Answer & Explanation:
The advise is that Gary must find answer two questions to make it clear what characteristics or attributes of products are they going to deliver its customers. These two questions are as under:
Question 1:
What are the rating of all the attributes that our customer perceive our product possesses?
This question helps in understanding what our customer thinks of our products and rate characteristics of the product.
Question 2:
Which of these attribute are most important?
This question sheds light on the issue of which attribute of the product must be withdrawn and which to keep to increase the customers satisfaction and market share.
These two questions tells what features must be offered for a particular price.
Answer:
Equivalents units of production for materials: 23500 + (200×80%) = 23660
Equivalents units of production for conversion: 23500 + (200×40%) = 23580
Explanation:
Find the given attachment
Answer:
(a) ISO 9000
Explanation:
ISO 9000 is an international quality certification that helps organizations to understand the basics of quality management, to measure their present state of quality, and also to identify areas for improvement.
Answer and Explanation:
There are two main pricing objective and strategy i.e competitive pricing and penetrative pricing which are explained below:
1. Competitive pricing :
In this Agatha's Inc, all five rivals should evaluate pricing models for a related kind of product. If your product has a little more value added than your collegaues, then you can establish a target price target that is higher than the competitors.
Now to do that, it's necessary to send the customer a message that they're purchasing value for a price.
2. Penetrative pricing :
When the target price is set on the basis of the competitive pricing model , it is important to obtain the product favourably from the consumer and to do so you can start selling a little lower than the target price and sell the goods as a discount or promotional deal.
If the initial sales are strong and buyers like the product then return the product to target pricing and do intensive marketing to sell the message that the product 's cost is a bargain for the value provided by the company.
The mixture of the above two pricing strategies would ensure a better positioning of Agatha's Inc product with better profitability.
Answer: THREAT OF SUBSTITUTE PRODUCTS.
Explanation:Porter's model was developed by a Harvard business school Lecturer known as Michael E. Porter in 1979. Michael E. Porter developed a Five Forces model that identifies and analyzes five competitive forces that shape every industry, and determines an industry's weaknesses and strengths.
The five competitive forces are as follows;
COMPETITIVE RIVALRY which determines the strength and number of your competitors.
SUPPLIER POWER which determines the uniqueness of the supplies given to you by your suppliers and the number of suppliers you have etc.
BUYER POWER which evaluates how many buyers you have,how easy it is for them to buy your products etc.
THREAT OF SUBSTITUTION which evaluates how easy it is for your buyers to buy another substitutes to your product etc.
THREAT OF NEW ENTRY which evaluates the ability or easy access of new products to penetrate the market,how well you are to maintain your strength etc.
