MKT 300 Answer each question as thoroughly as you can (but be to the point). -Co
ID: 378821 • Letter: M
Question
MKT 300
Answer each question as thoroughly as you can (but be to the point).
-Compare the practices of price fixing and predatory pricing. Explain why each is prohibited by law.
-In what way does the government regulate pricing?
-Why are companies increasingly turning to third-party logistics providers (3PLs)?
-How can a company benefit through a just-in-time logistics system?
-Explain how wholesalers have been able to use technology to cut costs.
-Explain the marketing decisions faced by wholesalers.
-Discuss the advantages and disadvantages of advertising.
-What is personal selling? What are the advantages and disadvantages of a firm using personal selling to promote a product or service?
-Public relations specialists use several tools. Identify three of these tools and describe how they can help a company communicate with the public.
-Describe public relations and any three of its main functions.
-Briefly explain the major sales promotion tools.
-How can sales promotion be accomplished through samples?
-Internet marketing practices have raised a number of ethical and legal questions. Why is invasion of privacy perhaps the number one online marketing concern?
-How has the implementation of the National Do Not Call Registry changed telephone marketing?
-Discuss the four evolving company orientations. Which orientation is considered most successful and why?
-What is the primary focus of a customer-centered company?
-What might drive a company to create international divisions or subsidiaries? Discuss the three ways these divisions can be organized.
-Identify the three major ways a company can manage its international marketing.
-Compare and contrast the two common principles that can be used to guide companies and marketing managers on issues of ethics and social responsibility.
-How is the societal marketing concept related to marketing ethics?
Explanation / Answer
Compare the practices of price fixing and predatory pricing. Explain why each is prohibited by law?
Price fixing:
Price fixing is fixing of the prices of products by companies rather than just allowing them to be determined naturally. This is prohibited by law. As two competitor companies might agree to fix the price of the similar product to a higher value. This will be like cheating the customers in way by charging them extra. This is illegal under antitrust legislation.
An example of price fixing can be; When two or more competitor companies collude together to charge higher price for their product. Selling the product at a premium and earning higher margins. So, in a retail industry companies can fix the price of Television at a premium and earn higher margins.
Predatory Pricing:
Predatory pricing is a pricing technique in which a well set company in a space, set the prices of its product at a low price than its competitors and keeps this pricing for a considerable amount of time; so that it becomes impossible for competitors to sustain doing business in that space. It also deters new competition in the market. Many countries prohibit predatory pricing under competition laws, considering it as anti-competitive. However it becomes difficult to prove that a pricing is predatory pricing.
In what way does the government regulate pricing?
Government in different countries regulate pricing of the goods for the following reasons:
There are two primary methods of price regulation price ceiling and price floor
Price ceiling:
It is the upper limit on prices which government imposes. It is the price ceiling on how high the prices can be charged for a product. These situations can occur at the time of high inflation or in the case of monopoly of a product.
Price Floor:
Price floor is exact opposite of price ceiling where the prices bar is set on how low the prices for a product can be charged. To be effective, a price floor should be higher than equilibrium price.
Why are companies increasingly turning to third-party logistics providers (3PLs)?
Third-party logistic providers (3PLs) are the companies which excel in logistics. A lot of companies are outsourcing their logistics to outside companies for various reasons:
How can a company benefit through a just-in-time logistics system?
Just-in-time (JIT) logistics system is a system where the storage is reduced to make it available when required rather than maintaining high inventories. There are many ways a company can benefits from JIT:
Related Questions
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.