1) Discuss management decision challenges in the context of the economic crisis caused by the effects of COVID-19. With an example
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1) Discuss management decision challenges in the context of the economic crisis caused by the effects of COVID-19. With an example
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- Your friend, Lisa Ryan, is opening a smoothie shop that will sell a variety of smoothie drinks in the $5 to $7 price range. When you ask her if she is worried that the steep price of her smoothies might encourage prospective customers to buy a soft drink or a sports drink instead of buying her product, Lisa says:“You are right. This is a real concern I have. Is there anything I can do to discourage potential customers from making such a choice?” What information would you provide to Lisa in response to her question?B. Covid-19 Vaccine – Various brands of Covid-19 vaccines are now available around the Globe. Since national safety is at stake, the selection of which brand to purchase is a matter of group decision-making process. Using the five key roles in the organizational buying center, identify who will be the users, influencers, buyers, deciders, and gatekeepers and explain how each will influence the decision of choosing which brand must be procured.29 01:19:34 When introducing a product to the American market, it is particularly important to. Multiple Choice first alpha, then beta, then market test it since a market failure is very expensive. reach the early majority in order to get adoption, without them, the product will fail. sample the product as most consumers cannot adequately visualize the product nor its performance. present the relative advantage, such as it is cheaper, easier to use, and it outperforms the current solution. Suba
- Proverbs 21:5 says, “The plans of the diligent lead to profit.” Discuss the role of market research in relation to this verse.For research entitled: “Staycation: Towards reviving hotels during the pandemic” Give one example of a fixed alternative question that should be in the questionnaire? Give another example of an open-ended question?Postee Bakery Foods has recently expanded from the United States into the South American market. To aid this transition, the company has implemented database marketing to track customers’ spending habits and discern patterns Postee’s website lists all of its products, offers online purchases, and allows customers to register and fill out surveys about the products to enter to win prizes.Postee also advertises in newspapers and with television commercials. Ashish, director of marketing at Postee, believes that the company’s traditional U.S.summer advertising campaign, which runs during the month of July and focuses on newspapers and commercials, will be an effective use of advertising resources in the new South American market. Which of the following questions could Ashish most likely answer objectively? A) What percentage of South American users who register on Postee’s website eventually make an online purchase with Postee? B) How many purchases that were completed after this…
- You have an ice cream shop and you want to build your business. You're ready to apply what you have learned about marketing strategy (4 P's) to build your business. Select the link below to play the ice cream simulation. In this simulation, you'll need to make several decisions that focus on the Four P's of the Marketing Mix. In terms of the assigned reading for this unit, describe the marketing mix strategy you applied in your simulation (make sure you understand term marketing mix) Describe the segmentation criteria that you could use to more accurately identify the target market in the simulation. Discuss the promotions that you found either helpful or not that let to building your business. Please provide why promotions worked or did not.1. After purchasing the product the consumer will be satisfied or disattisfied and will engage in post purchase behaviour. True or False 2. Today technological environment changes more rapidly than core cultural beliefs do. True or False 3. Dissonance reducing buying behaviour typically occurs when a buyer sees little difference among brands but is highly involved with the purchase of an expensive product. True or False 4. Environmental elements are categorised as internal factors that affect pricing decisions True or False 5. The macro-environment consists of Political, Legal, Customers and Competitors components True or FalseeCOVID-19 has had a massive impact on humans, and so governments all over the world are using Marketing strategies to try and minimise its harmful effects. One such strategy is to use Marketing to encourage as much of the population as possible, to get vaccinated. Referring to the topic on Consumer Behaviour, what marketing strategies would you use to help move consumers through stages one, two, three and four of the Consumer Decision Process in relation to getting vaccinated against COVID-19? Which of Maslow’s 5 motives are likely to have the biggest influence on someone’s decision to get vaccinated against COVID-19 and why? Rank each motive that you identify from ‘most relevant to ‘least relevant’ and explain the reasons behind your answer.
