...approach for given products in a given market. Objective 309.2.4-06: Explain how cross-cultural communication issues affect marketing strategies. Objective 309.2.4-07: Evaluate the impact of specified cross-cultural ethical differences on marketing strategies. Introduction: Businesses large and small now compete in a truly global economy. To be successful in another country, it is essential to understand and appreciate the cultural differences that exist. Business practices and ideas that work well here in the United States may not necessarily be expected to do so in other cultural environments. If you were considering an expansion of your current business into an Asian country, what cross cultural challenges might you encounter? Task: Write an essay (suggested length 3–5 pages) in which you do the following: A. Discuss three major cross-cultural differences that would need to be taken into consideration if your company were to expand into this market based on your selected country. I have chosen to take my business into the Asian country of the Philippines. There will be many cross-cultural differences that will need to be considered prior to the expansion from the United States. Three of these major cross-cultural differences I would like to emphasize on are first, the language barrier; second, I will be covering legal barriers; and third, I will discuss the labor barriers. Language Barrier I chose this as a major barrier in a cross-culteral transition of...
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...TASK 3 Do some research and produce a word-processed report for the Managing Director of PVMS. Explain how these improvements could be made and Evaluate their impacts on PVMS and its staff. There are various ways Progress Vinyl Music Stores could make improvements to provide better network communications and accurate information about stocks easily. For example, through the wide area network, which covers a large geographical area, it allows the staff to share files and it is less time consuming, this helps the staff to have more time, which they can use productively. As well as, the security is good the staffs cannot access confidential data only if they are authorised to do so. Purchasing the network cabling and file servers can be expensive and managing a large network is complicated, thus requires training and a network manager usually needs to be employed and the employees would need to be trained regularly, this is beneficial for the future, considering the...
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...Company A has made a decision to expand their company in Japan. Our company is going to face some failures in this market located in Japan. When looking at this we do not want to fail on our first attempt. Of course, this is a risk that will have to be taken. If there is a failure on this first attempt, we will incur a great expense, and not mention the difficulty to attempt a second attempt in that particular market. I feel that the most important problem that we are going to face will be the language barrier. The official language in Japan is Japanese. If the local business chooses to conduct a business in Japan, a fluent interpreter will need to be present at all times. This is another expense for the company. English is a language that is taught in Japan, but it is not the primary language that is spoken there. The Japanese have a tendency to be passive resistance. There are a couple of things that this culture takes very seriously. One would be body language. Silence is something that is more integrated in their culture and customs. Helping to avoid a misunderstanding between you and the Japanese conversationalist you will need to use the Japanese body language along with verbal communication. Eye contact here in the United States is something that we use, that is considered very important. In Japan this is to be considered very rude and also aggressive. I feel that to get buy in Japan we need to make sure that we have just a basic knowledge of their culture...
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...A. Summarize the four major pieces of legislation collectively known as the Antitrust Laws. Antitrust laws were put in place to make business’s compete fairly. These fall into four main areas: agreements between competitors, contractual arrangements between sellers and buyers, the pursuit or maintenance of monopoly power, and mergers. The four major pieces of legislation collectively known as the Antitrust Laws are; the Sherman Antitrust Act, the Clayton Antitrust Act, the Federal Trade Commission Act and the Celler-Kefauver Act of 1950. The Sherman Antitrust Act has two categories that are targeted; ○ to restrain or prevent trade among states or foreign nations ○ prohibit against monopolies. ○ Only the United States Department of Justice has the power to prosecute individuals who are suspected of violating this act, (unless the individual state has the power granted by its own antitrust legislation.) The Federal Trade Commission Act ○ created the Federal Trade Commission ○ gave the Commission the power to enforce United States Antitrust legislation. The Clayton Antitrust Act ○ passed to prohibit mergers and acquisitions when those would substantially lessen competition. ○ enabled state attorney generals the ability to prosecute and enforce federal antitrust laws. ○ outlawed price discrimination, regulated stock acquisitions, and tying contracts ○ The Robinson - Pitman Act amended the Clayton Antitrust Act by banning...
