...group. 2. Ariely argues that the results of the chocolate experiment (Ariely, Ch 3) are inconsistent with a traditional economic model of rational choice. (a) Briefly explain how the results are inconsistent with rational choice. What would have been expected if judgments were rational, and how were actual results different? (b) Identify the psychological influence that accounts this deviation from rational choice, according to Ariely’s explanation. a) The higher quality Lindt truffles are more valuable than chocolate Kisses, and both chocolates were discounted in the experiment. In the first set-up of the experiment, customers acted rationally, through cost-benefit analysis, considering both price and quality of each respective chocolate before deciding that that despite Lindt truffles were the better deal as the quality was better, although it was slightly more expensive. Presumably, the customers thought it was worth paying 14 cents more for the better quality Lindt because at 15 cents the Lindt truffle was more popular (73% of the customers) than the 1 cent Kiss (27% of the customers). However, when both chocolates were further discounted by 1 cent, although the price difference was still 14 cents, the Lindt priced at 14 cents was less popular (with 31% of the customers) than the FREE! lower quality Hershey’s Kiss (69% of total customers). The price reduction by the same amount from each chocolate shouldn’t change the behavior of customers from a rational, economic viewpoint...
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...consumers preference and these chocolate flavors are the following. We also have the list of the standard recipe for making our chocolates. Fruit Flavors | Vegetable Flavors | Chesa | Corn | Dragon Fruit | Singkamas | Lanzones | Potato | Rambutan | Squash | Guapple | Sayote | Guyabano | Ampalaya | Marang | | Avocado | | Chocolate butterscotch balls covered with Graham This recipe is made of dark or white chocolates with a flavor of exotic fruits and healthy veggies that where dip with shortening, chocolate, and filled with soft chewy butterscotch mixture covered with crunchy graham bits. These “Coco or Choco balls” as we call it vary in different sizes and texture according to the flavor of chocolate. Chocolate Truffles This recipe is made of chocolates chips that are melted and covered with powdered sugar or Fruit syrup extracted from the fruits and veggies. These chocolates are delicately handled according to its way of preparation and the quality is very good in a way its appearance and taste and mix with the sweetest quality of milk. It is a very simple recipe but it’s very delicious when people taste...
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...Leadership Scenario BMGT364 March 28, 2014 Abstract This paper explores two leadership theories and two motivational theories and applies each to the case study of Alex and Stephanie. Alex and Stephanie are employees at the same company that has different attitudes about his and her employment. This attitude is directly related to his and her respective managers who practice different styles of leadership and motivation. The paper is a compellation of four students and each student's perspective of the case study as it applies to his or her theory. Each student is given an individual theory and asked to explain the theory in detail and input his or her personal thought regarding the theory and how it applies to the case study of Alex and Stephanie. The theories discussed are the situation and path-goal leadership and expectancy and reinforcement motivation theories. While these are four of the many theories, these are the four which the writers felt applied to the case study. Keywords: leadership theory, motivation theory Leadership Scenario Leadership and motivation are integral parts of management. The successful observations of management to assess or modify his or her style of motivating and leading is the key to reaching the mission and vision statement of the organization. The theories discussed are the situation and path-goal leadership and the expectancy and reinforcement motivational theories. In understanding and analyzing...
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...Courtney Goddard ECO 365 April 13, 2015 David Copeland Norcross IV Introduction Ben & Jerry’s ice cream is a favorite and beloved American treat throughout the United States and 33 countries around the globe. Since Ben & Jerry’s are focused on providing a delicious and wide variety of flavors, they have recently decided to expand their products and develop and introduce a new product onto the market. In doing so, a strategic planning group has been gathered to conduct a series of analyzed to organize their strategy in the development of the new products. This will involve a comprehensive market analysis, as well as analyzes of supply and demand and variable costs that are involved in the development and marketing processes. This paper will discuss the history of Ben & Jerry’s and analyzes their product that are required to determine the product’s potential success. Background Ben and Jerry’s, (Ben &Jerry’s Homemade Holdings, Inc.) is an American dairy company. Ben Cohen and Jerry Greenfield founded the company in 1978 in Burlington, Vermont. Ben and Jerry met in 7th grade gym class, in 1963. Both men moved together to Vermont. While living in Vermont the young entrepreneurs decided to attend a correspondence course in ice cream making, at the Pennsylvania University Creamery. With a $12,000 investment, Ben and Jerry opened their very first ice cream parlor in a renovated gas station. In 1979, they celebrated their first anniversary and held their very first...
