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Stels [109]
3 years ago
5

Explain how you will use each of the five P's of the marketing mix to achieve

Business
1 answer:
bulgar [2K]3 years ago
3 0

Answer & Explanation:

To determine the brand image goal, it is essential to identify the targeted market, segments first - who the brand serves and then conduct the market research to understand the demand, the tastes and preferences of the targeted customers.

Based on these information, we can use marketing mix to achieve the goal.

Product

If the brand has already chosen the sector to operate it, it should base on the market taste and demand to determine things related to the product, including: the functions, packaging, appearance, added value for customers, quality, and other supported services (such as warranty). These are information that customers usually consider when they make a purchasing decision. So that the brand should clarify the information about features of products, add benefits that the users can earn from the products.

Price

When determining the pricing strategy, the brand does not only consider the product price but also discounts policy, credit terms, etc. These would base on the position of the brand in the marketplace (in low price, premium or low-medium, etc. and providing high, low or medium quality products, etc.). This bases on the products the brand offers after considering the consumption habit, power of the targeted segments.

Place

Brand has to identify where the products are seen, distributed and purchased so as to approach the largest amount of potential customers. In the place strategy, the prioritized goal is to assure the products are accessible to the targeted customers. (For example, the brand can provide their products at convenient stores if this is the more preferred shopping places of targeted customers.)

Promotion

This refers to the activities to make the brand known more and attract more buyers, including types of advertisement, sponsorship, etc. There are two most common ways of promotion is promote directly the users or promote the distributors (the wholesalers) to import and sell the products of your brand.

People

The people strategy involves in the image of people participated in the brand such as staff, salesperson, other employees. This affects mainly the customer services - which would have considerable impact on the perception of customers about the brand. The people strategy can base on the image they want to target, for example to be basic, friendly or to make the customers feel the vibe of luxurious brand.

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Answer:

Decrease in profit = $9,000

Explanation:

The impact on the profit would be the sum of the increase in contribution from the special order less the lost contribution by forgoing the standard order.

Accepting the special order of 3,000 units would mean losing standard contribution on 2,000 units from the current sales unit of 15,000. Remember the company only has excess capacity of 1, 000 units i.e (16000-15,000) So, the additional 2,000 units would need to be forgone at standard price.

Variable cost per unit = 315,000/15,000 = $21

Standard selling price = 450,000/15,000 = $30

Special order price = $24

                                                                                                          $

Additional contribution from special order = (24-21) × 3,000 =  9,000

Lost contribution from forgoing standard order (30-21) × 2000 =(<u>18,000)</u>

Decrease in profit                                                                          <u> (9,000)</u>

By accepting the special order, the company would lose $9,000 of its profit

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Individuals produced their own goods. They then decided to specialise. They formed a group and offered their skills to each othe
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It will save time in obtaining goods and services.

Explanation:

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On January 1, Wei company begins the accounting period with a $40,000 credit balance in Allowance for Doubtful Accounts. On Febr
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Answer:

The Journal entries are as follows:

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Allowance for doubtful accounts      Dr. $8,800

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(b) On June 5,

(i)

Account receivable-Oakley Co.         Dr. $1,900

To Allowance for doubtful accounts                     $1,900

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Jacob gives stock (basis of $900,000 and fair market value of $2,200,000 to mandy. as a result of the transfer, jacob paid a gif
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This question is incomplete and I've read and answered the complete question and its ask to determine Mandy's gain or loss if she later sells the stock for $2.3 million. 

In definition, a fair market value is the selling price of the item of which buyer and seller can agree, with that, if Mandy sold it for 2.3 million, the possible profit of it would be $100,000
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Answer:

d. The stock's expected return is less than its required return.

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