...1. Introduction Australian retail petrol stations are operating through a network of different major oil company such as BP, Shell, Caltex, Mobil etc. Some are privately owned and operated; some are agents operating the service stations under an agreement with the oil companies; many are owned by those companies. They all provide essentially the same products to customers; the difference lies in their locations, value added service and their marketing programmes. The fuel price levels vary between service station operators due to “the location, quality or the price policies of the operators. Australian’s oil industry has some unique characteristics and very competitive local environment. Therefore, in many cases petrol suppliers use the lens to focus the elements of marketing mix so that the consumers receives an overall message about quality, cost, performance and the product’s position compared with competing brand. 2. Elements of Marketing Mix Marketing mix is the term used to describe the combination of the four inputs: the product, the price structure, the promotional activities, and the distribution system that the firm uses to pursue the sought level of sales in the target market. 2.1 Product The product aspects of marketing deal with the specifications of the actual goods or services, and how it relates to the end-user's needs and wants. The scope of a product generally includes supporting elements such as warranties, guarantees,and support. The product mix includes...
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...INTRODUCTION In the competitive market organisations operate in today, at the forefront of organisation goals is to remain profitable and maintain or gain market share. To achieve this organisations must find ways to engage customers and present goods or services that will ultimately deliver customer satisfaction. In order to successfully position their offer in today’s dynamic environment, organisations employ the use of the marketing mix. This report discusses the four components that form the composition of the marketing mix, commonly referred to as the four P’s. These four components include, product, price, place, and promotion. They are considered the very building blocks of marketing. Each component is explained and applied to the functions of Australian retail petrol outlets, which will provide a solid understanding of the significance of the marketing mix in the market. THE MARKETING MIX PRODUCT The product is a combination of many different components, all of which attribute to its success within the market. A good, service idea or place a product is anything that can be offered in an exchange, that meets the customers needs or wants. Products can be tangible (physical item that can be touched) or intangible such as a service. Products are usually referred to as having three layers, a core, actual and augmented. In the core are all the products benefits to the consumer. The actual describes the product itself. The augmented are the features or additional...
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...Core Economic Principles Applied Macroeconomics Rodolfo M. June 2, 2014 Universidad Iberoamericana In today’s modern world, economies are looking for sustained and consistent growth; especially LDC’s who have stayed behind the pack due to specific event and situations. That is the case for the Dominican Republic, a “growing economy” who looks to make the most out of its labor force, natural resources and average market conditions. Since its beginnings, the DR has struggled a lot in possessing politic stability, all the way back to the beginning of the 20th century up until this day we still find the fate of many (citizens) controlled by the few (politicians). In his paper, Rodrik highlights that economic principles and policies are just a base that countries must use and understand, then build around those principles and mold them according to that economy’s needs, wants and characteristics. The DR is the perfect fit for applying Rodrik’s beliefs, it is a country with lots of natural resources (gold, minerals, fresh water, forests, landscapes) and a population willing to move forward and work hard for a good future. The US itself has been built on pure capitalism, letting markets rule themselves, low taxes incentivizing businesses and organizations, and education; so why doesn’t the DR adopt US’s policies and principles in order to create growth? Very simple, it lacks the final component, education. Education is one of the most important pillars of a...
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...Name: Lee Jiun Xuan Student ID: M2295636 Lecturer: Dan Joon Chew Question 1 Consider the introduction of the Infiniti Brand by Nissan and discuss how this sub-brand relates to a particular target segment for Nissan? Nissan is a Japanese multinational automaker headquartered in Yokohama. It is the third largest auto manufacturer in Japan. It was established on 26 December 1933. (Nissan, 2012) Nissan of the exported is a Asia, North America and Australia. Nissan car also the world-famous automobile engine manufacturers, Nissan VQ series engine in 1995-2008, selected to fourteen years in a row Huade ten best car engines. In 2010, Nissan automotive global sales compared with 2009, increase by 21.5% total sales is 4,080,588 vehicles, to transcend Honda motor company, ranked second in the Japan automotive. (Nissan, 2011) Moreover, Nissan plant to follow a multi-pronged approach with a network of alliances to manufacture a complex array of future products in all classes up to eight tones gross vehicle weight (Palmer, 2009). According to Infiniti (2012), Infiniti was established in 1989 in the United States, the listing of the models include the Infiniti Q45 performance luxury sedan and Infiniti M30 full control luxury coupe. Within a few years, with excellent product performance and attentive customer service, Infiniti quickly become the most important brand in the luxury car market in the North America. Infiniti brand is a one company, so if want to achieve the target...