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...EGT 1 Task 4 In choosing to expand my business globally into the Asian continent, I would highly favor Singapore. After much research, I discovered that Singapore is paramount in global ranking in satisfaction of achieving a successful business. Doing business in Singapore provides boundless advantages which could lead one to believe that establishing ones business there could be done without challenges in regard to cultural differences. Nonetheless, there are several crucial cultural hurdles, if not addressed, could lead to incurring massive costs, should they be overlooked. Following are three primary cross-cultural differences to be considered in doing business in Singapore. In regard to relationships, Singapore is greatly persuaded by Asian ideologies. There is a strong emphasis on the significance of establishing a good relationship prior to doing business. This process is often unhurried as Singaporeans are guarded, wanting to be sure they are forming business relationships with those they are able trust. It is beneficial to keep in mind when doing business in Singapore, devoting time to create solid relationships will be best for business in the long haul. In establishing these bonds, it is crucial to be genuine and demonstrate good character and capabilities. Singapore, being a somewhat immature country, is influenced by both east and west and is well set to do business profitably with both. As the most advanced country in Southeast Asia, Singapore harmoniously...
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...Egt Task 1 Quantity 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 TR TC $0.00 $10.00 $150.00 $30.00 $290.00 $50.00 $420.00 $80.00 $540.00 $120.00 $650.00 $170.00 $750.00 $230.00 $840.00 $300.00 $920.00 $380.00 $990.00 $470.00 $1,050.00 $570.00 $1,100.00 $680.00 $1,140.00 $800.00 $1,170.00 $930.00 $1,190.00 $1,070.00 $1,200.00 $1,220.00 Profit MR MC ($10.00) $0.00 $10.00 $120.00 $150.00 $20.00 $140.00 $140.00 $20.00 $340.00 $130.00 $30.00 $420.00 $120.00 $40.00 $480.00 $110.00 $50.00 $520.00 $100.00 $60.00 $540.00 $90.00 $70.00 $540.00 $80.00 $80.00 $520.00 $70.00 $90.00 $480.00 $60.00 $100.00 $420.00 $50.00 $110.00 $340.00 $40.00 $120.00 $240.00 $30.00 $130.00 $120.00 $20.00 $140.00 ($20.00) $10.00 $150.00 A. 1. Total revenue is found by multiplying output by the price. We also will find the profit amount by subtracting the total cost from the total revenue. From there we look for the largest difference in the Total cost and total revenue which will give us the maximum profit amount. 2. The Marginal Revenue and Marginal Cost approach for profit maximization is found when the marginal revenue equals the marginal costs. B. To figure marginal revenue we divide the change in total revenue by the change in quantity. 1. The marginal revenue decreases by 10 for each of the widgets that Company A produces. C. To figure marginal cost we divide the change in total costs by the change in quantity...
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...EGT1 Task 1 – Marginal Analysis The profit calculation of total revenue and total costs is Profit (P) equals total revenue (TR) minus total costs (TC) and focuses on maximizing this difference. Profit will be maximized when the total revenue, or the amount they would receive by selling that particular widget exceeds the total cost, or the costs associated with making this widget by the greatest amount. The greatest difference between these two is considered the profit.The profit calculation of marginal revenue to marginal costs is different where the company will compare the marginal revenue (MR) they would receive from selling one more widget to the marginal cost (MC) of producing that additional widget, and how much cost it would add to the total revenue and total costs. Profit maximization occurs when the marginal revenue received from the widget is the same as the marginal cost of producing the widget.Marginal revenue is calculated by dividing the change in total revenue (TR) by the change in quantity (Q) sold, which is calculated as ΔTR/ΔQ (MR = ΔTR/ΔQ) (Gish). Another way to figure marginal revenue is to take the total revenue of a particular quantity of widgets and subtracting the total revenue of one less widget. Quantity | TR | MR | 0 | $0.00 | $0.00 | 1 | $150.00 | $150.00 | 2 | $290.00 | $140.00 | 3 | $420.00 | $130.00 | 4 | $540.00 | $120.00 | 5 | $650.00 | $110.00 | 6 | $750.00 | $100.00 | 7 | $840.00 | $90.00 | 8 | $920.00 ...
