The obstacle to defining the research problem was that the company failed in collecting quantitative data /Selection of inappropriate respondent resulted in wrong output.
Explanation:
A research design is a blue print that a company prepares for conducting marketing research .
A firm collects quantitative data by conducting surveys and asking the customers or consumers to fill the forms (questionnaires).These surveys and questionnaires helps the company in making product related decision in various markets.(i.e how to customize the product as per the taste and the preferences of the consumers)
<u>The obstacle to defining the research problem was that the company failed in collecting quantitative data /Selection of inappropriate respondent resulted in wrong output.Hence the company Refrez Inc failed to acknowledge the fact that people in the United States eat cereal with cold milk, whereas the people of China eat cereal with hot milk.</u>
As a result, Refrez Inc witnessed a decline in sales of its product in Chinese market .
<span>Of the seven commonly used organizational buying criteria, consumer demand is very important. If the consumer wants the product and is sure to purchase the product, organizational financial goals are likely to be met as the product will quickly sell.</span>
Answer:
a. 9%
b. Yes, the firm earning an economic profit of 2%
c. Yes, Industry will see entry or exits
d. Rate of return of economy = 7%
Explanation:
a. Percentage rate of return = Earning ÷ Investment by founders × 100
= $18 ÷ $200 × 100
= 9%
b. Company rate of profit - Rate of profit of economy
= 9% - 7%
= 2% > 0
Yes, the firm earning an economic profit of 2%
c. Yes, Industry will see entry or exits because industry is competitive in nature and would to like to compete to others by satisfying the consumers . In perfect competitive markets there will be no entry or exits and critical characteristics reason companies are free for entry and exit for marginal profits.
d. Industry is competitive , there will be supplier to serve the market and its hard to decide the price of the product.
Hence, the rate of return long run equilibrium earned by firm = Rate of return of economy = 7%
Answer:
<u>Monopolist competition</u>.
Explanation:
The market structure of monopolistic competition occurs when there are several companies offering similar products, which even though substitute products cannot be considered perfect substitutes. Monopolistic competition is characterized when in the market there are many sellers competing for a higher market position of some product or sector. This type of monopolistic competition is characterized by free entry to other companies, which makes it increasingly competitive in the pursuit of customer preference.
