Sakis Stories and the Impression they Create about Adult-Child Relatio

Saki's Stories and the Impression they Create about Adult-Child Relationships In order to answer this question I am going to be focusing on three of Saki?s stories; the story-teller, the lumber room and the open window. Children at the time Hector Munro (Saki) was writing these stories would have had very vivid imagination; this is shown in Saki's story 'The Open Window' when the niece makes up the saga of Mr Sappleton's death, illustrates how imaginative children can be, and that adults are very easily fooled. Fooling adults is a key theme in Saki's stories; another time when it occurs is in the story 'The Lumber Room' when Nicholas dupes his aunt into believing that he is somehow trying to get into the gooseberry garden, but instead has no intention of doing so but does sn...

Detergent Powder

Introduction Detergent is a material intended to assist cleaning. The term is sometimes used to differentiate between soap and other surfactants used for cleaning. The term detergent by itself is sometimes used to refer specifically to clothing detergent, as opposed to hand soap or other types of cleaning agents. Bangladesh has a detergent market of about 8. 8 billion taka of which Unilever occupies a share of 48% making it the market leader. The major competitor brands in the detergent market for RIN are Keya, Chaka and Jet, Surf Excel.To fight this steep competition the above mentioned companies constantly run consumer promotion in hope to sell more than the respective competitors. Although this strategy worked well at first but with the passage of time, the intense consumer promotions have done little to prevent Unilever from loosing shares to its competitors. In 2004, Wheel (which is now RIN), Unilever’s largest detergent brand ran about nine consumer promotions where as i n 2005 it ran no consumer promotions at all. Consumer promotion over all is a very expensive affair.Unilever has the largest brands of detergent and so the cost of providing a consumer promotion offers is also large by the same proportion. Besides the competitor brands are known to involve in some unfair practices. They pay a very low wage rate to their labors so overhead costs are low, they under invoice their imported raw materials so that they can evade import taxes and other duties, so they save a lot of money in the process. They can then utilize this money for consumer promotion and other competitive activities that can earn them a higher share of the market.Therefore it is imperative that consumer promotions and other dependant elements have to be studied, to make sure that if a consumer promotion activity is implemented it is a highly effective one. This way, precious monetary resources have the minimum chances of being wasted. To understand the competition in the detergent market better price perceptions and product quality perceptions about the brands of detergent on promotion are also considered being worth studying. To look at market share issues, the brand loyalty element should also be explored. 1. 1 Brief Overview about the Detergent MarketThe use of washing powder started rising from late nineties after Unilever Bangladesh entered the market with its ‘Wheel' brand washing powder. Local brand Jet was the lone player in the washing power segment prior to Unilever's entry. Wheel Washing Powder (WWP) was launched in August of 1997 by leveraging the equity of the Wheel laundry soap. Wheel laundry soap was considered the best soap and stood for quality and care. The brand was initially launched and replaced the NSD powder brands of Unilever. WWP was launched with two stock keeping units (SKUs), 500g and 1 KG and achieved a volume of 2,280 tons in 5 months.Despite a price increase from beginning of the following year the brand showed a strong gr owth achieving the total annual volume of 12,700 tons; a third SKU of 40g was added to the brand during the year. 1999 a second price increase was taken for the larger two SKUs but the brand continued to show good growth, ending the year with a volume of 22,800 tons. A major re-launch was rolled out in beginning of 2000 for the brand, during the re-launch the packaging was significantly improved, the perfume was also improved and the proposition changed from lemon to Powerons.The innovation was a response to the launch of the competition Aromatic Washing powder. Prior to the re-launch, the competition was aggressively blocked with continuous promotion behind the brand. After the re-launch the brand grew and countered the competition in 2000, achieving a volume of 29,500 tons. In order to get an even faster growth in 2001 vs. 2000; the brand was aggressively promoted- which yielded in a growth of 43%; ending the year with a volume of 42,200 tons. With the explosive growth of WWP in 2 001, it attracted competition like Chaka and Keya, both of which entered the segment in beginning 2002.In order to contain competition and continue the growth of 2001, WWP maintained the high degree of promotions (free volume promotions) it failed to deliver any considerable growth as expected, however the volume sales increased to 46,500 tons. During the year WWP was re-staged with the ingredients changing from â€Å"Powerons† to â€Å"Powerfoam†. In 2003, WWP promotions were predominately cross-brand promos, with the cost born by the other brand. This resulted in good growth for WWP in 2003, ending the year with 48,000 tons.During the period of 2002 onward, the brand has been losing shares to competition and in order to differentiate the brand further a relaunch was planned in 2004 Q1. The RL involved incorporation of coloured granules to the powder and increase in incorporation of perfume by 25%. However there was no change in the formulation of the powder. Post the re-launch the share decline has not stopped, despite heavy support behind the brand. Unilever is now the leader in the market controlling half of the total washing powder market, the size of which was nearly Tk 450 crore in 2007, up from about Tk 360 a year ago. 1. 