![International Business: The Challenges of Globalization (8th Edition)](https://www.bartleby.com/isbn_cover_images/9780133866247/9780133866247_largeCoverImage.gif)
To think critically about:
The influence of product convergence on the marketing manager’s job
Introduction:
Convergence is bringing together two different entities with the advanced computing and technology. The product moving to convergence integrates a distinct product which can provide far greater value than the individual product can deliver independently.
![Check Mark](/static/check-mark.png)
Answer to Problem 1TAI1
Solution:
There is a great influence on marketing managers’ job as he has to know the customer lifecycle from awareness to engagement and purchase, to retain and advocacy
Explanation of Solution
All organizations need manpower for meeting their goals. In the marketing of product the role of the marketing manager is crucial. The marketing manager has to ensure efficient functioning of the product.
Convergence product can provide a multi-purpose range of functions to the customers which will not require being in depth of products which are of a single purpose.
The marketing manager is in the new digital age where they have an opportunity to make a serious impact on how and how well they can attract and retain the customers of the organization. They should learn the language of growth and take their place at the leadership table. They must also have the knowledge of the company’s customers.
The marketing manager must be well conversant with the requirement for developing, nurturing and maintaining customer relationships and build their knowledge in their planning.
Hence the marketing manager has to understand the mechanics and economics of their organization and try to view the decisions through the eyes of customers they serve.
Want to see more full solutions like this?
Chapter 14 Solutions
International Business: The Challenges of Globalization (8th Edition)
- ayco Inc. started its operations in 2022. Its sales during 2022, all on account, totalled $700,000. The company collected $500,000 in cash from customers during the year and wrote off $8,000 in uncollectible accounts. The company set up an allowance for doubtful accounts at December 31, 2022, its fiscal year-end, and determined the account balance to be $14,000. The unadjusted balances of selected accounts at December 31, 2023 are as follows: Accounts receivable $ 300,000 Allowance for doubtful accounts (debit) 10,000 Sales revenue (including 80 percent in sales on account) 800,000 Aging of the accounts receivable on December 31, 2023, resulted in an estimate of $11,000 in potentially uncollectible accounts. Required: 1. Prepare the journal entries to record all the transactions during 2022 and post them to appropriate T-accounts. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)…arrow_forwardCalculate the sample size based on the specifications in Buhi's contract. Make sure it is within budget, reasonable to obtain, and that you use appropriate inputs relative to market research best practices. Use the calculator to adjust the sample size statement. Use the agreed-upon sample size in Buhi's contract: 996. In your secondary research, find the target population size (an estimate of those in the United States looking to purchase luggage in the category in the next two years). You will use this target population size for each sample size estimate. Adjust the provided sample size calculator inputs to find the rest of the figures that get you to the agreed-upon sample size. The caveats from Buhi are that you must: Use the market research standard for your confidence level. Use a confidence interval that is better than the market research standard for your confidence interval.arrow_forwardPlease make sure to answer each step and show work. Thank you!arrow_forward
- Sales of tablet computers at Marika Gonzalez's electronics store in Washington, D.C., over the past 10 weeks are shown in the table below: Week Demand 1 2 3 4 5 6 7 8 9 10 21 21 27 38 25 30 35 24 25 30 a) The forecast for weeks 2 through 10 using exponential smoothing with a = 0.50 and a week 1 initial forecast of 21.0 are (round your responses to two decimal places): Week 1 2 3 4 5 Demand 21 21 27 38 Forecast 21.0 ☐ G ☐ ☐ 6 7 25 30 35 ∞ ☐ 8 9 10 24 25 30arrow_forwardEach machine costs $3 Million. Building the room with all its attendant safety protection and other ancillary costs increases the spending by an additional $2.0 million dollars per MRI suite. Each machine can perform 2000 scans per year. Each reading of an MRI scan by a radiologist, along with other per-scan-related costs, is $500 per scan. The machine will last five years. Don’t worry about discount rates for this problem Graph the total costs over 5 years as a function of sales for 0-3000 patients annually. Hint: you may need to add a second MRI at some point. Suppose that you want to make a profit of $500 per scan at a target volume of 1000 patients per year, and you purchase only one machine. Superimpose the total revenue curve on top of the total cost curve in (1).arrow_forwardThe partnership of Keenan and Kludlow paid the following wages during this year: Line Item Description Amount M. Keenan (partner) $108,000 S. Kludlow (partner) 96,000 N. Perry (supervisor) 54,700 T. Lee (factory worker) 35,100 R. Rolf (factory worker) 27,200 D. Broch (factory worker) 6,300 S. Ruiz (bookkeeper) 26,000 C. Rudolph (maintenance) 5,200 In addition, the partnership owed $250 to Rudolph for work he performed during December. However, payment for this work will not be made until January of the following year. The state unemployment tax rate for the company is 2.95% on the first $9,000 of each employee's earnings. Compute the following: ound your answers to the nearest cent. a. Net FUTA tax for the partnership for this year b. SUTA tax for this yeararrow_forward
- Imagine you have the sole marketing rights to a new herbal shampoo that you developed from local herbs and plants that are indigenous to your country. This shampoo can stop hair loss and promote hair growth for those who have suffered hair loss. You have branded it Nasure® Shampoo, and given your limited capital, you plan to sell your product exclusively over the Internet and support it by advertising and infomercials on late-night television. You have also planned some social media marketing, plus you are also hoping to obtain free publicity in men's fashion magazines. You plan to sell the product in a 400-gram bottle for $599 plus $9.99 shipping and handling. This price is considered premium to that of competing products, but you justify this based on the unique properties of the shampoo. Recommend a secondary target market for the shampoo given its abilityarrow_forwardPlease make sure to answer each step and show work. Thank you!arrow_forwardSimilar to insurance companies, financial institutions such as banks view risk management as critical to the success and viability of their business and have therefore adopted strategies to manage the risks they are exposed to. Explain 5 operational risks and give two examples of such risks faced by management at financial institutions. explain the importance of establishing an effective risk management policy at financial institutions to manage operational risks, giving one example of a risk management strategy used by financial institutions to mitigate such risks. Discuss the role of the Core Principles of Effective Bank Supervision as it relates to operational risks, in the effective management of financial institutions?arrow_forward
- BUSN 11 Introduction to Business Student EditionBusinessISBN:9781337407137Author:KellyPublisher:Cengage LearningEssentials of Business Communication (MindTap Cou...BusinessISBN:9781337386494Author:Mary Ellen Guffey, Dana LoewyPublisher:Cengage LearningAccounting Information Systems (14th Edition)BusinessISBN:9780134474021Author:Marshall B. Romney, Paul J. SteinbartPublisher:PEARSON
- International Business: Competing in the Global M...BusinessISBN:9781259929441Author:Charles W. L. Hill Dr, G. Tomas M. HultPublisher:McGraw-Hill Education
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337407137/9781337407137_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781337386494/9781337386494_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9780134474021/9780134474021_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781947172548/9781947172548_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9781259929441/9781259929441_smallCoverImage.gif)
![Text book image](https://www.bartleby.com/isbn_cover_images/9780357026595/9780357026595_smallCoverImage.gif)