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- How does the internet affect the ability of firms to price - discriminate across consumers?What is the reason that Wholesalers are the most misunderstood of marketing intermediaries?Genovia has experienced exceptional growth in recent years. Its GDP per capita (orIncome) has increased from around $30,000 to $50,000 in last 5 years. Over theperiod quantity demanded of personal cars has increased from 450,000 units per yearto 600,000 units. Quantity demanded of public transport, however, has declined from10,000 buses to 7,000 buses. Calculate income elasticity of demand and tell whichproduct is a normal good and which one is inferior.
- Compare and contrast the four major types of market-ing channels for consumer products. Through which type of channel is each of the following products mostlikely to be distributed?a. New automobilesb. Saltine crackersc. Cut-your-own Christmas treesd. New textbookse. Sofasf. Soft drinksList the characteristics of products that haveinelastic demand, and give several examples ofsuch products.GameZone, a video games store, is considering the best way to price two new games – a first-person shooter (FPS) and a racing game. There are four types of consumers that might buy the games with roughly equal numbers of each type, and their willingness to pay (WTP) for each game is detailed in the table below (assume that the willingness-to-pay for a second game of the same type is zero). How should Gamezone price the two games separately to maximise revenue? How should Gamezone price a bundle of both games to maximise revenue? Is there an alternative (involving bundling) that generates more revenue than either single prices or a bundle alone? Under what condition/s is bundling likely to increase profits for a firm? Consumer Type WTP for FPS game WTP for racing game A $120 $70 B $70 $120 C $160 $10 D $10 $160
- Amazon.com, the online bookseller, wants to increase its total revenue. One strategy is to offer a 10% discount on every book it sells. Amazon.com knows that its customers can be divided into two distinct groups according to their likely responses to the discount. The accompanying table shows how the two groups respond to the discount. Group A (sales per week) Group B (sales per week) Vol. of sales before 10% discount 1.55M 1.50M Vol. of sales after 10% discount 1.65M 1.70M Using the midpoint method, calculate the price elasticities of demand for group A and group B. Explain how the discount will affect total revenue from each group. Suppose Amazon.com knows which group each customer belongs to when he logs on and can choose whether or not to offer the 10% discount. If Amazon.com wants to increase its total revenue, should discounts be offered to group A or to group B, to neither group, or to both groups?How did Kenichi Ohmae define intellectual elasticity? When is intellectual elasticity considered a strategy? Cite an example.Describe how marketersclassify products
- Explain the type of pricing strategy that you as the manager of a company would implementfor Good X and Good Y with the following price elasticity of demand co efficients. Usediagrams to motivate your answer.a). Good X: 2.3 b). Good Y: 0.6Dropbox observes that there are two types of demand for its storage services: business and private individuals. The businesses’ demand curve is QB= 200−2PB, where QB is the amount of storage that businesses would like to purchase and PB is the price charged per unit of storage (e.g. pergigabyte) to businesses. The individuals’ demand curve is QI = 50−PI, where QI is the amount of storage that individuals would like to purchase and PI is the price charged per unit of storageto individuals. Dropbox’s cost function is given by C(Q) = 10Q+ 100 where Q=QB+QI. a. Suppose Dropbox can price discriminate between the two groups. Calculate the amount of storage it sells to each group, the two prices and total profits. b. Calculate consumer and producer surplus under price discrimination c. Suppose the government forbids price discrimination. Calculate the optimal unique price the monopolist would charge and her profits. Would the monopolist choose to serve bothbusinesses and individuals? d. Now…How does advertising intend to shift demand? How does it intend to change the elasticity of demand?
