Please respond to each of the following in Q&A format. Minimum 100 words each.

Date Posted: 25/01/2019

Category: Business
Due Date: 27/01/2019

Instruction

1 . Changes in competitor pricing may affect every business in that industry and it is very important for a firm to know and when to respond. The intention of the price change may be purely research related and only temporary, or it can be the start of a price war. When competitors change their price it leaves others with a few options. The first option is to somehow make your product or service stick out from the rest without price being in mind. This is done by differentiating the product or service and can include small manipulations in the color schemes of products or by adding different service levels to something. Another way companies can respond to price change is by creating a new idea / venture into the market in hopes to catch the attention of the consumers. Lastly, a firm can react by simply changing their price to be lower than the competition and establish themselves in the market as a low-cost player. The last option ultimately may end in a price war to the point where companies are losing profit and their goals change to breaking even instead of being profitable. 2. When considering a new product or service first you need to determine if there is a need or desire from the community/market. In our business, family custom farm, we must consider if we have time to take on the new service. A few years ago Bob started custom planting. He had several people approach him and ask if he would plant their crops. Bob was already planting for someone else and considered the step of purchasing his own planter. He had the knowledge so that was a good sign. Next he needed to see what the competition or average price farmers were willing to pay for this service. The provided the fertilizer and the seed, Bob provided the equipment and the manpower. Once he had the clients, the market, he had to consider the use of the machine, fuel, his time, maintenance, and fixed costs on machine like insurance. And insurance on himself/business. If that could be recovered and he still was able to make a profit then he was going to start adding planting to his custom farming business. Then different farmers wanted to plant in different row widths, this made Bob decide to purchase a planter with adjustable widths, so one machine to do the different tasks, the versatility allowed him to plant different crops with different specifics Bob is well known in the community it was easy for him to pick up customers. And with the existing clients for his custom harvest and trucking business already in place he was able to sell to those client's first and offer the planting services. This was a plus for Bob b/c he could go from farmer to farmer and then their harvest would typically go in the same cycle and he was much better able to keep up with the season that way. If you have all client planting at the same time, crops all come ripe at about the same time. It is better to space it out and plan it that way for weather and staffing purposes too. 3.What are intermediaries and why are they important? There are four different types of intermediaries' they are agents and brokers, wholesalers, distributors and retailers. Intermediary's helps to move the goods produced from the producers to the consumers who are considered the end users. Without these intermediaries this cannot be possible. Intermediaries create Excellency for companies by getting their goods to the end users smoothly through the right channel. According to www.businessstudynotes.com, "Distribution is an important function of any business which is not possible without the involvement of marketing intermediaries. Marketing Intermediaries consist of a chain of suppliers that help in effective delivery of products and services from the end of producers to the other end of consumers." Marketing Intermediaries Importance for Business | Functions & Levels Retrieve from, www.businessstudynotes.com/...of.../marketing-intermediaries-and-distribution-channels...

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proffesoranncarrl 7 years, 8 months ago
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proffesoranncarrl | Jan 25, 2019, 03:57 AM
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proffesoranncarrl | Jan 25, 2019, 05:47 AM
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proffesoranncarrl | Jan 26, 2019, 14:46 PM