2 Market trendsToday’s consumer-oriented marketplace is characterized by a countless number of products and brands. Globalization causes increased competition, national borders disappear, consumers demand more and more, and the pressure on producers to efficiently and effectively live up to consumer’s expectations keeps increasing. For companies to survive these difficult circumstances and to secure their growth and market share figures, proper marketing techniques are of utmost importance. Besides printed and non-printed advertising techniques (such as TV and radio commercials, public relations and sponsorships), sales promotions try to attract consumers.Sales promotions can take many different forms and a distinction can be made between price and non-price sales promotions. 1. 3 Background Sales promotions have been studied very extensively over the past decades. The research findings from Blattberg, Briesch and Fox (1995) provide a perfect base to a short overview of promotional topics and generalizations regarding sales promotions. Nine generalizations regarding sales promotions are made that summarize sales promotion literature so far: – â€Å"Price promotions significantly increase sales – Brands with higher market share are less deal elastic Consumers’ reference prices are influenced by the frequency of deals – The more often a promotion occurs; the lower is the respective sales increase – Cross-promotional effects are asymmetric – The pass-through rate of retailers to consumers is less than 100% – Support promotions like displays and advertising that accompany a price promotion have a great impact on sales – Advertised p romotion can increase store traffic – Promotions affect sales in complementary and competitive categories† (Blattberg, Briesch ; Fox, 1995) Statement of the ProblemThere are many companies that are operating to serve the detergent markets; as a result the competition has heightened. Consumer promotions are being heavily used in the detergent markets to increase sales of each available brand. Consumer promotions, when implemented use up a lot monetary resources. Failure to implement the consumer promotion activity effectively may result in major loss of money. Purpose of the Study The purpose of this research is to explore the relationship between consumer promotions, price perceptions with product quality perceptions and brand loyalty in the detergent market of Bangladesh. LimitationsThere are vast amounts of information and write-ups relating to the topics of this research that are present in the internet and various other sources, but it were not possible to gain acce ss to many such information. So missing out some important aspect of the discussed topics can be a possibility. There is a major time constraint in doing the research work and preparing the report, a much larger pool of information could have been dealt with if there was more time to analyze them. A minimal sample size will be used for this research; if a larger sample was taken into consideration the research would have been more accurate.The survey will be conducted in Dhaka city which could be a possible reason for the people’s mind set to be similar and survey results not being very different from each other, the results could be different if people from outside metropolitan cities were brought under consideration. Literature Review Consumer Promotion Consumer promotion is thought to be a tool that helps manufacturers and retailers to achieve their objectives of generating sales (Alvarez and Casielles, 2004). Consumer promotion (e. g. oupons, samples, contests, sweepstake s, and price packs) is a part of sales promotion that is targeted towards the final buyers of consumer products (Kotler and Armstrong, 2002). There can be various types of consumer sales promotion some are incentive based while others are communicative in nature (Kotler et al. , 1999; Tellis, 1998). The incentive based promotions can be price – oriented promotion or non price-oriented promotion. According to Britannica (article 21279) advertising presents a reason to buy a product but consumer promotion offers a short-term incentive to purchase.Consumer promotions often attract brand switchers (those who are not loyal to a specific brand) who are looking primarily for low price and good value. Abraham and Lodish (1987) stated that many consumer goods categories sold 90% of their volume on special deals which is a result of consumer promotion. They also stated that the influence of sales promotions on the consumer will also depend on the consumer’s characteristics. Prom otions Price PromotionNon-price Promotion Promotion Packs Sampling POS Advertising Loyalty Discount Premiums DisplaysCoupons Sweeptakes Promotion Packaging Rebates Events Others