...To answer question d, note that the graph shows the trade-off between producing capital goods (machines, tools, and factories) and producing consumption goods (food, clothing, and movies); which of these will add to an economy’s ability to produce in the future? a. Point E is currently unattainable because that point is beyond the line meaning that there are not enough resources to reach that point. b. Points B, C, and D are efficient because the points are on the line in the graph. c. Point A is inefficient because that point is below the line meaning all resources are not being used. d. Point D is likely to have the highest growth rate because there are more consumption goods being used at that point. 2. Refer to Problem 3.7 on page 62 of the Hubbard/O’Brien textbook. George represents households while BMW and McDonald’s represent firms. For each transaction, identify whether the transaction takes place in the factor market or the product market. • If the transaction takes place in the factor market, indicate whether households are supplying or demanding factors of production and whether firms are supplying or demanding factors of production. • If the transaction takes place in the product market, identify whether households are supplying or demanding the good or service and whether firms are supplying or demanding the good or service. a. This transaction takes place in the product market. The households...
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...Cunard represented royalty and excellence. And now in difficult times if it resorts to cheap selling tactics. It may now go well with it’s previous customer base hence losing them forever. The trick is in what company says, rather than what a company does. Hence it’s communication medium to the rescue. Curard A luxury brand Price and service differential between Cunard and its competitors — White Star Service. Occupies 'upper-range' brand image. Can capitalize on that. Protected by high entry barriers, namely price. But this goes for all it’s direct competitors. Aesthetic service dimensions — elegance, formal 'class' system. Known by all, consumed by few. Brand has sustained itself after creator's death, reason is good management and loyal customer base. One of the oldest brand in this industry Providing 5 star and 4 star facilities under one brand name. Different types of ships under the Cunard Brand (Big Ships eg QE II, yatch) Effect of Cunard Brand on perceived quality and tradition. The Cunard Brand is as strong as the Brand equity. Challenges Maintaining the same customer satisfaction...
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...Keller Graduate School of Management Case Study 1: Guest Satisfaction at the Convention Center Hotel Week 3 Irene Garcia Vilardosa HOSP582 Survey of Hospitality Management Dr. Pratt Introduction In order to be successful in the market it is not sufficient to attract new customers. Managers should also concentrate on retaining existing customers implementing effective policies of customer satisfaction and loyalty. In hotel industry, customer satisfaction is largely hooked upon quality of service. A management approach focused on customer satisfaction can improve customer loyalty, thus increasing the positive image of the touristic destination. Hence, exploring the importance for customers of hotel attributes in hotel selection is indispensable. Problems with front office In order to solve the customers dissatisfaction issues related with check in and check out, Frank should take into account the reservations and have more employees working at front desk when the number of reservations is higher so they do not have to be waiting for a long time. During major arrivals and departures days, the staff has to be increased so that the guests are quickly addressed and they can continue with their trips or business without wasting too long. Problems with housekeeping When dealing with a situation as described in which rooms are not ready, there are usually two possible options to consider. Either the housekeeping staff is not enough considering the number of...
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...Customer Acquisition for Facebook We all need to acquire new customers to make our products and businesses work. Whether there are a few users paying big bucks or thousands visiting your platform for free, how you get and retain customers is what is important. But ask yourself: are you really ready for more customers? Is your team set up to handle an influx of users? What’s your promotion strategy – inbound marketing or traditional PR? This extensive guide will walk you through what user acquisition is and how to execute a plan. Is Your Product Ready for User Acquisition? While Mark Zuckerberg’s famous “move fast and break things” motto might be useful advice in many startup situations, it may not be the best advice when it comes to customer acquisition. The decision to take your product to market and begin onboarding customers should be given the weight it deserves. You have spent months (if not years) developing your product, so the execution of your user acquisition strategy must be thought out very carefully. First of all, is your product even ready for some/many users? Are there still bugs that will render the customer experience completely flawed? While Zuck’ s “done is better than perfect” philosophy is wise, it would be a mistake to launch a broken product. Why Being Prepared Matters ? The customer acquisition process for startups is hardly linear or predictable, but that doesn’t mean that thoughtful planning is not useful or necessary. Even software giants...