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...attractive price range for the customer’s demand. Kudler’s domestic and international expansion is highlighted in this product launch plan identifying the product description and positioning. It also provides information on targeting, market needs, and market potential and market growth. A domestic and international SWOT analysis is provided and market research indentifying the competition, the marketing objectives and strategies, pricing, marketing communication, and distribution strategies. For this launch plan, a budget and the marketing research strategy is also included. Product Description Chocolate is a luxurious treat. For many decades, it has been given as gifts to express love and affection for another person. Kudler enters the moderate market of fine gourmet chocolates. This new product is comprised of dark chocolate, milk chocolate, and white chocolates, assorted truffles and biscuits. The types of chocolate Kudler offers include: • Handmade chocolate: chocolates using spices, herbs, fruit flavors, coffees and tea flavorings including nuts and dried fruit per the customer request • Hand-painted truffles: Truffles hand painted and drizzled in honey, caramel, vanilla, raspberry and strawberry flavoring • Filled chocolates: our collection of various shapes and sizes of chocolates filled with cherry, strawberry, nugen, coconut, peanut butter and pure chocolate filling • Coffee collection: Kudler’s exclusive chocolate...
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...ENDANGERED SPECIES: THE LORAX The Introduction The Lorax is a story about a man who abused the environment and about what he learned. The story begins in the most run-down part of a dull, gray town. A small boy asks the Once-ler to share the secret of the Lorax and how he was taken away. Thus, the story is told as a “flashback” as the Once-ler talks about the Lorax and past events. The Characters: A. The Once-ler, a businessman B. The Lorax, a leader of the plants and animals The Once-ler’s Story: The Beginning The Once-ler moved across the land to his wagon. He came upon a new land with an important natural resource. (A natural resource is a plant, animal or mineral that can be used by people.) What was this natural resource the Once-ler found? truffula trees Setting up Shop The Once-ler used the land’s natural resource to start a business which made and sold a product. The Lorax appeared at this point and asked the Once-ler some angry questions. What was the product? thneed How was it used by buyers? The Thneed is used as a shirt, a sock, a glove, a hat, carpets, pillows, sheets, curtains, and covers for bicycle seats. What did the Lorax want to know of the Once-ler? Why he is cutting the tree down (Stewardship, speaking for the trees). How did the Once-ler answer? He only cutted down one tree, everybody needed a thneed. He thinks that if he didn’t exploit he environment someone else would Using Technology Businessmen like the...
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...THE NEW ECONOMICS in the SPECIAL ISSUE NEW WORLD The End of Rational Economics Your company has been operating on the premise that people – customers, employees, managers – make logical decisions. It’s time to abandon that assumption. | by Dan Ariely IN 2008, a massive earthquake reduced the financial world to rubble. Standing in the smoke and ash, Alan Greenspan, the former chairman of the U.S. Federal Reserve once hailed as “the greatest banker who ever lived,” confessed to Congress that he was “shocked” that the markets did not operate according to his lifelong expectations. He had “made a mistake in presuming that the self-interest of organizations, specifically banks and others, was such that they were best capable of protecting their own shareholders.” Jacob Thomas 78 Harvard Business Review | July–August 2009 | hbr.org hbr.org | July–August 2009 | Harvard Business Review 79 THE NEW ECONOMICS in the NEW WORLD. We are now paying a terrible price for our unblinking faith in the power of the invisible hand. We’re painfully blinking awake to the falsity of standard economic theory – that human beings are capable of always making rational decisions and that markets and institutions, in the aggregate, are healthily self-regulating. If assumptions about the way things are supposed to work have failed us in the hyperrational world of IN BRIEF Wall Street, what damage have they done in other institutions » The global economic...