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...Course ID: EGT 1 Task 2 Task: Section A When discussing elasticity of demand we discover three major terms. When company A reduces the given unit price and the consumer reacts by purchasing larger quantities, which in turn creates an increased profit margin, we term this elastic meaning the increased demand percentage change in quantity is greater than the change in price percentage. Given the same scenario and consumer purchases increase, but not enough to cause a gain in revenue, instead it creates a loss in revenue, we call this inelastic demand. Unit elasticity can occur from the same scenario when the increase consumption causes revenue to remain the same with no increase or decrease. = The coefficient is what economist use to measure elasticity or inelasticity. Section B Cross elasticity of demand measures the sensitivity of consumer purchases. It shows the effect of price changes to consumer purchases. Example product X has price percentage change, which cause a percentage change in purchase quantity of product Y. = When we talk about cross price elasticity as it pertains to substitute goods, we can use the example of Coke and Pepsi. If the price of Coke is raised 15%, the consumption of Pepsi will go up in reaction. Pepsi would be considered a good substitute. This would be considered a positive cost elasticity for Pepsi because of the increase in sales; meaning that the sales of one product moves is the same direction as the change in price of another. In short...
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...Task I EGT 1 Western Governors University November 10, 2014 A. In this monopolistic competitive market scenario, profit maximization can be arrived by working the numbers in two separate approaches. The first is Total Revenue to Total Cost and profit maximization is derived by taking the total revenue and subtracting the total cost at each quantity level. Profit maximization is at the point where the gap is the largest between TR and TC. The second approach is Marginal Revenue to Marginal Cost. In this approach profit maximization is obtained by determining where MR is equal to MC. B. In the table below, the Marginal Revenue was calculated by the change in total revenue of that resulted from selling one additional unit of output and is further defined as the change in Total Revenue divided by the change in Quantity. Marginal Revenue decreases in this table because the Marginal Costs continues to increase as shown in the MR chart below: C. In the table below, the Marginal Cost increases and is a result of the additional cost of producing of one more unit of output. The calculation is derived by taking the change in Total Cost and dividing it by the change in quantity. Since the Total Costs increases between most units, the Marginal Costs also increase. See chart below: D. Profit maximization for Company A in the table below is at the quantity of 8 units of 8 because of the higher revenue. Using the Total Revenue to Total Cost approach (hi-lighted...
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...EGT 1 Task 1 William Jarrod Reed Western Governors University Student ID: 000178779 Mentor: Aminah Abdul-Hakim Throughout this task I will do my best to explain how firms determined to maximize profit do just that. Specifically I will delineate how such firms choose the optimum level of production or output for the goods they produce and how they behave with respect to various elevations of marginal revenue. In my attempt it will be appropriate for me to clarify the definitions of various economic terms in order to assure a proper understanding of my thoughts on this topic, I will provide these definitions throughout. Understanding the concept of profit maximization lies with the explanation of total revenue to total cost and marginal revenue to marginal cost. Total revenue is nothing more than the total quantity of a firm’s sales of a given product. On the other hand, marginal revenue is simply the increased revenue the firm will attain when it sells precisely one more unit of a product. We look to total revenue to reveal just how much money the firm will accrue from selling a specific quantity of product and we look to marginal revenue so that we might understand how much additional money the firm will make from the sale of each additional unit of that product. On the other side of the coin total cost tells us the entire economic cost incurred by the firm when it produces a specific quantity of a product. Marginal cost on the other hand describes...
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...EGT-1 Task 3 Revised A. Summarize the four major pieces of legislation collectively known as the Antitrust laws. United States antitrust law is a collection of federal and state government laws, which regulates the conduct and organization of business corporations, generally to promote fair competition for the benefit of consumers. The four major pieces of legislation known as the Antitrust Laws include: The Sherman Act, The Clayton Antitrust Act, The Federal Trade Commission, and the Celler-Kefauver Act. The Sherman Act was created in 1890 had two major provisions which was to prohibit conspiracies to restrain trade and also to outlaw monopolization. In 1914 the Clayton Act was passed to expand off of the Sherman Act. The Clayton Act strengthened the Sherman Act in several ways: price discrimination, typing contracts, acquisition, and interlocking directorates. In 1914, the Federal Trade Commission Act (FTC) was created to enforce antitrust laws and the Clayton Act in particular. The FTC investigates unfair competitive practices and when appropriate issues cease-and desist orders. In 1950 the Celler-Kefauver Act was created to close the loophole the was left available from the Clayton Act’s Section 7. This clause was put in place to stop a firm from acquiring stocks in a competitive firm in order to merge. The Celler-Kefauver Act closed that loophole in order to prevent any firm from reducing the competition. (McConnell 375) B. Discuss the intended purpose of industrial...