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...McDonlad's has a nice business strategy that they follow and its helping them making good business. Having their customers as one the most important strategy of the company is really good. Customers play a big role in succeeding the business. with no customer satisfaction you will have no business at all. This could make them on top on other business if they know how to implant it right in their business. Also staffing the right people in the right positions is important along with satisfying their employees' will provide their customers a good customer service. If the employee is satisfied with what he/she does and with the company he/she works with, then this will result a good customer service and good business which means great profit for the company and good compensation for the workers. Its like a formula you have to implant it in the business. Human resources is a huge field in any business. It plays a huge role in making a great business. Staffing, compensation, training and hiring are major stations in any business and the foundations for it to be successful. having the right worker in the right place with great background and satisfactions are the main keys. McDonald hires teenagers, those young people are full of energy and Mcdonald is their first job for the majority. They work their way through and move up to higher positions as they are energetic which i think its smart to hire people like that because they compensations aren't that much. Some possible talent-related...
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...Question 2) Current weaknesses in providing service quality through their retail outlets Gap 1) Knowledge (Listening) Gap (Expected Service vs. Perceived Expectations) • Market research orientation: Market research document is available. However continuously information about customers needed in terms of complaint management process, customer interviews and surveys. • Upward communication: No structural feedback exchange implemented to gather information from sales reps. • Consumer relation: No customer program in place to get information of customers’ specific preferences and insights of customers buying decisions as well as more detailed information of purchase frequency. Gap 2) Design Gap (Service design vs. perceived expectations) • Kinko’s offers its customer base with a wide range of services and products. In order to provide a such a variety of products Kinko’s stores were divided up in many areas ( self service areas, self-service computers, photocopiers and other machines etc.) • Self service areas were quite crowded with customers and almost no service support employees helping the customers. In contrast the retail areas were the least crowded. However Kinko’s sales reps. located themselves consuetudinary mainly around the staffed service counters. Consequently the self-service counters were understaffed. No efficient and effective resource allocation • Customer were not satisfied with the self service areas as they find the setup complicated as well...
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...decentralized method to market its products. It had very strong relationships with their suppliers and that’s why it had more than 250 suppliers in the world. It started a program called “partners for growth” to improve its relationship with the suppliers. It tried to take supply from the countries where cost is low like China, France, and Brazil. For marketing and selling their products Philips used very dedicated sales representatives and other options also like indirect channels. Customer service is very good. It provides 24 hr. service to clients. On the other hand Matsushita focused on centralization and it has highly efficient organization in Japan. It focused on local sourcing but still they got the control of quality and productivity of their goods. It was not dependent on one supplier. It has suppliers in all the parts of the world. It works with its suppliers and has very good relationship with the suppliers which help in maintaining the quality of the goods. It also tried to set up plants and produce raw material for their final products. Globalization becomes difficult for Philips It became difficult for Philips to globalize its strategies because of the fast growing competitors in the market. The other factors were also responsible for this. It had a very less profit margin which was around 1-2% only. Their poor global strategy was also because of fragmented management. It was very slow in bringing new products to the global market for e.g. other competitor...