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...different areas in our business that could benefit from an environmentally sustainable strategy. We have looked at the possibility of using renewable energy, as well as improving our energy efficiency, then onto our waste control and natural resource management. While all these areas are important the board decided that further developing a plan around our packaging and sourcing of raw materials remain currently, the two important areas for us to work on. A longer term plan (currently being drafted) will encompass all areas mentioned above. Looking at inputs, chocolate is the biggest single item followed by packaging; energy consumption and waste are much further down the list. Skelligs Chocolates split of chocolate products would be 60% truffle based which use a lot of packaging, 30% would be solid chocolate products (bars or tablets) which use less packaging and 10% for novelties which also use less packaging. Priorities: When investigating how wide spread the implementation of sustainable strategies currently is, I have become very aware of some fundamental issues, primarily ‘lack of knowledge’, business owners reluctance to change, finance concerns and human resource costs. Education up to now has concentrated on the very immediate facets of running a business and when students come out of college they have not been schooled in the value of sustainability. This needs to be addressed in the 3rd level colleges that they bring the skills necessary to implement them and the...
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...Marketing Plan for Cowgirl Chocolates 2013 Marketing Management 706—April 10, 2013 Executive Summary The marketing plan for Cowgirl Chocolates is currently based on project information in “2000” (Peter & Donnelly, 2011, p. 533) and available company information found in 2013. The major aspects of the plan include a revised marketing mix, which will reposition to a newly defined specific demographic. This spicy niche market and new targets will utilize new and old social technology, along with strategic marketing and brand identification enhancement. Major marketing opportunities reside in extending brand recognition by promoting an updated image design and investment in based on a customer-centric approach, within a “push pull framework” (Peter & Donnelly, 2011 pp. 12-125). The rudiments of this marketing plan are, supported by stable accounting practices and a strong business plan. The marketing mix will concentrate on “post hoc segmentation” (Peter & Donnelly, 2011, p. 68). This plan also includes tracking company sales via the website and questionnaires placed in orders. This will enable capitalization on the improved state of the economy and those with disposable income because of “psychographic segmentation” (Peter & Donnelly, 2011 p. 69). Introduction Located in Moscow, ID Cowgirl Chocolates, licensed as a “private company under candy/nut store retailer” (Manta, 2013, para. 2) The product review shows the company suffers of an ill-defined...
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...ASSIGNMENT GET YOUR WORK DONE BY www.TopGradePapers.com Gu Pudding Brand Campaign Marketing Communications Bosh pG ra 2009 UNIVERSITY GET YOUR WORK DONE BY www.TopGradePapers.com To de Pa pe rs GET YOUR WORK DONE BY www.TopGradePapers.com Table of Contents Communications Opportunity Analysis: ................................................................................................. 4 List of Barriers ..................................................................................................................................... 4 Strong competition from Cadbury and Muller ............................................................................... 4 Aggressive marketing ...................................................................................................................... 4 More customer inclination towards Cadbury ................................................................................. 4 List of Opportunities ........................................................................................................................... 4 Market penetration ........................................................................................................................ 4 Participatory marketing .................................................................................................................. 5 Diet chocolate product range ......................................................
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...[pic] THE CANDY STORE GULSHAN AVENEU, GULSHAN-1, DHAKA-1000 TEL: 01712 073218 E-MAIL: thecandystore@hotmail.com Owners Name and Addresses: Junaid Hossain Arafat Jubayer Rumman Pavel Jamil Nature of Business: The candy store business is a new concept in Bangladesh. Our main objective is to sell prominent and well known candies and chocolate through our retail outlet, where people will find different types of candies and chocolate according to their choice. Basically we will serve people with prominent and well known candies through our retail outlet. A Kind of Candy & Chocolate Store At The Candy Store, we’re obsessed with making great tasting chocolates for a price most people can afford. You won’t find fancy packaging, exotic ingredients, or exquisitely beautiful confections here. Instead, we focus on freshness and flavor obsessively. Financing: Our Initial Investment will be BTD 140, 00000. Each investor will contribute equal amount of money which is 200000 BTD. We will also going to take 500000 BDT bank loan at the interest of 10% which is payable in 3 years. This debt will cover our initial advertisement and other promotional cost. Statement of confidentially: This report is for educational purpose and very much confidential and it is the property of the owners listed above. It is intended only to use by the person to whom it is transmitted and any copy of this report or content is not acceptable without prior permission of the authority. [pic] 2. Executive...
