Lecture 1 NATURE AND SCOPE OF MANAGERIAL ECONOMICS QUESTIONS & ANSWERS Q1.1 Is it appropriate to view firms primarily as economic entities? Q1.1 ANSWER Yes. Firms represent a combination of people, physical assets, and information (financial, technical, marketing, and so on). People directly involved include stockholders, managers, workers, suppliers, and customers. Businesses use scarce resources that would otherwise be available for other purposes, pay income and other
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Lecture 1 NATURE AND SCOPE OF MANAGERIAL ECONOMICS QUESTIONS & ANSWERS Q1.1 Is it appropriate to view firms primarily as economic entities? Q1.1 ANSWER Yes. Firms represent a combination of people, physical assets, and information (financial, technical, marketing, and so on). People directly involved include stockholders, managers, workers, suppliers, and customers. Businesses use scarce resources that would otherwise be available for other purposes, pay income and other
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COLLEGE OF HUMANITIES Centre for Area and Cultural Studies (CACS) Minor in Area and Cultural Studies, Part 1: Introduction to Area and Cultural Studies _____________________________________________________________________________________________________ What are the implications of the government
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opportunity to compare the products prices using Internet and easily compare the prices, but also read products reviews from industry influencers (bloggers, tech news, etc.). We can segment Apple’s target market in two groups, which are general electronic goods consumers and Apple fans. The power of general electronic goods consumer is high as the need they’re trying to satisfy can be satisfied by any brand’s products and their choice is
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China today. Low cost is crucial for any competing business. It appears that the selling price cannot be set too high to attract consumers. When the selling prices are approximately at the same level, products with low costs may generate a bigger profit. At the beginning of an ESL business, the capital budget will be spent mainly on facilities, such as classrooms, textbooks, hi-tech equipment, realia etc. Young learners may frequently require using realia,
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Brazil and Russia will be mentioned particularly in the following paper. Competitive Products For a retail company, products are always the core competence. Apple has varieties of amazing products such as iPod, iPad, iPhone, and iMac which lead the high tech digital devices to a rapid development age. Now, according to CNBC’s all-American economic survey, 51% of U.S. households own at least one Apple product and about 25% of them plan to buy another Apple product in the next year (Pachal, 2012). Apple
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flatworldknowledge.com. For details see the ‘Courseware’ section of http://gallaugher.com INTRODUCTION Managers are confused, and for good reason. Management theorists, consultants, and practitioners often vehemently disagree on how firms should craft tech-enabled strategy, and many widely read articles contradict one another. Headlines such as "Move First or Die" compete with "The First Mover Disadvantage." A leading former CEO advises "destroy your business,” while others suggest firms focus on
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core competencies Definitions of Strategy “Strategy is the determination of the long‐run goals and objectives of an enterprise and the adoption of courses of action and the allocation of resource necessary for carrying out these goals” (Alfred D. ,1963) “Competitive strategy is about being different. It means deliberately choosing a different set of
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Managing the brand Even though the there has been a significant level of marketplace change within the last thirty years, the principles that involve in management have not changed. But the capacities to understand and implement the principles of companies have significantly improved. The role of the top management It is a core task of the top management to generate and maintain a culture and business atmosphere where improved understanding of the consumer is the driving force for the team
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inventory valuation. - There was a change in the allowance for doubtful accounts. The company adjusted its allowance for doubtful accounts to 6.7% of sales for 1984 from 10% of sales in 1983. - There was change in the R&D expenses. Harnischfeger significantly reduced its R&D expenses to $5.1 million in 1984, from 412.1 million in 1983. - There was change in employee pension plans. The Salaried Employee Retirement Plan was terminated in 1984 and a new plan was created.
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