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Principles of Economics

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PART A

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 One major approach being location of customers, business investors should take interest in consideration to the different geographical locations resided by customers. Countries differ in terms of priorities of life therefore products and services are tailored to meet their various tastes. Other major approaches include the profile of customers and their buying behaviors. Customers differ in terms of their social classes, age, gender parity, education levels and varying lifestyles resulting into differing needs and wants from each person. Customers buy a product due to the benefit they get or lengthy product usage or due to loyalty to the brand.

When re-launching an existing product or service or launching a new one, there is need to enhance initial demand for the product or service through informative advertisement. Where the intention is to increase the demand for an existing product or service, the persuasive advertisement is adapted. Reminder advertising is used when reinforcing past promotional techniques to remind or garner new customers.

Karl (1999) defines price elasticity of demand as the measure of how quantity demand of a product responds to the price change. Factors affecting degree of elasticity include: necessity of a good or service, existence of substitute goods, loyalty of a specific brand and duration of the price.

PART B

1. A vehicle. Marketers post various models of vehicles they have giving the customer the opportunity to choose. Then customers have freedom to choose the type and model depending with the price.

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2. Grassroots marketing which involves use of mass marketing through the media. The perception is a small portion of people will get attracted to the product.

3. The strength and weakness of the organization, but also the threats and opportunities that can be explored. Threats and opportunities includes both internal and external.

4. Marketing information system refers to a system that helps managers in making decision regarding the marketing structure. It will help in arriving at the best price.

5. Democratic involves consulting. Consulting helps in enriching people with helpful information about a certain product. Consulting also enables business ventures to understand the trends in the industry.

6. Engine power. Engine determines the strength of the product. Many customers checks on the engine power before buying the product.

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7. Market penetration involves tactics of penetrating a new market while the other entails tactics of growing in an existing market through promotional campaign and mass advertisement.

8. Forward vertical integration. There is the risk of Wal-mart terminating the contract.

9. To ensure constant market for the products. Large volume of sells ensures company growth. Through market enlargement the products will be sold quickly hence profit flow

10. Invest. Investments help in company growth and expansion of market. Through investment business gains the opportunity to attract many customers.

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