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...|3.1 Diversity of |Objectives | |Organisms | | |3.1.4 Fungi |State the structure & life cycle of Rhizopus. | | |Explain nutrition in fungi. | | |Outline the structure & reproduction of Yeast. | | |Name 2 Beneficial & 2 Harmful fungi. | | |Mention that there are Edible and Poisonous fungi. | | |Identify and state functions for the following structures: rhizoid, sporangium, gametangium, zygospore. | |3.1.2 + 3.1.5 Handling |1.Discuss and outline the Laboratory Procedures for Micro-organisms | |Micro-organisms |2.State precautions used when working with microorganisms. ...
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...[pic] The Mystic Tea Room Tina Hoskie Keller Graduate School of Management [pic] Marketing Plan Outline 1. Executive Summary 2. Situation Analysis 2.1 Market Summary 2. SWOT Analysis 3. Competition 4. Product (Service) Offering 5. Keys to Success 6. Critical Issues 3. Marketing Strategy 1. Mission 2. Marketing Objectives 3. Financial Objectives 4. Target Markets 5. Positioning 6. Strategies 7. Marketing Mix 8. Marketing Research 4. Controls 1. Implementation 2. Marketing Organization 3. Contingency Planning 5. Conclusion “The tea party is a spa for the soul. You leave your cares and work behind. Busy people forget their business. Your stress melts away, your senses awaken…” 1. Executive Summary The Mystic Tea Room is in the start-up stages. The concept of opening a tea room has been explored and is presented in this marketing plan. There is a lack of tea rooms in the Murray-Calloway County area and The Mystic Tea Room will be entering the market with limited competition. The closest tea room is located in Hazel Kentucky. The Mystic Tea Room will be a unique local tea room in the Murray-Calloway County area that will be a friendly social place to escape the daily stresses of life and will be a comfortable place to meet friends, old and new, while enjoying a cup of their favorite tea...
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...our tendency to lie, even when we couldn't possibly be caught? • W h y do we splurge on a lavish meal but cut coupons to save 25 cents on a can of soup? • W h y do we go back for second helpings at the unlimited buffet, even when our stomachs are already full? • And how did we ever start spending $4.15 on a cup of coffee when, just a few years ago, we used to pay less than a dollar? hen it comes to making decisions in our lives, we think we're in control. We think we're making smart, rational choices. But are we? In a series o f illuminating, often surprising experi ments, M I T behavioral economist Dan Ariely refutes the common assumption that we behave in fundamentally rational ways. Blending everyday experience with ground breaking research, Ariely explains how expectations, emotions, social norms, and other invisible, seemingly illogical forces skew our reasoning abilities. N o t only do we make astonishingly simple mistakes every day, but we make the same types of mistakes, Ariely discovers. We consistently overpay, underestimate, and procrastinate. We fail to understand the profound effects of our emotions on what we want, and we overvalue what we already own. Yet these misguided behaviors are neither random nor senseless. They're systematic and predict able—making us predictably irrational. From drinking coffee to losing weight, from buying a car to choosing a romantic partner, Ariely explains how to break through these systematic patterns o f thought to make better...
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...Marketing Plan Assignment 2: Goals & Objectives, Customer Analysis, and Target Market & Positioning Nan Zhang, Thai Tran, Hollyann Joyner I. Marketing Goals and Objectives A. Have largest market share in US coffee Industry * Objective 1: opening 3000+ net new stores in America by 2017 Starbucks will open more than 3000 stores in 48 states in US depends on population density. High population area like New York and Washington should open more than other states. And US is the largest market for Starbucks, and it’s brand name is well known, open more stores, and have an intensive distribution, so when consumer thirsty or tired, they can find a Starbucks next to them. * Objective 2: US market revenue grow by 12% in 2014. At least half of the new stores are expected to be in the strong, rapidly growing U.S. market, and in 2012, the new store revenue grew by 9 percent. Starbucks should focus on their loyalty program and advertising activities, so people could always see it in TV or internet. So sale will increase gradually. So Starbucks expect higher revenue 12 percent in 2014 is reasonable and possible. B. China on track become second-largest market in 2014 * Objective 1:opening 1000 new stores in different provinces of China by 2016 China had an 8 percent growth in 2013, almost the same as America, Starbucks has a really good brand name, currently there are more than 3,000 stores in China, and they all located in major big cities, so...
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