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...which we believe best applies to Kudler Fine Foods. Also review how what the effectiveness of the competitive strategies in the market structure affect the organization. Kudler Fine Foods is a local upscale specialty food store in the Sand Diego area with 3 locations. It is their mission to provide their customers with the very best domestic and imported wines and foods such as fresh bakery/pastries, produce, meat & seafood, condiments, packaged foods, and cheese’s/specialty dairy products (Apollo Group, 2011). They use only the finest organic ingredients. Whenever possible they purchase local produce from organic farmers. They use unbleached flour in their bakery goods and they don’t add unnecessary preservatives to products. Food is rotated from the shelves on an ongoing basis. Those items that are still in “good” condition are donated to local homeless shelters and food kitchens (Apollo Group, 2011). Bases on the resources available to us Kudler Fine Foods is very competitive in their market. They have increased loyalty and profitability of their consumers. This has been done by expanding their services such as parties and frequent shopper programs (Apollo Group, 2011). These programs will create an increase in revenue and customer base. Kudler Fine Foods is also geared towards providing customers with new gourmet selections. This allows them to follow current trends of their customers’ needs/wants and be able to set a price on their items. By being flexible on price...
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...4. Strategic recommendations on International Commercial Strategy for eBay. As a result from operations in China, there were some lessons to be learned from the unfavourable result of the so-called alliance of eBay and EachNet: * Think globally, act locally – cultural differences can create a strong constrain with the customers and it is necessary to adapt to the local market and its preferences. * Never underestimate your opponent – eBay was outperformed by its competitors that were able to satisfy customers’ needs. * A good name does not always do the trick – in order to win over customers, you need to have a good history in China. * Mature markets vs. emerging – eBay strategy, which proved itself in mature markets, may not be appropriate in emerging, developing markets. This requires eBay to revise its strategy and conduct an in-depth research in terms of customer behaviour and cultural differences. In order to better evaluate the best international commercial strategy for Ebay we have developed a QSPM matrix. We discussed and evaluated two possible strategies: further expansion into international markets or expand operation into B2B market. Quantitative Strategic Planning Matrix Nr | Key factors | Expand further into international markets | Expand operations into B2B market | | Opportunities | Weight | AS | TAS | AS | TAS | 1. | Growing internet usage, more than 420 million people use internet | 0.07 | 4 | 0.28 | 2 | 0.14 | 2. | Generation...
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...you can lay a great foundation and get clientele right away but also remains competitive with them. These are all things that can lead to success from the start. Researching the demographics can also play a huge roll into what type of customers are going to come in and what they are going to pay versus what you charge. All of this is crucial when it comes to staying in business but also being successful. When you are up and running a big thing to look into would be something like customer satisfaction. This can help your company out a lot. By researching but people would like different or what they liked versus what they didn’t like you can try and please as many people as possible to make sure that everyone is happy. It seems to me that good companies do their respective...
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...Name - Aeint Myat Noe Zaw ID – 5608000051 1. The competitive strategy that the credit card companies are pursuing is product differentiation and customer and supplier intimacy. In product differentiation, we make use of information system (IS) in order to create new product and services at the lower cost. According to the case, the credit card companies are making use of the data to track down various buying habits and create new services in terms of promotions. The use of information system (IS) makes the credit card company track down these habits more accurately. In customer and supplier intimacy, by using information system (IS), credit card companies collect data every time a cardholder makes a purchase. This allows the company to get to know its customers at a glance. By recording and tracking all of the credit cardholder’s purchases, the company is better equipped to learn its user’s behavior and having this information can help the company with factors such as future promotions for additional products or guard against credit card fraud and identify theft. Information system (IS) supports this strategy by allowing the credit card companies to collect process and store this data. In a way that it will be to use and access by employees. It also helps to keep track of their records and allows them to spot and react faster to discrepancies. 2. The business benefits...
