in the domestic (U.S. or Canadian) market. Discuss key issues and concerns arising from the fact that you, the manager, are also the researcher. As the area sales manager I will conduct a predictive study. I understand why the decision for the information is needed for this research and the desired goals of the research. I understand that the desired outcome for the company is to estimate the sales potential of our product, the outboard engines, in the domestic market. Further, in order to conduct a quality research, I must have knowledge of market research and be able to interpret the results. Not being knowledgeable of market research could result in poor planning and interpretation of the research results (Marketing Research, 2012). This is sometimes a problem when managers of a company are given the responsibility to do research. In order to be successful in this research I must: a. identify and define opportunities and problems b. define, monitor, and refine strategies c. define, monitor, and refine tactics d. improve my understanding of the various fields of management As the area sales manager, I am knowledgeable of the product, and familiar with its performance...
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...Chapter 4 Key Terms and Discussion Questions Census- is a count of all elements in a population. Data- information collected from participants, by observation, or from secondary sources. Data analysis -editing, reducing, summarizing, looking for patterns, and applying statistical techniques to data Decision rule- criterion for judging the attractiveness of two or more alternatives when using a decision variable. Decision variable- is a quantifiable characteristic, attribute, or outcome on which a choice decision will be made. Investigative questions- questions the researcher must answer to satisfactorily answer the research question; what the marketer feels he or she needs to know to arrive at a conclusion about the management dilemma. Management dilemma- the problem or opportunity that requires a marketing decision Management question- the management dilemma restated in question format. Management-research question hierarchy- is a process of sequential question formulation that leads a manager or researcher from management dilemma to investigative questions. Measurement questions- what participants in marketing research are asked or what specifically is observed in a research study. Pilot test- is a trial collection of data to detect weaknesses in the design or instrument and provide proxy data for probability sampling. Primary data- is data the researcher collects to address the specific problem at hand— the research question. Research design- is the blueprint...
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...Old Mule Farms ACC 502 Managerial Accounting October 15, 2013 Dr. Kyle S. Meyer Introduction In the ever-growing small to large business sector, operational decisions are important to determine if an organization has sufficient resources to maintain its operation, expand, or make investments for the ongoing benefit company. Organizations often employ professional consultants to evaluate operations deficiencies, including the preparation of cost analysis to better gauge their growth and refine its operating decisions. The ultimate goal is to make a recommendation serving the best interest of the company and the owners, based on a cost analysis, future potential earnings, and market conditions. This evaluation addresses the present operating conditions of Old Mule Farms (hereinafter referred to as “OMF”), a family owned cattle farm. The owners are facing critical decisions regarding the future of the farm and have sought assistance to review all factors that may be affecting the profitability of the farm. The evaluation reveals the financial performance of the company using the information provided in the case, including consideration for all the key drivers of performances, including company profit or loss for both short term and long term. The financial analysis will show how each factor influences managerial decisions using the calculation to support the decision. The findings and recommendation proffered to the owners of the farm, focuses on actions that...
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... The UK beef industry is generally defined as an industry which is consist of a complex and in other situations they have an extremely fragmented supply chain, with other correlated sectors and sub-sectors. The British beef industry includes large number of seperated producers and a combined retail and processing sector. Therefore, as the British beef industry consists of many suppliers the industry has an elastic supply. This is because the existance of large number of suppliers enable the industry to react or bring changes to the supply in accordance with the fluctuating demand. The British beef industry is worth £6.4 billion of the British economy, playing an important role in protecting the economy’s rural way of life and providing employment opportunities to more than 130,000 workers. The UK beef sector concentrates on cross breeding dairy cows with beef and as well as concentrating on the international market. Inconsistent or contradiction in composing of finished animals is the biggest challenge the UK beef industry is facing. Having a nature of large number of fragmented foundation of 63,000 supplies, this inconsistency leads to unnecessary costs that should be passed onto the consumers. This creates a negative impact on the quality of beef produced and the value of the customers towards consumption of beef compared to other alternative meats. The industry that is mainly affected due to the demand and supply fluctuations in the British beef industry...
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...price. If the number is equal to 1, elasticity of demand is unitary. In other words, quantity changes at the same rate as price. Close substitutes for a product affect the elasticity of demand. It another product can easily be substituted for your product, consumers will quickly switch to the other product if the price of your product rises or the price of the other product declines. For example, beef, pork and poultry are all meat products. The declining price of poultry in recent years has caused the consumption of poultry to increase, at the expense of beef and pork. So products with close substitutes tend to have elastic demand. Figure 1. Elastic demand Elastic Demand Elasticity of demand is illustrated in Figure 1. Note that a change in price results in a large change in quantity demanded. An example of products with an elastic demand is consumer durables. These are items that are purchased infrequently, like a washing machine or an automobile, and can be postponed if price rises. For example, automobile rebates have been very successful in increasing automobile sales by reducing price. An example of computing elasticity of...
