Which condition must be true for a nation to exist?

Tell me in your own words what differentiation and commoditization are. Please provide examples of each. Why do managers care ab

Furkat [3]

Answer:

Commoditization of a market means that the goods or services offered will be homogeneous. This means that they will be practically identical and customers will be indifferent when choosing one product or any other product because they are identical or very similar. E.g. think about gold, which is one of the most important commodities in the world. A consumer doesn't care if they are buying gold from Alaska, Canada, Brazil, etc., they are simply buying gold.

On the other hand, differentiation means that the products or services offered are heterogeneous or different. When products are differentiated, customers will buy them because they like them more than the competition. E.g. you buy Coke because you like it more than Pepsi or any other brand.

Some products will naturally tend to be commodities, e.g. agricultural products, but others go through a commoditization process that is not natural. E.g. banks offering homogeneous checking or savings account. The problem with commoditization happens when one company simply decides to offer something different. Before Amazon, internet retail was basically non-existent. But when Amazon came by, they decimated or virtually eliminated the major brick and mortar players. During many years Sears was the number 1 retailer in the world, then came Walmart. But after Amazon came, even Walmart's long term survival is doubtful and Sears, JC Penny, Toys R Us, Radio Shack, and many others are either extinct or about to become extinct. The new norm is online retailing now.

8 0

3 years ago

It is important for firms facing ethical issues to have managers with the ability to think about the issue logically, identify c

valentina_108 [34]

Answer:

conceptual skills

Explanation:

Conceptual skills are skills developed by an individual which helps them to understand complex issues and creatively develop a solution or solutions that will successfully deal with the situation. It is a skill that helps in finding solution to difficult situations using innovative approach. People with such skill are considered valuable especially in the field of management. Someone with conceptual skills must have ability or skills in critical thinking, decision making, paying attention to details, etc.

3 0

4 years ago

Read 2 more answers

Which product is most likely to be the most price elastic?

Elina [12.6K]

Answer:

automobiles

Explanation:

Price elastic describes the relationship between changes in demand as a result of changes in the price. Price elasticity describes how a product's demand responds to a change in its price. Goods or services are price elastic if a small change in price causes considerable differences in their demand.

In this case, automobiles will be more elastic. Changes in their prices will result in significant changes in demand. An increase in the price of automobiles will result in consumers considering other means of transportation. When price decrease, many commuters will opt to but cars. Milk, housing, and clothing are basic needs. People need them for survival. An increase or a decrease in their prices will not change their demand in a big way. They are price inelastic.

5 0

3 years ago

Suppose your newspaper is trying to decide between two competing desktop publishing software packages, Macro Publish and Turbo P

Vlad1618 [11]

Answer: 11.722

Explanation:

Two competing desktop publishing packages ; Macro publish and Turbo publish

If x and y copies of Macro publish and Turbo publish are purchased respectively ;

Daily Productitvity equals ;

U(x, y) = 6(x^0.9) (y^0.4) + x

where U(x, y) is measured in pages per day U is called a utility function

If x = y = 10

U(x, y) = 6(x^0.9) (y^0.4) + x

Therefore,

U(10,10) = 6(10^0.9) (10^0.4) + 10

U(10,10) = 119.716 + 10 = 129.716

The effect of increasing x by one unit results in

x = 11, y = 10

U(x, y) = 6(x^0.9) (y^0.4) + x

Therefore,

U(11,10) = 6(11^0.9) (10^0.4) + x

U(11,10) = 130.438 + 11 = 141.438

Productivity increase of approximately U(11,10) - U(10,10) = (141.438 - 129.716)

= 11.722 pages

3 0

3 years ago

You work for a marketing consulting firm. The company has hired two interns for the summer. You have been appointed to mentor Hi

muminat

Answer:

A, B & D

Resist humor and sarcasm.

Be concise

Care about tone.

Explanation:

E-mail tips to give a new intern should be to resist humor and sarcasm, be concise and care about the tone of the email.

5 0

3 years ago