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grandymaker [24]
3 years ago
8

Malcolm has decided that he wants to open up his own law practice. The time has come to establish prices for his services. Due t

o his extensive experience and legal background, he believes that his fees should not relate directly to the time or effort spent on specific cases. Now that Malcolm has chosen the pricing strategy he wants to use, what is his next step?
a. evaluating competitors' prices
b. choosing a basis for setting prices
c. determining the final price
d. assessing the target market's evaluation of price
e. developing pricing objectives
Business
1 answer:
AnnyKZ [126]3 years ago
5 0

Answer:

After Malcolm has chosen the pricing strategy he wants to use, the next step would be c. determining the final price.

Explanation:

Malcom would have to determine a specific price for cases, and this final price is not dependant on the amount of time spent on each cases or the magnitude of the case.

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Consider the overall market for beverages in the US. This market consists of both alcoholic and non-alcoholic drinks. Within the
Andru [333]

Answer:

The correct answer is: a macro-segment.

Explanation:

The Market Opportunity Analysis or MOA is a tool used to identify market opportunities and measure them to determine if they can be profitable for the company before the firm starts planning to work with it. The MOA implements segmentation to classify as specific as possible the product that is intended to be offered.

Micro-segments refer to products with narrow scopes while macro-segment products have wider reach and variability inherent. Thus, in the example, <em>ales represent the macro-segment since it has varieties such as brown ale, pale ale, golden ale, Scotch ale, and mild ale just to mention a few.</em>

4 0
3 years ago
In order to achieve a competitive advantage, Coastal Haven Hotels, a chain of luxury beach resorts, wants to increase its market
Anna11 [10]

Answer:

The correct answer is b. Take advantage of economies of scale and scope by opening a chain of lower priced economy hotels that leverage the Coastal Haven brand image.

Explanation:

The economy of scale refers to the power that a company has when it reaches an optimum level of production to produce more at a lower cost, that is, as production in a company grows, its costs per unit produced are reduced. The more it produces, the less it costs to produce each unit.

In other words, it means that if in a production function the quantity of all inputs used is increased by one percentage, the output produced can increase by that same percentage or increase by greater or lesser amount than the same percentage. If it increases by the same percentage, we would be faced with constant economies of scale, if it were in more, they would be growing economies of scale, if it were in less, in decreasing economies of scale.

In microeconomics, economy of scale is understood as the advantages in terms of costs that a company obtains thanks to the expansion and good synergies that it has applied to its competitive environment .

The concept of "economies of scale" serves for the long term, and refers to reductions in unit cost as the size of an installation and the levels of input utilization increase. The usual sources of economies of scale are the inventory (large-scale purchase of materials through long-term contracts), management and logistics (increasing the specialization of managers), financial (obtaining lower interest costs in bank financing), marketing and technology (benefiting of the scale yields in the production function).

8 0
2 years ago
1. Your older sister, Anna is trying to figure out how she's going to pay for college in the
Elis [28]
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6 0
3 years ago
When a commercial item is procured by the government, what will the contractor provide to the government that documents the func
Kitty [74]
<span>When a commercial item is procured by the government, the contractor will provide a </span>TDP or Technical Data Package<span> to the government</span> that documents the functional, performance, and physical characteristics of their product and will assist in the development of configuration management efforts.
4 0
3 years ago
Firm A is a new producer in the market for good X, which is characterized by linear demand and supply curves. Initially, to attr
Dafna1 [17]

Answer:

E. He is not accounting for the new consumers who will benefit from being able to consume the product.

Explanation:

With the increase in price of product, Demand equals Supply i.e., no shortage exists in the market. Thus, the equilibrium level is achieved at price of $ 10. Further, The most important advantage of increasing the price in the given question is that shortage which exists earlier no longer remains now which will benefit all the consumers including some new consumers as they will able to get the sufficient number of quantities of product for the consumption now. Financial Head of Firm is ignoring the new consumers who will benefit from able to consume the product.

Therefore, He is not accounting for the new consumers who will benefit from able to consume the product.

3 0
3 years ago
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