From Sales Promotion by Gedenk; K. Neilson, Page- 34. Consumer benefits of sales promotions Benefits of sales promotions to consumers are numerous. Chandon, Wansink and Laurent (2000) for example distinguish six different types of consumer benefits regarding sales promotions: monetary savings, quality, convenience, value expression, exploration and entertainment. The first and most obvious benefit a consumer might encounter from a sales promotion is the monetary saving they provide.Second, consumers consider normally unaffordable products now to be in their choice set and therefore encounter the quality benefit. The convenience benefit, thirdly, is achieved by reduced search and decision efforts since sales promotions’ promotional status is advertised. Fourth, â€Å"sales promotions can enhance consu mers' self-perception of being smart or good shoppers and provide an opportunity to reaffirm their personal values† (Chandon, Wansink & Laurent, 2000) which is translated into the value expression benefit.The exploration benefit is achieved by the ever-changing shopping environment that provides stimulation for consumers’ information need. Last but not least, the sixth benefit consumers might encounter from sales promotions is the entertainment benefit. Sales promotions are often simply fun to see or to participate in (Chandon et al. ). Interesting to see is that consumers experience (either conscious or unconscious) more benefits from sales promotions than are often thought of. Price Perceptions According to Schiffman and Kanuk (2004) price perception is about how customers see a product’s price, as high, low or fair.They also stated that perception of price unfairness affect consumers’ perceptions of value and ultimately their willingness to buy a produc t. According to Moore et al. (2003) years of research concerned with price show both positive and negative perceptions serve as marketplace cues. Several studies have also portrayed the role of price perceptions as an attribute to success (Jiang and Rosenbloom, 2004). When the price perceptions are high this is a sign of positive quality, prestige and status (Moore et al. , 2003). The concept of reference price is related to price perceptions.Schiffman and Kanuk (2004) stated that reference price is the price the consumers use as a basis for comparison in judging another price. It is through reference price that the price perception of a brand of product is formed. When the consumer plans to buy a product, he or she will judge prices comparatively with the reference prices in order to determine whether the price is acceptable or not (Alvarez and Casielles, 2004). They also stated that, a result of consumers’ comparison between the prices and the reference price, potential los ses and gains emerge.The consumer perceives a gain when the reference price is higher than the observed price. If the observed price is higher than the reference price, the consumer experiences a loss. Product Quality Perceptions Product quality perceptions represent consumer judgment about the superiority of a product, which the user-based approaches think is essential in describing quality (Forker et al. , 1996). Bundles of attributes together represent a certain level of quality, which therefore provide utility to the customer (Snoj et al. 2004). The benefits are measured through a perceived level of quality (level of working superiority), a bundle of attributes in comparison with the consumer’s expectations. Schiffman and Kanuk (2004) stated consumers often judge the quality of a product on the basis of a variety of informational cues that they associate with the product. They also stated that the cues can either be intrinsic or extrinsic. Intrinsic cues are related to th e physical characteristics of the product itself, like size, colour, flavour, aroma etc.The extrinsic cues on the other hand are related to elements that are put together with the actual product like packaging, pricing, advertising etc. The perceived quality of products and services is central to the theory that strong brands add value to consumers' purchase evaluations (Low and Lamb, 2000). Brand Loyalty Brand loyalty is the ultimate desired outcome of consumer learning (Schiffman and Kanuk, 2004). According to Rawly and Dawes (1999) brand loyalty is the likelihood of positive attitudes and behaviors of consumers towards a particular brand, this could amount to repeat purchase and positive word of mouth.They also stated that a loyal customer base is an asset for a company and it reduces the need for seeking new customers. It is also a known fact that retaining current customers requires less money and effort than getting new ones. The strongest measure of brand value is the loyalty a company produces among customers (Aaker, 1996). Rowley and Dawes (1999) stated that to understand brand loyalty better the following components of attitude model should be considered: 1. Cognitive component – associated with a â€Å"rational† decision making based on informational determinants. 2.Affective component – associated with emotions and feelings about the product or service. 3. Co native components – associated with a behavioral disposition. Research Questions The following questions have to be addressed for the study: 1. Is there any significant relationship between consumer promotion and product quality perception in the detergent market of Bangladesh? 