Answer:
Examples of non-economic goods are air, water, sunshine, etc. The concept of non-economic goods is relative to place and time.
Explanation:
Non-economic goods are called free goods because they are free gifts of nature. They do not have any price and are unlimited in supply.
Answer:
C. <u>Situation analysis</u>
Explanation:
A marketing plan is a descriptive document wherein current position in a market and future marketing and advertising strategies are mentioned.
Following are the four essentials of a typical marketing plan:
- Situational Analysis
- Sales Forecast
- Expense Forecast
- Marketing Strategy
Situational Analysis refers to swot analysis, assessment of business environment and the marketing strategies in alignment of those.
Sales forecast refers to forecast of future sales or projected sales.
Expense forecast refers to forecast of the cost involved or budgeted cost.
Marketing strategy would refer to the marketing methods or advertising tactics which would be employed in the future.
Answer:
Proactive Stance
Explanation:
In business, Proactive Stance means that you take a precautions to handle the events that might occur in the future.
Maintaining loyal customers base and good core values tend to require higher cost for the company. since it has to put more investment in high level customers service or high quality materials.
But, in the long run, this will be beneficial for the company. Loyal customers tend to be the least likely to switch to another product. Not only that, if in the future company made a mistake that damage its reputation, loyal customers tend to be more forgiving. This is why maintaining loyal customers base tend to be considered as a proactive stance.
Answer:
Equilibrium price and quantity will fall
Explanation:
An announcement that chocolate causes cancer is a negative news for Godiva chocolate. As such, demand for the item will fall as consumers reduce their consumption of the item. This will push down equilibrium quantity.
Given the fall in quantity demanded, equilibrium price will consequently fall as producers will reduce price in an attempt to stabilize demand for the item.