marketing mix worksheet
MBA Business Economics
Essay question (maximum 1750 words)
1a. Identify and explain the main economic factors that determine the price of a good or service.
1b. The supporting readings cover the rising price of cotton and the extent to which this raw material cost will be passed onto retailers by the UK fashion retailer NEXT. Using this example, or one from your own professional experience, examine within your answer the circumstances that will enable a company to pass on cost increases to customers and protect profit margins.
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Re: Opening
In the first paragraph, the candidate tells the examiner how they intend to tackle the question. This opening statement does two things.
1. It keeps the candidate focused. It is easy to become distracted from the main question as you go through, so having a route-map to refer back to is a great way to make sure you do not waste time and words on irrelevant material.
2. The examiner immediately picks up the signal that this candidate has thought carefully about what they will write, and understands the question. Do not underestimate the importance of persuading the examiner that you are a credible candidate. In an assignment (as opposed to an exam), there is plenty of time for the candidate to research and consider the material. Answers which do not signal a careful and thoughtful approach will be at a considerable disadvantage relative to this kind of very open and clear statement.
The answer follows a logical path, starting by explaining the concept of equilibrium, then considering in detail factors that influence the components of equilibrium, demand and supply.
1a) Identify and explain the main economic factors that determine the price of a good or service.
Let us first understand the market equilibrium price of the product and then identify and analyze how factors such as change in
Essay question (maximum 1750 words)
1a. Identify and explain the main economic factors that determine the price of a good or service.
1b. The supporting readings cover the rising price of cotton and the extent to which this raw material cost will be passed onto retailers by the UK fashion retailer NEXT. Using this example, or one from your own professional experience, examine within your answer the circumstances that will enable a company to pass on cost increases to customers and protect profit margins.
------------------------------------------------------------------------------------------------------------------------------------
Re: Opening
In the first paragraph, the candidate tells the examiner how they intend to tackle the question. This opening statement does two things.
1. It keeps the candidate focused. It is easy to become distracted from the main question as you go through, so having a route-map to refer back to is a great way to make sure you do not waste time and words on irrelevant material.
2. The examiner immediately picks up the signal that this candidate has thought carefully about what they will write, and understands the question. Do not underestimate the importance of persuading the examiner that you are a credible candidate. In an assignment (as opposed to an exam), there is plenty of time for the candidate to research and consider the material. Answers which do not signal a careful and thoughtful approach will be at a considerable disadvantage relative to this kind of very open and clear statement.
The answer follows a logical path, starting by explaining the concept of equilibrium, then considering in detail factors that influence the components of equilibrium, demand and supply.
1a) Identify and explain the main economic factors that determine the price of a good or service.
Let us first understand the market equilibrium price of the product and then identify and analyze how factors such as change in
References: Begg, D. and Ward, D. (2009). Economics for Business, 3rd Edition. London:McGraw-Hill, pp.75-88. Cancryn,A. and Cui,C. (2010). ‘Flashback to 1870 at cotton hits peak’. Wall Street Journal, 16/10/2010, pg.B.1. Cheng, A. (2010). ‘Jones profit slips on higher costs’ Wall Street Journal, 27/10/2010. Cotton Incorporated (2010a).Framing the cotton pricing discussion. http://lifestylemonitor.cottoninc.com/Supply-Chain-Insights/Cotton-Pricing-Discussion/Cotton-Pricing-Discussion.pdf [Accessed 22/11/2010]. Cotton incorporated (2010b).Monthly Economic Letter. http://lifestylemonitor.cottoninc.com/MarketInformation/MonthlyEconomicLetter/1110mel.pdf [Accessed 22/11/2010]. Cotton incorporated (2010c).Apparel shines for the holidays. http://lifestylemonitor.cottoninc.com/Supply-Chain-Insights/Consumer-Holiday-Purchases-Apparel-11-20/Consumer-Holiday-Purchases-Apparel-11-20.pdf [Accessed 22/11/2010]. Elder, B. and Hume, N.(2010). ‘Next and M&S hurt by concerns over rising cotton price’. Financial Times,02/11/2010,pg. 34. Holmes, E.(2010). 'Tug-of-War in Apparel World’. Wall Street Journal, 16/07/2010,pg. B.1. Index Mundi (2010).5 year cotton prices graph. http://www.indexmundi.com/commodities/?commodity=cotton&months=60[Accessed 22/11/2010] Lowes, B.(2010a) Lowes, B.(2010b). Lecture on Understanding Market Forces, Business Economics module, Full-Time MBA 2010/2011, University of Bradford, School of Management, 28/10/2011. Sloman, J. and Sutcliffe, M.(2001). Economics for Business,2nd Edition.Harlow:Prentice Hall,pp.54-72. Sloman, J.(2008).Economics and The Business Environment,2nd Edition.Harlow:Pearson Education,pp.33.