PRODUCT CATEGORY ANALYSIS AND EVALUATION REPORT By Tutor 12th, December, 2011 Part one 1. C 2. D 3. A 4. D 5. D 6. D 7. C 8. A 9. D 10. D 11. A 12. C 13. B 14. D 15. C 16. C 17. A 18. A 19. A 20. C 21. B 22. D 23. D 24. D 25. A 26…
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It shows the relationship between price and the supply of goods in the market. The figure below demonstrates the relationship of price and supply. Increase of the prices of goods in the market, results in an increase of goods supplied. Production possibilities frontier Production possibility frontier is a curve that compares the rate of production of goods. For example, if there are two kinds of goods, guns and butter, and all resources are fully employed while technology remains fixed then the production of more guns would require more resources (capital and labour) moved from production of butter to guns. Absolute advantage Absolute advantage is a term used to denote situation where some countries produce certain goods more efficiently than other countries. The cost of production of goods differs from one country to another. Moreover, the skill and technology utilised in production differs. Therefore, absolute advantage is a term used to explain the ability of a country to produce goods and services more efficiently than other countries. For example, countries that produce products like steel, automotive better than other countries are said to have an absolute advantage. Marginal utility In explaining the term marginal utility, it is important to understand the term utility. Utility is a satisfaction or a gain consumer get after consumption of a commodity. Marginal utility, therefore, explains the extra satisfaction a consumer gets after consuming an extra unit of a commodity. Marginal utility is the additional benefit or satisfaction that consumers derive when they spend additional dollar to an extra unit of a commodity or service. Marginal utility also explains the diminishing utility when consumer buys more of a product or service that they already had. Example, a family with five members will need bread for breakfast where each person’s gets three slices of bread. However, if they decide to take extra bread the satisfaction or Utils from the extra bread diminishes. Inferior goods Inferior goods are differentiated from normal goods by their response to increases in income. Unlike normal goods, the demand for inferior goods decreases as income increases. Consumers of inferior goods prefer buying high priced goods when they can afford them. For example, when incomes are low, consumers travel by bus, but when income increases people buy cars and stop travelling by bus. Therefore, bus riding decline as incomes increases. Perfectly elastic demand Elasticity of demand is the responsiveness of changes in demand as a result of factors that affect the demand for goods and service. Therefore, perfectly elastic demand is a where a small change in the affecting factor (price) causes a high or extreme response of demand. Perfectly elastic demand curve has a horizontal curve with a slope equal to zero. In the above diagram, the demand of goods is zero, and above the price of $20 while it is infinite at a price below $20. Producer surplus Producer surplus is the difference between what a producer is able to supply to the market and the actual demand that the market offer under a particular price and time. The situation where the producers are unable to satisfy the demand in the market defines producer’s surplus. Producer of goods and services face the dilemma of what they are willing and able to supply in the market and the actual amount of the price they get. This difference is referred to as the producer’
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However the implementation can be problematic because of the lack of end-user involvement. Critical analysis The application of computer integrated manufacturing represents the management of technology as a tool/philosophy for strategic management. This is the use of the most advanced manufacturing technology which enables an organization to respond more effectively to market conditions.
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These are people who make things happen, the difference makers who shape the world as we know it. But essentially, just how do we quantify leadership Are there pertinent traits which constitute a good leader According to Argyris, (1976), leadership is defined simply "as the art of motivating others to act towards a common goal" (p.4) As Drucker (2001) bluntly put it "The only definition of a leader is someone who has followers" (p.194)
For this purpose the published annual reports of one company from each of the countries is selected, namely Wal- Mart Stores Inc.1 from US and Tesco Plc2 from UK. A comparison of annual reporting pattern of each of the companies
ely painted the picture of sexuality, as well as exploring many other themes such as race, class and gender, with a keen emphasis on the ball culture that entails fashion dressing, dancing, modelling and competing for prizes. Therefore, the walking style, the beauty of clothing
The author of the paper touches upon the SEC and CFTC companies which work in concert with the stock exchange to apply a uniform circuit breaker that would pause trading in stocks if stock price trends are likely to cause severe market disruptions. In addition, they can limit market orders, prohibit their use, communicate warnings over their use, and educate investors on their risks.
The paper delves into the porter concept, 5 forces. The paper discusses the application of Porter’s 5 forces concept on one India-based company, Tata Motors. The Porter’s 5 forces concept affirms Tata Motors effectively maximized its scarce resources to retain its revenue leadership in the vehicle market segment.
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