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...price. If the number is equal to 1, elasticity of demand is unitary. In other words, quantity changes at the same rate as price. Close substitutes for a product affect the elasticity of demand. It another product can easily be substituted for your product, consumers will quickly switch to the other product if the price of your product rises or the price of the other product declines. For example, beef, pork and poultry are all meat products. The declining price of poultry in recent years has caused the consumption of poultry to increase, at the expense of beef and pork. So products with close substitutes tend to have elastic demand. Figure 1. Elastic demand Elastic Demand Elasticity of demand is illustrated in Figure 1. Note that a change in price results in a large change in quantity demanded. An example of products with an elastic demand is consumer durables. These are items that are purchased infrequently, like a washing machine or an automobile, and can be postponed if price rises. For example, automobile rebates have been very successful in increasing automobile sales by reducing price. An example of computing elasticity of...
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...on the profitability of individual firms and industries. The text states that downturns in economic activity forced all the fast-food companies to develop new strategies. During this economic downturn McDonald’s was one company in particular that has developed strategies that were influenced by microeconomic changes. A great example is when McDonald’s entered the Chinese market they had to take into consideration consumer taste and acceptance in China. They had to decided whether or not to have the menu in Chinese or English and whether or not to take on the American menu or add more Chinese influenced menu items. Cost also played a part in the China market. Beef was much more expensive and so therefore could only reach a certain percentage of the people. Half of McDonald’s sales in China had been of chicken product with beef only making up 35 percent . 2. Compare and contrast McDonald’s strategies in China with those in Walmart in Mexico. Walmart competitive strategies: Walmart changed its...
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...Grass Fed vs. Corn Fed Michael Green DeVry University Grass Fed vs. Corn Fed The health of America is steadily declining and poor diet is a contributing factor (Pollan, 2006). Meat has become a main staple in the American diet in the last century. In fact, the average American consumes about 180 pounds of meat consisting of beef, pork, chicken, and turkey each year (Pollan, 2006). What the average American may not know is that most of these meats were grain fed during production, which is detrimental to the diets of both the livestock and its consumers. Grain feeding of livestock on American farms should be eliminated because human consumption of these meat products contributes to the decline in the health of America; instead, the United States Department of Agriculture (USDA) should require farmers and producers to provide the healthiest diet for animals to eliminate the health risks of the consumers. Problems Studies indicate that grain fed meats lack key nutrients optimal to the health of America. For almost 50 years most American farmers have been using grain to feed his or her livestock (Pollan, 2006). Grain feeding became prevalent not long after World War II when there was an over-abundant supply of grain (McCluskey, Wahl, Li, & Wandschneider, 2005). Farmers rely heavily on grain feeding because it is a cheaper product, it shortens the growth process,...
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...cheaper seats and better customer service. Classic Airlines is facing the challenges on how to win back the members of the classic rewards that the company offer and how to keep the frequent fliers customers that they have retained to choose Classic over the competitor. This paper will explain some of the marketing concepts to beef up Classic’s frequent flier program with methods that will demonstrate a measurable return on investment (ROI), the marketing challenges it faces, and its current corporate value. Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers and for managing customer relationships in ways that benefits the organization and its stakeholders. Marketing deals with identifying and meeting human and social needs (Kotler & Keller, 2006). Financial success often depends on marketing ability. Finance, operations, accounting, and other business functions will not matter if there is not sufficient demand for products and services so the company can make profits. Classic Airlines Chief Executive Officer (CEO) Amanda Miller, expressed her concern about the declining membership in Classic Rewards which is down by 20% from prior year, which translates to more than 160,000 supposedly loyal customers are flying airline...
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...pay will allow the shipment of products to nearly all geographic locations in the country. Focus groups, market surveys and product demonstrations at several locations were used to develop demographic profiles of each promising location so that zip codes could be used to easily identify future markets when expansion is deemed appropriate. (Note: Results of the surveys can be provided if additional information is desired.) A significant number of consumers are concerned about where their meat products are coming from and how these products are processed. The company will market directly to that group. Since they are highly informed consumers, however, a major task will be to establish credibility. In the farmers markets targeted for sales there are an estimated 100,000 potential customers (based on census estimates). At present, Farmers Choice has reached only a fraction of that customer base. Based on data in the U.S. Census Bureau databases, estimated customer potential is as follows: |Big Town Farmers Market |55,000...
