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2 years ago

We will have seen the emergence of enormous global markets for standardized consumer products. do you agree with this statement?

1 answer:

4 0

Companies are attempting to tailor their products to the needs of the customer due to the rise in consumer awareness brought on by the internet and social media. In order to comprehend consumer purchasing patterns and trends and build the products accordingly, they have been investing in data analytics. Customers also get emails and updates about product recommendations.

But gradually, the tendency has shifted toward standardization of customization, where businesses work to personalize the items but it will result in an uniformity where many buyers will want to purchase the same thing.

The availability of products that were formerly exclusive to a particular market or country has increased due to globalization and international trade. Businesses that adhere to the global standardization idea see the globe as a cohesive whole rather than as a mashup of numerous cultures with disparate preferences. With variations in the product's parameters, such as pricing, promotion, etc., the fundamental concept of the product and the marketing stay the same.

Companies are attempting to offer goods with the best specifications so that they can be accepted globally. With regard to the marketing mix, the optimal balance should be a high percentage of globalization and a small amount of localization.

<h3>What is globalization?</h3>

The term "globalization" refers to the increasing interdependence of the economies, cultures, and populations throughout the world as a result of technology, cross-border trade in goods and services, and flows of capital, labor, and information. Over many years, nations have developed economic alliances to support these movements. However, the phrase became more common after the Cold War in the early 1990s because of how these cooperative arrangements influenced contemporary daily life. With a primary focus on the United States, this guide utilizes the phrase more specifically to refer to international commerce and some investment flows among advanced economies.

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Cully Furniture buys two products for resale: big shelves (B) and medium shelves (M). Each big shelf costs $500 and requires 100

KATRIN_1 [288]

Answer:

$45,000

Explanation:

Cully's storage constraint is: 100B + 90M ≤ 18000

If Cully were to buy only big shelves, it could buy 180 of them (= 18,000 / 100)

If they were to buy only medium shelves, it could buy 200 (= 18,000 / 90)

Cully's money restraint is: 500B + 300M ≤ 75,000

If Cully were to buy only big shelves, it could buy 150 of them (= 75,000 / 500)

If they were to buy only medium shelves, it could buy 250 (= 75,000 / 300)

So Cully's order must be within 150 big shelves and 200 medium shelves.

If Cully purchases and sells 150 big shelves, it will earn $45,000 in profit.

If Cully purchases and sells 200 medium shelves, it will earn $30,000 in profit.

Since the profit for big shelves is $500, Cully should try to sell as many of them as possible. The maximum amount that they can buy is 150, which will result in a $45,000 profit.

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3 years ago

It has been speculated that the ussr expansion into central asia and southward was most likely to… select one:

earnstyle [38]

Answer:

I believe it is C.

Explanation:

Hope my answer has helped you!

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4 years ago

Review Key Concepts

notsponge [240]

Explanation:

1. Because marketing of goods must comply with current marketing practices. Trends and consumer perceptions must be maintained. It is important.

This refers to the acquisition, distribution, and marketing of goods, services or trademarks, such as advertisement and market analysis, and the production of the products for customers or end-users.

2. An example of an economic good and an economic service :

Economic goods: cars, furniture, television, and clothing

Economic services: cooking a hamburger, cutting hair

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3 years ago

The stage of the new-product development process that internally and externally evaluates new-product ideas to eliminate those t

jolli1 [7]

The screening and evaluation stage of the new product development is the process that evaluates new product ideas.

<h3>What is the screening and evaluation stage of product development?</h3>

This is the stage in this process that has to do with following of ideas and the generation of concepts.

In this stage, models are scored and the judgments of people based on experience is taken into consideration.

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3 years ago

describe analytics models and data that could be used to make good recommendations to the retailer. how much shelf space should

inysia [295]

The analytics models and data that could be used to make good recommendations to the retailer as well as the shelf space is given below.

<h3>The The analytics models and data analysis?</h3>

Step 1: To determine the typical number of units of a product sold each week after removing seasonality and random fluctuation.

Info on:

Time series information
The quantity of a product sold
The application of exponential smoothing

Step 2: Make the best use of the limited shelf space for each product in the store:

The use of: Information about the product's price, surface area per unit, total amount of shelf space in the store, name, and profit per unit sold. Data analysis using optimization models

Step 3: Determine complementary goods to bundle in order to boost sales of both goods. Information on: Products offered, products previously acquired, and the application of K means clustering.

The company need to have a large shelf space so that they can be able to maximize their sales or their profit.

Therefore, The placement of a product in a store can have a significant impact on how well it sells. The success of its retail operation heavily depends on how much room is allotted to different product categories and products. Given the significance of shelf space locations, it is crucial from a retailer's perspective to make sure that retail space is maximizing value for the shop.

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1 year ago