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Bsbwor501 Final Exam

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NAME __Michael Sean Brown____________________________________________________ Watch http://www.hulu.com/watch/452200 CNBC originals Death is a living. Use internet explorer or sign up for a free month of hulu. Answer the below questions. 1. a) How do you measure Demand in this industry (Hint: there may be many ways)? b)What is a proxy for a demand? c)What is Demand in the industry? What is the typical price of a funeral? a.) The demand can be measure in variety of wise in the funeral industry. The demand can be measured based upon the number of caskets, cremations, ceremonies, funeral plots and etc. b.) The proxy for the demand is the death rate. c.) the typical price of a funeral is $8,000 to $10,000. 2. List what are …show more content…

Some cultures are traditional and want to bury love ones in a traditional way. However, younger generations are more creative in the way they bury loved ones. For example, sea lovers may have their ashes put into an eternal reef and put into the sea. A positive spin is being put on funerals and now being called “celebrations of life”. The death rate is low right now but as baby boomers get older the death rate will rise, and the funeral service industry will see a big boost. Technological: Technology is playing a bigger role in the funeral industry. There a newer cremations system that are design to be better for the environment. There are cremations systems that equipped to cremate multiple pet animals at one time. Funeral homes are developing web casting where funerals can be viewed remotely if not able to attend the funeral service in person. Websites are created where people can purchase sympathy gifts for the mourning family. The obesity rate in America is higher and body lifts have been design to lift up to 1,000 …show more content…

The body has to be disposed of in some way, and this is done either through burial or cremation. The power of substitutes is they provide a less expensive alternative. e) RIVALRY - What factors impact on the rivalry and how? What is the power of Rivalry? Competitors impact rivalry and this provides consumers were more options. The power of rivalry allows competitors to be creative in the services and products they provide. For example, in the video you can cremate your love one and put the ashes in sea eternal reef, and place this ecosystem in the sea. However, this forces traditional funeral homes to be creative in the services they provide. They will need to cater to clients in unique ways to celebrate the lives’ of peoples loved ones. f) Is the industry attractive and do you think the operating margins are increasing?? This is not an attractive industry but it’s a needed industry. Death is inevitable and we all will need this service one day. However, because of the cremation and cheaper alternatives the operating margins are decreasing for funeral homes. People want to celebrate the lives of loved ones in a unique way and they don’t need to spend $10,000 to do

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