A relatively inexpensive item that merits little shopping effort, is called Convenience product.
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What is the Product?</h3><h3>
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Product refers to the finished goods or the material that has been converted from the raw material to fulfill the needs of the customer. There are four types of product i.e. convenience goods, shopping goods, specialty products, and unsought goods.
Convenience product is that type of the product which can be purchased with the minimal efforts because it is cheap in value and can be purchased frequently.
In the above case, Carolina picks up the toothpaste which is the example of the Convenience product.
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Standardization and innovation play critical roles in the development of goods and services. Standardization allows for a stabilized starting point in which to move forward and develop other goods and services which is related to innovation. Standardization provides stability, a known factor which can be relied upon, whereas innovation is riskier and may not come to be successful endeavor. However, like all risk, that is the payoff for the investment in innovation, for if the innovative good or service can be successfully brought to market, the dividends for a payout can be well worth it.
Answer:
Penguin patties and kipples should be advertise together.
Explanation:
The cross-price elasticity formula is:
CPE= % Δq of good A/ %Δp of good B
The CPE of penguin patties and raskels is:
CPE= -22%/-20%
CPE= 1.1
If the CPE is positive, then both goods are substitutes, which means that an increase in price of on good will affect positively the quantity demanded for the other good.
The CPE of penguin patties and kipples:
CPE= 7%/-20%
CPE=-0.35
If the CPE is negative, then both goods are complementary, which means that an increase in price of one good will affect negatively de quantity demanded for the other good.
You should advertise complementary goods together because both could be positively benefited by advertising. If the demand for good A increases, it is probable that the demand for good B increases too. If you advertise substitute goods, people will always prefer one, then the advertising will only be effective for one of the good but not for both.
Answer:
b) $665,000.
Explanation:
Primer income: $625,000
SealCoat income: $50,000
Primer interest in SealCoat is 80% therefore primer is a parent company to SealCoat and is entitled to $40,000 (80%*$50,000) on SealCoat income.
Therefore, consolidated net income for 2013 is: $665,000 (625,000+40000)