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...EGT 1 Task 1 A. 1. The profit maximization approach used when total revenue and total cost are compared is the largest positive gap or profit gained between total revenue less total cost. In the table provided the largest profit or profit maximization would be $540. When you produce 8 items profit is at its highest point. To calculate total revenue you take the price times the quantity and to calculate total cost you take the sum of variable and fixed costs. 2. The profit maximization approach used when marginal revenue and marginal cost are compared is to take the marginal revenue less the marginal cost. In this process you look at how each additional unit affects total revenue and total cost. Marginal revenue is equal to the change of total revenue divided by change in quantity and Marginal cost is equal to the change in total cost divided by change in quantity. Once marginal cost exceeds marginal revenue it is not effective to produce the product and there is no longer a profit maximization. The profit maximization approach when using marginal revenue and marginal cost is to make as many products as you can until marginal cost equals marginal revenue. B. 1. Marginal revenue it the change in total revenue divided by the change in quantity. To get total revenue so that you can calculate marginal revenue you need to take the price times quantity less total cost. Marginal revenue becomes elastic and stays constant when there is perfect competition. But marginal revenue usually...
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...another. Based on the incorporation of products into product groups, mixed integer linear programming (MILP) models are proposed for two scenarios, with and without backlogs. Then, the models are successfully applied to a real-world case with 70 product orders over a 128-h planning horizon. Compared with a literature model developed for a similar problem, the proposed models exhibit significantly better performance. 1. Introduction In the past decade, a large number of optimization models and approaches have been proposed for batch scheduling and planning. A number of reviews on the planning and scheduling of batch processes have been presented in the literature.1-6 Initially, discrete-time formulation models using the state-task network7 (STN) or resource-task network8 (RTN) were used for batch scheduling problems. Because discrete-time formulations become extremely large for large-size problems and finer discretizations, several techniques9-11 have been proposed to reduce the computational effort of large discrete-time MILP models. Increasing attention has been paid to continuous-time formulations to overcome the difficulties of discrete-time formulations. Pinto and Grossmann12 proposed a continuous-time...
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...EGT: Task 2 Elasticity of demand references the level of reaction that a consumer will display to a price change of a particular product. In general, this term describes a % change in the quantity demanded in response to % change in pricing. The general equation used to calculate elasticity of demand is defined as: (Gillespie, 2010). This number is then compared as a critical threshold. In the case of elasticity of demand, the critical threshold number is 1. If the result is greater than 1, the product is said to be elastic. Highly elastic products can offer a slight change in pricing and expect a sharp change in the demand for that product. If this number is less than 1, it is referenced as inelastic. These particular products are considered less price sensitive and can expect only slight demand for change in pricing, regardless of degree. In rare occasions, the elasticity of demand will be a perfect 1 and the unit will be considered unit elastic. Unit elastic essentially means that any change in price, whether large or small, triggers exactly the same percentage change in quantity (1- to -1 match). Cross price elasticity measures consumer responsiveness for the demand of a particular product to the change in price of a similar product. The equation for determining cross price elasticity is as follows: (Robert, 2008). Unlike elasticity of demand, this calculation is capable of producing negative results and the threshold number is 0. In the case of a positive...
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...EGT Task 1 A. Demand of a unit is inelastic when the price is one and the increase to price makes the revenue higher. Elastic demand occurs when the price is higher than one and with the fluctuation of prices increase and decreases total revenue will incline or decline. A good example would be when the demand measurement is changed as when a company lowers the price products to boosts or increase sales. B. The cross elasticity of demand measures how sensitive consumer purchases of one product (say, X) are to a change in the price of some other product (say, Y). We calculate the coefficient of cross elasticity of demand Exy just as we do the coefficient of simple price elasticity, except that Cross-price elasticity is a measure of how sensitive consumer purchases of one product are to a change in the price of some other product .Substitute goods are goods that can be used in the place of other goods, like bread and bagels. Complementary goods are goods that are used along with other goods, like coffee and creamer. In other words, they “complement” each other. 3. Income elasticity measures how much a change in a consumer’s income will affect their purchasing habits of normal goods, such as automobiles, groceries, and houses, as well as inferior goods, such as potted meat and bus tickets. Goods whose demand rises when incomes rise but decreases when incomes fall are normal goods. Goods whose demand rises when incomes decrease but decreases when incomes rise are...
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