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...Wuhan University of Technology School of Management Science and Engineering Case for Critical Analysis: Edmunds Corrugated Parts and Services Program: PhD. Enterprise Management Subject: Advanced Management Question 1 SWOT Analysis STRENGTHS * Good Reputation * Proven Reliability in delivering service to customers * Personalised Service to the Customers * Dominant Market Share * A Company Culture that is based on Diligence, Loyalty and Reliability among Employees | WEAKNESSES * An aging employee base that’s due for retirement and cannot be easily replaced * Minimal use of the internet and technology in general * Specialised market | OPPORTUNITIES * Product Diversification possibilities * Making use of the internet to possibly gain wider access to the local market and entering new territory in the global market arena * Possible Joint Venture Agreements to enable the company to diversify its products and offer access to other markets in other countries | THREATS * Higher Cost of raw material * Change in the Box Industry * Fluctuating demand in manufacturing output * Alternative New products entering the Market. E.g. Plastic Film * Consolidation in the Paper Industry wiped out customers/clients | Question 2 Role of the Internet The internet would increase bargaining power of the company; this will be the case as procurement over the web would give the company a wider access to customers and also enable easy access of the...
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...Marketing Plan Raymond Heller MKT/230 December 1, 2013 Marketing Plan R@DIO is a new music streaming service for your computer or your mobile phone. This service allows you to browse through thousands of artists and songs. For each artist we have we supply the listener with every album that artist has made along with every song that the artist has came out with, this allows you to find the exact song you may have been looking for and can not find it anywhere else. You can look up an artist of your choice and choose to listen to streams from them and other artists or you can choose to stream through all of their albums and the bright side of that is R@DIO gives you free unlimited skips. Another feature that R@DIO offers is if you like a song you have the choice to buy it straight from the app itself, instead of searching the internet for that song. You can listen to your favorite artist anywhere you go because R@DIO also haves an app that you can download on your phone, you can either listen to it on your computer, your cellphone or a portable music player such as an iPod. R@DIO will operate through its online web site where many of its customers can go and login and access their playlists and their favorite artists. R@DIO focuses its marketing activities on reaching the people who listen to music, children, teens, young adults, adults, and the elderly, basically anyone who has a general interest in any kind of music. Market research shows that these are the customer groups...
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...Make a customer analysis and segment the market. What impact does your analysis have on the current business model of the company? Customer analysis The customer analysis is the depth analysis of the end-users; this entails all of the characteristics of the customer. These characteristics include the following: * Geographic characteristics * Demographic characteristics * Psychographic characteristics * Behavioral characteristics These characteristics all combined can identify the exact group of end-users that are targeted by companies like Netflix. Geographic characteristics Geographic characteristics, also known as geographic segmentations, include the details the operation area of the company. Netflix is viewed on an international market, which implies that the operating area is the global streaming market, at least in this case. Netflix doesn’t focus on all countries yet, their main focus is, according to the recent data, on the following countries: * * USA * Canada * Ireland * UK * Norway * Sweden * Denmark * Finland * The Netherlands Another detail of the operation area of Netflix is the internet. Netflix is mainly operating and generating cash flows from the World Wide Web. This identifies the customers to only the potential customers that have access to the World Wide Web. Demographic characteristics Demographic characteristics, also known as the Demographic segmentations, include the details of the customer’s...
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...HANDY ANDY INC. Case 7-1 1. Is this a customer service problem? Why or why not? The issues that Jose` Ortega discovered concerning Handy Andy are customer service problems. The customer does not recognize the separate segments of the supply chain; they only acknowledge the supply chain as Handy Andy as a whole entity. There were several “service failures” throughout this case. Although it was not noted that there were lost, damaged or incorrect deliveries; there was still a disconnect in service that left the affected customers dissatisfied. Service failures dictate crucial “moments of truth” for a retailer and its customers. These moments are vital to whether a customer will repeat business with the retailer. The first service failure discovered was that factory distributors were stealing the current customers of the smaller retailers by discrediting the retailers and Handy Andy, Inc. The customers were told they would not get quality service unless they dealt directly with the factory distributors. It was also noted that Handy Andy’s warranty policy came under attack. Second, some customers stated that when they ordered units from the retailer, the delivery too longer than expected, some units were never installed and the installation technician rarely spoke to them. These practices undermined the customer expectations and negatively affected customer loyalty. In this case, Handy Andy’s customers are unlikely to repatronage a company that seemed untrustworthy...
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