2. Is there any significant relationship between price perception and product quality perception in the detergent market of Bangladesh? 3. Is there any significant relationship between consumer promotion and brand loyalty in the detergent market of Bangladesh? . Is there any significant relat ionship between price perception and brand loyalty in the detergent market of Bangladesh? 5. Is there any significant relationship between product quality perception and brand loyalty in the detergent market of Bangladesh? Hypothesis The hypothesis that can be derived from the research questions are: 1. There is significant relationship between consumer promotion and product quality perception in the detergent market of Bangladesh. 2. There is significant relationship between price perception and product quality perception in the detergent market of Bangladesh. . There is significant relationship between consumer promotion and brand loyalty in the detergent market of Bangladesh. 4. There is significant relationship between price perception and brand loyalty in the detergent market of Bangladesh. 5. There is significant relationship between product quality perception and brand loyalty in the detergent market of Bangladesh. Development of Conceptual Framework * Consumer Promotion * Pr ice perception Product Quality Perception Figure 1: Conceptual Framework of research variables * Consumer Promotion * Price Perception Product Quality Perception Brand Loyalty Figure 2: Conceptual Framework of research variables Methodology Research design The illustrations of the conceptual framework Figure 1 and 2 above give a visual idea of the relationship and structure that exists among the study variables. The main purpose of the research is to assess the existing correlation among the variables. This research is about exploring and understanding the relationship that exists between consumer promotion, price perception with product quality perceptions and brand loyalty in the detergent market.Here in the figure 1the independent variables are assigned to be consumer promotions and price perceptions. The dependant variable on the other hand is product quality perception. In the second figure 2 the independent variables are consumer promotions, price perceptions and product quali ty perceptions, in this case the dependant variable is brand loyalty. So the researcher is attempting to find out, if any changes in the independent variable have a changing effect on the dependant ones as well, thereby proving that a relationship exists.The researcher also tried to find out the degree to which a change in the dependant variables has an impact on the independent ones, in other words the degree of relation is also explored here. Therefore the correlation study was chosen for this research. Sampling method The required data for this research was collected from the regular customers of detergents. There was no particular sample frame available for this research so convenience sampling was used, as it is also the cheapest and the easiest methods of sampling.The sample frame for this research consisted of shoppers (mainly house wives) at different shopping centers and stores etc, and also the parents of school children were included. In the shopping centers the researche r surveyed the people who seemed to be the most appropriate respondent for this kind of survey. The parents of kindergarten students, who spend time waiting for their kids outside the schools, were also surveyed, because they usually have a lot of time to spare and can give valuable inputs. Due to time constraints the survey was conducted in Dhaka city only. Over all there were about a 240 people who participated in the survey.Survey instrument A structured questionnaire was used to collect data. The questionnaire consists of different parts to gather information on the different variables under considerations. With questionnaires, no responses of the respondents can be missed out. It gives more time to the respondents to think and then give the answers. And it is a quicker and cheaper way to conduct the survey. Questionnaires can be conducted in any environment, with minimum influence of the outside environment. Questionnaires also have the advantage of keeping the personal details of the respondents confidential.MULTIPLE CHOICE QUESTIONS In which respondents have to choose one answer from many options. These questions gives a wide choice to the respondents so that they can give the most accurate and reliable answer. LIKERT SCALE Where the respondents are provided with a scale that has a number or brief description associated with each category. This scale is useful as respondents readily understand how to use the scale, making it suitable for almost all kind of surveys. Data Collection The data collection was done through both primary and secondary sources.The primary data was collected through questionnaire surveys and the secondary data was collected from the available archives of Unilever Bangladesh Ltd, for addressing the research questions. Data Analysis This is a study of relationship of various variables. So after the data collection a correlation analysis was performed using the acquired data, to ascertain if relationship between the variables exist or not. For doing the data analysis SPSS 12 was used, because it is a very systematic computer program that can deal with a large amount of data and can give out accurate results.