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...can see from the graph, the price movements in oil from 2002 to 2011 were constantly increased from 2002 to mid of 2006 and it slightly decreased until 2007. Unfortunately, the oil price have a major increased from $55 per barrel to $145, the highest peak price among all these years in 2007 to July 2008, however, it doesn’t last any longer, in 2008 to 2009, the oil price dropped from $145 per barrel to $39 per barrel and this is also a major changes in price among these years. Then, the price of oil started to increase steadily after its major changes in price for the last one year. Demand, in economic terms, shows how much of a product consumers are willing to purchase, at different price points, during a certain time period. After all, we all have limited resources, and we all have to decide what we're willing and able to purchase, and at what price. As an example, let's look at a simple model of the demand for a good – let's say gasoline. If the price of gas is $2.00 per litre, people may be willing and able to purchase 50 litres per week, on average. If the price drops to $1.75 per litre, they may be able to buy 60 litres. At $1.50 per litre, they may be prepared to purchase 75 litres. Note that while some gas usage is essential – driving to work, for example – some use is optional. Therefore, as gas prices drop, people may choose to make more optional trips during weekends, and so on. This figure above illustrates the law of demand: as price falls, the corresponding quantity...
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...Economics Project Effect of Inflation on Household Budget Submitted by- Chander Prabh Jain (14109035) Vasu Singla (14109050) Vikrant Das (14109007) Arpit Dhiman (14109006) Dhruva Gupta (14109010) Branch-Production Contents Pg 3…………………………………………………………….Abstract Pg 4……………………………………………………………..What is inflation? Pg 4 – 6………………………………………………………….Types of inflation Pg 6 -7 ………………………………………………………….Causes of inflation Pg 8………………………………Measurement of inflation and issues encountered Pg 10-11……………………………………………………………Factors affecting demand Pg12 - 13……………………………………………………………..Factors affecting supply Pg 14-15………………………………………How Can Government Control Inflation? Pg 16-19…………………………………………………Effect of inflation on various sectors Pg20-21…………………………………………………………..Literature review Pg22-23………………………………………………Needs, Objectives and Methodology Pg24……………………………………………………………...
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... SUPPLY, PRICE AND INCOME ELASTICITY Essay Statement This essay is to critically discuss the concepts of demand and supply. That helps to understand how the product’s own price and income elasticity of people relates with each other. We would also discuss how these concepts would be useful to evaluate the fluctuations in the oil prices the world has experienced from January 2014 until August 2015. Demand Quantity of a particular product or service that is desired by the buyer is called Demand. The demand is basically depends on the price of the product. If the product price is low then the demand is high on the other hand if price is high then the demand is low. This relationship between demand and price is known as demand relationship. In this way the amount of a good that buyers purchase at a higher price is less because as the price of a good goes up, so does the opportunity cost of buying that good. In this way people will naturally avoid buying those things that are not valued for them. The chart below shows that the curve is a downward slope Figure1. Demand Relationship Curve The chart shows that higher the price lower the demand. Here P represents Price and Q represents Demand. So P1 is showing high price but Q1 means Demand is very low at that level. Then price goes down at P2 the demand increased at Q2 and so on. That means generally price reflects the demand. This demand relationship curve illustrates the negative relationship between price and quantity...
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...OUTLINE Introduction A. What effects can produce oil prices increase? a. Brief history and evolution in oil markets b. Causes of the increment in oil prices B. Colombia on the two sides of oil prices rise effects c. Brief description of effects d. Brief history of petroleum industry Body I. International context a. Global situation of oil prices b. Volatility and Dutch disease II. Colombia Case c. analysis of effects in the macroeconomic view: inflation and currency appreciation Conclusion A. Which are the solutions to control the harmful effects of oil prices increase B. What strategies are implementing in Colombia to deal with the effects of oil prices increase. Thesis statement Since the 1970s the world hadn`t experienced an oil increase like the one that is happening these days where many countries are concerned about the effects that this phenomenon can bring to their economies. As an oil exporting country, Colombia has to deal with a lot of challenge in order to transform all the revenues from petroleum into benefits to their society. However there are some effects that can bring some instability to this small economy, especially the one that international markets create a speculative bubble which can end in the Dutch disease. ‘The Dutch disease is a major market failure originating in the existence of cheap and abundant natural or human resources that keep the currency of a country overvalued...
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...Adam and C. Frayne Updated November 2001 1. Introduction This document provides an overview of the UK tax system, describing how each of the main taxes works and setting their current state into the context of the past 22 years. We begin, in Section 2, with a brief assessment of the total amount of tax raised in the UK and the individual contribution made by each tax. In Section 3, we describe the structure of each of the main taxes: income tax; National Insurance contributions; value added tax and other indirect taxes; capital taxes such as capital gains tax and inheritance tax; corporation tax; taxes on North Sea oil production; local (council) tax; and the non-domestic property tax. The information given in these sections relates, where possible, to the tax system for the fiscal year 2001-2. In Section 4, we set the current system in the context of reforms that have taken place over the last 22 years. This section attempts to draw together elements such as the changing structure of income tax and National Insurance contributions, the taxation of different forms of saving and developments in indirect taxation, corporation tax and local taxes. 2. Revenue raised by UK taxes Total government receipts are forecast to be £398.4 billion in 2001–02, or 40.2% of UK GDP. This is equivalent to roughly £8,500...
