Introductory Microeconomics 2008 Exam Solutions Section A 1. C |Hours of tutoring per week|Total Opportunity cost |Marginal Cost |Wage Payment (Marginal | | | | |Benefit) | |0 |0 | | | |1 |$20 |$20 |$50
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1. Micro Environmental The microenvironment consists of five components. The first is the organization’s internal environment—its several departments and management levels—as it affects marketing management’s decision making. The second component includes the marketing channel firms that cooperate to create value: the suppliers and marketing intermediaries (middlemen‚ physical distribution firms‚ marketing-service agencies‚ financial intermediaries). The third component consists of the five types
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Part 1: Description and explanation of innovation The Nomad Micro-Home Fig 1: taken from The Daily Mail’s publication (2013) The Nomad micro-home is essentially a flat-pack‚ self-assembly product. It is a two storey house with all of the mod-cons of contemporary living condensed or minimalized to provide a house that delivers a basic living area that makes the most of the available space by creating innovative ways of incorporating the material things needed for necessary habitation (Warren‚ 2013)
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Subway as a large international company perform a big role in world’s background.As a restaurant chain‚ a lot of micro environmental factors influent on it. Those factors are: size‚ competitors‚ customers‚ market‚ target‚ finance‚ labour‚ suppliers. All of them influent on all companies in fast food business. Size: As it was mentioned Subway is one of the largest fast food companies. Like the other competitors it has stres all over the world. There are more than 25‚000 stores in 83 countries
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INTRODUCTION: The micro Environment The micro environment refers to the forces that are close to the company and affect its ability to serve its customers. It includes the company itself‚ its suppliers‚ marketing intermediaries‚ customer markets and publics. The business can take control over all challenges and influences in the micro environment. BODY: 1.1.1)Vision The vision of the business is what the business aims to achieve. It sets out where a business needs to go to be
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MICROECONOMICS | MACROECONOMICS | As the term “micro” imply‚ microeconomics facilitates decisions of smaller business sectors.Micro Economics studies the problems of individual economic units such as a firm‚ an industry‚ a consumer etc.Micro Economic studies the problems of price determination‚ resource allocation etc.While formulating economic theories‚ Micro Economics assumes that other things remain constant.The main determinant of Micro Economics is price.Microeconomics is the study of decisions
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MICRO AND MACRO MARKETING ENVIRONMENT Introduction Micro marketing Refers to the internal controllable factors or forces which affects the ability of a company to serve its customers. e.g. the organization‚ the market‚ the suppliers‚ market intermediaries and the marketing mix. The micro marketing environment that surrounds organisations can be complex by nature‚ however the company has an element of control over how it operates within this environment. Macro marketing Refers to the external
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One significant change from the Middle Ages to the Enlightenment were the rise of philosophers and their ideas. During the Middle Ages‚ studies‚ science‚ and philosophy had dissipated in Western Europe ― due to reasons such as the fall of the Roman Empire‚ the Dark Ages‚ etc.―‚ leaving only the Byzantines to continue their studies in philosophy. Having more philosophers in the West during the Enlightenment demonstrates an important change from the Middle Ages‚ because‚ these philosophers were able
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1.1 The micro-environment This environment influences the organization directly. It includes suppliers that deal directly or indirectly‚ consumers and customers‚ and other local stakeholders. Micro tends to suggest small‚ but this can be misleading. In this context‚ micro describes the relationship between firms and the driving forces that control this relationship. It is a more local relationship‚ and the firm may exercise a degree of influence. These are internal factors close to the company
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Micro-environmental factors such as customers are essential in determining the success of marketing especially when the needs of the clients are satisfied. Similarly‚ the contribution of employees to the company is fundamental in production of high quality products which are highly marketable (Apple‚ Inc. 2008). The media is an equally crucial factor of the micro-environment because any information which originates from the media either positive or negative can adversely affect the sales of the
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