Legal Battle between Toys R Us and Amazon - Free Essay Example

Sample details Pages: 2 Words: 482 Downloads: 2 Date added: 2017/09/15 Category Advertising Essay Did you like this example? 1. Toys R’ Us vs Amazon. com This case was filled in May of 2004 because there was a 10 year agreement that amazon. com Inc. back in August of 2000 which according to Toys R’ Us was violated. The New Jersey Judge found that â€Å"Amazon had a duty to maintain its data in a format that would permit it to provide historical sales data for the sales of all products that allegedly should be classified as exclusive products, and Amazon did not maintain its data in a manner that would permit it to provide that information to Toys therefore, Toys was not provided with the data necessary for it to prove its claim if its legal contention is determined to be correct. † (Samson, 2006) Which means that the judge found its ruling to be fare because amazon. om did not have the necessary reports that were required to be given yearly to Toys r us as part of the agreement so after 2 years of battling on March 1, 2006 the Judge ruled against Amazon. com and gave Toys R Us the win and settled for 51 million. 2. One advantage would be vastly increasing product base and potential without having to recreate the e-commerce code that Amazon has developed. Amazon could also see a potential increase in crossover sales from consumers who go to Amazon to buy toys and discover other products. Don’t waste time! Our writers will create an original "Legal Battle between Toys R Us and Amazon" essay for you Create order One disadvantage Include that Amazon would be restricted from entering into potentially more lucrative partnerships with other toy dealers. As well as the financial success and reputation of Amazon would be tied to another company which they have no control over. (Schneider, 2009) 3. A recommendation that I would give would have to be that Amazon could offer to only allow zShops that sell toys that are not from Toys R Us. Because if this was the case then that would allow Amazon to honor the agreement that they have with Toys R Us. But Amazon would continue to realize profits from specialty toy retailers. Toys R Us would benefit from this because zShops would not be al to undersell on identical products. Consumers who go to Amazon to go search for a specialty toy may end up ordering a toy from Toys R Us instead. (Schneider, 2009) 4. Well there can be a possible reason that following the first wave of electronic commerce consumers may have been more likely to trust a relatively more established e-commerce company such as Amazon for making online orders. It is mostly due to Amazon status as a popular e-commerce portal which may have provided Circuit City access to a larger volume of online consumers. Furthermore, as consumers have become more comfortable with e-commerce the Circuit City brand has become more established with the benefits which may have been minimized. (Schneider, 2009) References Schneider, G. P. (2009). Electronic Commerce. Boston: Course Technology. Toys R. Us. Com. LLC vs. Amazon. com, C-96-04 (Superior Court of New Jersey March 1, 2006).

Who Would Be the Best Manager - Provincial, Analyst, Natural, Ambassador, Mimic, or Chameleon Free Essay Example, 1000 words

Most of managers represent a hybrid of cultural intelligence profiles: provincial, analyst, natural, ambassador, mimic, or chameleon - with two or more types, where the ambassador-analyst hybrid prevails. Certainly, the chameleon style is the best of the profiles. Yet, we should be realistic. In most cases, the three components are not developed in the equal degree. Then a manager may acquire some skills with the help of special training. The hybrid of the ambassador-analyst style should certainly be supplemented with the mimic skills. It is also necessary to develop one s intuition and learn to listen to one s heart. The best combination for the manager is the highest possible development of the three CQ components going together with his readiness to learn and adapt further. Early and Mosakowski offer a training program to cultivate one s CQ components. The program includes six steps. At first, one is to examine his CQ strengths and weaknesses in order to establish a starting point for development efforts. This can be done with the help of self-assessment instrument worked out by the authors, an assessment of a person s behavior in a simulated business encounter or 360-degree feedback on a person s past behavior in an actual situation .We will write a custom essay sample on Who Would Be the Best Manager - Provincial, Analyst, Natural, Ambassador, Mimic, or Chameleon or any topic specifically for you Only $17.96 $11.86/pageorder now Then a person is able to select special training focusing on the weak points: acting classes attendance, reading of cases studies and common principles distilling, etc. Step 3 presupposes the application of the received training through mastering simple activities such as greetings or transactions, which can help in dealing with more demanding activities such as giving a performance appraisal to an employee. At the fourth stage the individual learns how to organize his personal resources to support the adopted approach, identify people in the organization with the skills to conduct this training, assess the workload and the time available for CQ enhancement.

African American Studies The Matrix Of American Ethnic...

