Question

17. If a person consumes fewer units of a good, will marginal utility of the good increase as total utility decreases? a. Yes b. No

18. "If we take $1 away from a rich person and give it to a poor person, the rich person loses less utility than the poor person gains." This is an example of: a. The law of increasing marginal utility b. The law of demand in reverse c. The law of decreasing minimal utility d. The law of interpersonal utility comparison

19. Is it possible to get so much of a good that it turns into a bad? (If so be ready to give an example) a. No, you can never consume too much of a good thing b. Yes, you can consume too much of a good such that it becomes a bad.

20. Can a good be a good for you and a bad for someone else? a. Certainly, strawberries might be an example. Some people are allergic b. No, all people enjoy goods alike. For example, everyone loves shrimp!

21. Which of the following is an example of making an interpersonal utility comparison? a. Someone speeds by you on the interstate and you notice that they have their emergency lights flashing. b. You and your roommate are enjoying a pizza and beer watching the super bowl game. There’s only one slice of pizza left and you feel you should have it since you are still hungry. c. In the supermarket, you are rushing in to get one item and no one is at the check-out. You get your item and quickly go to the check-out, but now it is full and you have to stand in a line. d. You are on your way to church and are just a bit late, a large road construction vehicle has just pulled out in front of you on a two lane highway. (Doesn’t that just always happen to you when you are late? Never thought it could be economically explained, did you?) e. All of the above

Answer 1

Answer:-

Marketing Strategy :

The topic of discussion will be mostly about iPhone and the company of interest is Apple. The detailed explanation of various parts are as follows,

FIRST PART -

We will discuss about 'Apple Inc'. It is a technology company and its product portfolio include iPhone, iPad, iWatches, iTunes, MacBook, iPod, etc. It is a very famous brand in smartphone segment and holds 2nd position in world in terms of marketshare (14%) for iPhones. The latest arsenal of iPhones include models such as iPhone SE, 8 and X.

Its major rival's are Samsung (Leader in smarphone sector with 22% marketshare) and Huawei (third largest seller with 11.2% market share)

SECOND PART -

Apple doesn't have an exclusive marketing department and donot have an separate marketing spend in its balance sheet.

The major objective is to deliver a very high quality product to end users. It promotes value in products than giving offers to customers. Some of the target segments are -

iPhone SE - Mid-range
iPhone 8 and X - High end

All the advertistments of Apple are through Network Providers (T-mobile, AT&T, etc). Apple has only dictated strict rules of advertising standards to all the networs that engage in advertistment activities to sell iPhone products.

No online or offline promotional activities have been engaged by Apple Inc till now. Apple clearly restricts itself to delivering a highly valuable product with high quality.

iPhone's are always manufactured at less quantities to increase the demand and a mental desire is created in people's mind to own the device. Word of Mouth id the prime weapon used as a marketing strategy.

THIRD PART -

The current marketing strategy followed by Apple should be changed for it to stay competent in market. This is clearly visible by the slumpy growth in Year-on-Year sales. Like other brands such as Samsung and Huawei strong advertising activities has to be performed to stay competent in market.

Search Engine Optimization, facebook, twitter, instagram and involvement in online communities should be setup. Regular feedback from user's for any desired changes in products should be addressed.

Demand based production model should be implemented rather than current production strategy to avoid losing sales to rivals.

PART FOUR -

Some of the recommendations are to

Setup Advertising team inside organization
Improve product availability in stores and omni-channel sales
Change the production strategy to best utilize demand for a particular product and read the complete benefit of sales
Get regular feedbacks on products to improve customer experience