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Critical Thinking for Managers Questions - Assignment Example

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Consequently, the supply of turkey increases in order to meet consumer demand. While the increase in demand may result to an increase in price, it is important to point out that this increase in demand…
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Critical Thinking for Managers Come up with two reasons why prices of turkeys (at the grocery store) tend to drop around Thanksgiving – a time when turkeys are in greatest demand!
First, it is evident that the demand for turkey is high during thanksgiving. Consequently, the supply of turkey increases in order to meet consumer demand. While the increase in demand may result to an increase in price, it is important to point out that this increase in demand results to increase in supply, which makes the supply more than the quantity demanded and a drop in turkey prices. On the other hand, the decrease in price can be attributed to grocery stores making high sales of turkey, which brings down the prices since they can make profits by selling more in terms of quantity.
2. Peyton Manning makes millions of dollars a year for throwing a football. Why does he make so much more than teachers who educate our children? Why does he make more than doctors who could save your life?
In a capitalist world, the demand and demand for a product dictates its price. In this case, it is evident that the demand for entertainment by consumers from people extraordinary skills like Peyton Manning is high while the supply is short. Hence, Peyton Manning and other athletes who provide entertainment with extraordinary skills earn more than teachers and doctors whose skills are not as extraordinary as athletes’ skills.
3. Why is milk located in the back of the grocery store? Why do convenient store gas stations have “pay at the pump”? Are your answers consistent?
Milk is strategically placed at the back of a convenient store by virtue of the product being a necessity item whose consumption is high. Hence, placing milk at the front in a convenient store cannot tempt consumers to buy other products since they will only pick the necessities and leave the convenient store without spending more than they would if they shopped on impulse. Conversely, convenient stores have the “pay at the pump” option in order save the time and money of the customers who would carry out extra shopping if they were to pay inside the convenient store. These two answers are not consistent since one promotes impulse buying while the other does not.
4. Using your experience from your job (or previous job), give an example where incentives were not used effectively in the organization.
With the rising cost of health, the company created a corporate wellness program in order to motivate workers to stay healthy. However, there was complacency on the part of the employees in adopting the wellness program, which witnessed a few employees following the training regime.
5. Why does a store like Kohl’s or Target put blue jeans on sale
These two outlets put blue jeans on sale in order to attract customer who eventually buy other brands of jeans. In this case, these outlets recognize the role of conducting a sale in one commodity will eventually attract customers who will not only purchase the blue jeans on sale, but also purchase other commodities that the outlets sold.
6. Why don’t pantyhose last longer?
Pantyhose are not supposed to last due to the quality of material used to manufacture the product. In effect, this allows manufactures to continue producing the product since it does not last for long. If manufacturers made them last longer than they currently do, they would not be able to achieve this since the material used to make pantyhose would be changed.
7. Why doesn’t the demand of some commodities such as salt change with an increase or decrease in price?
Salt is a commodity whose demand is inelastic and changes in prices does not make a consumer consume more salt than they were consuming before the increase in prices. In addition, the changes in the income of consumers will not make them consume more salt than they were consuming before the changes in their income levels. Read More
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