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...Introduction…………………………………………………………………………………. Page 3 Problem Statement…………………………………………………………………………... Pages 3-5 Literature Review……………………………………………………………………………. Pages 5-7 Analysis………………………………………………………………………………………. Page 8 Solutions………………………………………………………………………………………Page Reflections ……………………………………………………………………………………Page References …………………………………………………………………………………….Page Is this the End of Macy’s? Introduction I will be researching and reviewing the department store Macy’s. They have been in the news a lot lately, reporting over 40 store closings and being down 5% in the marketplace. Macy’s has attributed their decline in sales to greater online competition arising, like Amazon and EBay. They’ve stated that there has been a large shift to online operations and away from the traditional mall locations. (Isidore, 2015) This past winter Macy’s sales were down 5.2% with the quarter being its third declining sales quarter. Other problems are said to be a shift away from spending on apparel and housing goods, a drop in international tourism, increasing competition, and a lethargic economy. Can a once department store powerhouse recover, and keep up with the ever-changing technological age or will they become the shadows of online retailers like Amazon? Macy’s plan to come out of the slump is expand outside of the United States, advance its e-commerce system, expand its Bluemercury retail chain (similar to Sephora stores), and raise currency from its real estate. (Wahba, 2015). My research will be devoted to...
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...The Emerald Research Register for this journal is available at http://www.emeraldinsight.com/researchregister The current issue and full text archive of this journal is available at http://www.emeraldinsight.com/0007-070X.htm A preliminary assessment of its form and impact in Gloucestershire Countryside and Community Research Unit, University of Gloucestershire, Cheltenham, UK Keywords Food products, Localization, Rural development, Economic sustainability, Trust, Farms, Retailers, United Kingdom Abstract ``Local food'' is attracting considerable policy and public interest, but evidence is lacking about the emerging contours of the local food sector. This paper offers a preliminary assessment of the local food sector in the county of Gloucestershire. Based on interviews with farmers and retailers, it investigates the scope of local food production in the county, assesses the nature of the local food chain and considers the potential of local food production and marketing for adding value for the various actors in the chain, from producer to retailer. Questions are raised in the conclusion about the coherence and sustainability of the local food sector in the county given the differences in the ways in which producers and retailers construct ``local'' and some unintended consequences of the efforts to promote local food. The local food sector Carol Morris and Henry Buller The local food sector 559 A growing enthusiasm for ``local food'' We believe that one...
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...Grading Summary | | | | Grade Details - All Questions | 1. | Question : | (TCO 1) The Book Promoters Association of Canada members recently questioned what could be done to rejuvenate the Canadian book publishing industry. Some members claimed the problem was Canadian retailers had been replaced by Wal-Marts. Others said the problem was with stodgy promotions. Still others said the problem was caused by too little money being budgeted to fund marketing programs. It was time that Canadian book publishers used __________ to save the industry. | | | Student Answer: | | advertising | | | | sales promotion | | | | publicity | | | | marketing research | | | | tactical support | | Instructor Explanation: | Page 199 – 200 The Canadian publishers could use marketing research to identify and define both marketing problems and opportunities and to generate and improve marketing action. | | | | Points Received: | 3 of 3 | | Comments: | | | | 2. | Question : | (TCO 1) A conscious choice made from among two or more alternatives is called a | | | Student Answer: | | dilemma | | | | quandary | | | | decision | | | | paradox | | | | predicament | | Instructor Explanation: | Page 200 Key term definition decision | | | | Points Received: | 3 of 3 | | Comments: | | | | 3. | Question : | (TCO 1) During the marketing research process, __________ are the specific...
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...MGMT 3800 Business Policy and Strategy Lowell Miller April 14, 2016 Kiara Gitlin MGMT 3800 Business Policy and Strategy Lowell Miller April 14, 2016 Kiara Gitlin Strategic Case Strategic Case I. Core Problem/Issue McDonald’s current challenges consist of many things including their menu, product quality, appealing to millennials, and labor concerns. The new president and CEO, Steve Easterbrook, came at a time when the corporate giant was on its knees in desperate need of way to get back up. One of bigger issues is product quality because it relates to getting the younger customer as well as how the company is perceived worldwide. McDonald’s is one the top 10 biggest brands according to Forbes and Easterbrook desperately wanted to improve public perceptions of the McDonald’s brand. McDonald’s wants to position themselves as a modern, progressive “healthy” burger company in a highly competitive market. Their size made them a convenient target, and more than a decade of negative press including the 2001 book “Fast Food Nation,” the 2004 documentary “Supersize Me,” and Jamie Kennedy’s 2012 “pink slime” exposé had taken its toll. In July 2014, the Big Mac earned the dubious distinction of being America’s worst hamburger, placing last out of 21 in a study by Consumer Reports. McDonald’s also ranked lowest among peers in the 2015 American Customer Satisfaction Index. Fast food restaurants overall dropped 3.8 percent, but McDonald’s fell by 6 percent from 2014...
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