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...The R22 million acts as an injection into the circular flow of income as the solar energy solutions company would need to hire more people to install solar panels, electricians, health and safety officers and builders to reinforce the roofs. Suppliers of the solar panels and batteries would also be able to benefit from the tender. The employees of this tender will use 80% of their income to spend and the remaining 20% to save. Therefore the R22 million will become steady income for many people. This will allow the people working on the tender to spend some of their income and save some of it. R17.6 Million would be used to spend on other sectors of the economy such as restaurant’s and vacations. There would be a saving of R4.4 million. The R17.6 Million would now become someone else’s income and they too would use 80% of their salary on other sectors of the economy to spend and save the remaining 20%. They would spend R14 080 000 and save R3 520 000. This would carry on going until the money eventually runs...
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...requirements profitability ( The chartered institute of marketing ) • The right product, in the right place, at the right time, at the right price (Adcock et al). Marketing Orientation: Product concept- This is when a company or an organisation for e.g. Apple improve there product such as the iPhone by adding new features to it so it’s better than the last phone. This is because it maintains the interest of existing customers and also attracts new customers. Selling concept- This is when a company or an organisation persuades customers into buying products through aggressive selling for e.g. putting on special offers. Production concept- This is when a company or an organisation sell on selling the product as cheap as possible. This is because it attracts more customers and by selling the product cheap as possible they use cheap materials to increase profit margins. Marketing concept- This is when a company or an organisation focuses on the customers where the business looks at all aspects of the business to insure that it has the customers at the heart of all its decisions making. For example, a range of products, a range of prices, facilities, affect customers services. Tesco: Tesco uses market orientation so they persuade people to buy there own branded products. This is a useful technique for Tesco because people who are living of benefits or don’t have enough money to spend they can buy Tesco’s own products than the high street brands because it...
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...overall figures on the table. The highest figure is the walking activity, the reason for this being that anyone can take part in walking and it requires no money unless you want to get specialised walking equipment. Walking costs no money at all and allows you to explore literally anywhere you want. Males and females can take part in walking as well; this is why there is only a 2 person difference between men and women. The lowest figures are joint between badminton and bowls. The reason for this being that these activities require equipment to play whereas walking for instance, does not require anything and any cost. S2 S2 S1 S1 Q7) Price Price D1 D1 Quantity Quantity The term Demand describes a consumer's desire and willingness to pay a price for a specific good or service. Holding all other factors constant, the price of a good or service increases as its demand increases and vice versa. The term Supply describes the total amount of a specific good or...
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...Licensed to: CengageBrain User Licensed to: CengageBrain User This is an electronic version of the print textbook. Due to electronic rights restrictions, some third party content may be suppressed. Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. The publisher reserves the right to remove content from this title at any time if subsequent rights restrictions require it. For valuable information on pricing, previous editions, changes to current editions, and alternate formats, please visit www.cengage.com/highered to search by ISBN#, author, title, or keyword for materials in your areas of interest. Copyright 2011 Cengage Learning. All Rights Reserved. May not be copied, scanned, or duplicated, in whole or in part. Due to electronic rights, some third party content may be suppressed from the eBook and/or eChapter(s). Editorial review has deemed that any suppressed content does not materially affect the overall learning experience. Cengage Learning reserves the right to remove additional content at any time if subsequent rights restrictions require it. Licensed to: CengageBrain User Economics for Today © 2012 Cengage Learning Australia Pty Limited 4th Edition Allan Layton Copyright Notice Tim Robinson This Work is copyright. No part of this Work may be reproduced, Irvin B. Tucker stored in a retrieval system, or transmitted in any form or by any means without prior written...
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...| |[pic] | | | | | | | | | | | | | | |UNIT NO | | |DM4X 10 | | | | | |UNIT TITLE | | |OUTCOME 2 | | |THE UK ECONOMY | | | | | ...
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...Main Aspects of Porter’s Five Forces Analysis • The rivalry between existing sellers in the market. • The power exerted by the customers in the market. • The impact of the suppliers on the sellers. • The potential threat of new sellers entering the market. • The threat of substitute products becoming available in the market. Understanding the nature of each of these forces gives organizations the necessary insights to enable them to formulate the appropriate strategies to be successful in their market (Thurlby, 1998). Force 1: The Degree of Rivalry The intensity of rivalry, which is the most obvious of the five forces in an industry, helps determine the extent to which the value created by an industry will be dissipated through head-to-head competition. The most valuable contribution of Porter's “five forces” framework in this issue may be its suggestion that rivalry, while important, is only one of several forces that determine industry attractiveness. • This force is located at the centre of the diagram; • Is most likely to be high in those industries where there is a threat of substitute products; and existing power of suppliers and buyers in the market. Force 2: The Threat of Entry Both potential and existing competitors influence average industry profitability. The threat of new entrants is usually based on the market entry barriers. They can take diverse forms and are used to prevent an influx of firms into an industry whenever profits, adjusted for...
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