As the United States’ population has increasingly become more racially and ethnically diverse and there are more access to Higher Education, there has been a trend for a presence of Ethnic Studies in Academia. These â€Å"Area† Focused disciplines tries to distinguish their goals apart from other disciplines, which encourages Ethnic Studies to constantly change. Using Color-Line To Borderlands: The Matrix of American Ethnic Studies, I will focus on the following Ethnic Studies and their goals: African American Studies, Women’s Studies, Chicano/a Studies, Native American Studies, and Asian American Studies, and Queer Studies. African American studies, which can be seen as the first Ethnic Studies to be introduced in Academia has several values that they want to embody. Originally, African American studies was a grassroots student-led response to institutional racism in Higher Education. These students in the 60’s felt that African Americans’ narrativ e was not vocalized in Higher Education curriculum (115). Nathan Huggins would also include that African American Studies was indirectly fighting for social justice (116). Robert L Harris would argue that African American Studies can be traced back even further to the 1890’s when people were researching the Black Culture, but he would ultimately agree that African American Studies formerly became part of the Higher Education institution around 1960’s/70’s. African American Studies focused on the struggles between black-nationalismShow MoreRelatedMulticultural Matrix and Analysis Worksheet Essay2249 Words   |  9 PagesUniversity of Phoenix Material Multicultural Matrix and Analysis Worksheet Instructions: Part I: Select and identify six groups in the left-hand column. Complete the matrix. Part II: Write a summary. Part III: Format references consistent with APA guidelines. 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Econ 510 Exam 1 Study Guide Free Essays

Intermed Micro Exam 1 Chapter 1 (Powerpoint Slides) Economics- Unlimited wants and limited resources Microeconomics- Branch of economics that deals with the behavior of individual economic units. Units such as, consumers, firms, workers, and investors, as well as the markets that these units comprise. Macroeconomics- Branch of economics that deals with aggregate economic variables. We will write a custom essay sample on Econ 510 Exam 1 Study Guide or any similar topic only for you Order Now Such as the level and growth rate of national output, interest rates, unemployment, and inflation. Micro Economics is a story of trade-offs that consumers, workers firms face and shows how these trade-offs are best made. Key Players – Consumers, Workers, Firms Trade offs for Consumers: Limited Incomes – To save or to spend. If save then for HOW LONG and of-course HOW MUCH If spend then on WHAT and HOW MUCH This gives birth to the CONSUMER THEORY, which talks about the preferences, choices, utility etc. Trade offs for Workers: Time: Leisure Vs. Labor Whether and when to enter the work force†¦. Pay scale is dependent on education Choice of employment: Risky but high paying VS safe but less money Trade offs for Firms: What to produce? How much to produce? Example: Any company in the world would love to produce everything and reap profits but can’t do it. Central planned economy- Prices are set by the gov’t In a market economy- Prices are determined by the interactions of consumers, workers, and firms. These interactions occur in markets—collections of buyers and sellers that together determine the price of a good. In economics, EXPLANATION and PREDICTION are based on theories and models. Theories- are developed to explain observed phenomena in terms of a set of basic rules and assumptions. Model – is a mathematical representation, based on economic theory, of a firm, a market, and some other entity. Positive Analysis – describing relationships of cause and effect. Normative Analysis – Analysis examining questions of what ought to be. Competitive Market – market with MANY buyers and sellers trading identical products so that each buyer and seller is a price taker. Non-Competitive Market – Seller or buyer can influence the prices Market Boundary – GEOGRAPHICAL and RANGE of products Why is boundary important? To get to know about actual and potential competitors and its helpful in making Public plicies. Example: Pain Killers REAL Vs. NOMINAL prices Nominal price – Absolute price of a good, UNADJUSTED for inflation Real Price – Price of a good relative to an aggregate measure of prices; price ADJUSTED for inflation Consumer Price Index – Measure of the aggregate price level. Producer Price Index – Measure of the aggregate price level for INTERMEDIATE products and WHOLESALE goods. REAL vs. NOMINAL pricing The real price of eggs in 1970 dollars is calculated as follows: The real price of eggs in 1970 dollars is calculated as follows: The real price of eggs in 1990 dollars is calculated as follows: Public Policy – * Great impact on Economics * Can change course of the market Chapter 2 (Powerpoint Slides) Supply Curve – Relationship between the quantity of a good that producers are willing to sell and the price of the good The Supply curve is upward slopping: The higher the price, the more firms are able and willing to produce and sell. If production costs fall, firms can produce the same quantity at a lower price of a larger quantity at the same price. The supply curve then shifts to the right. Insert Graph by hand: The Supply Curve – is thus a relationship between the quantity supplied and the price. We can write this relation as an equation: QS = QS(P) Other Variable That Affect Supply are: Production costs, including wages, interest charges, and the costs of raw materials. When production costs decrease, output increases no matter what the market price happens to be. The entire supply curve thus shifts to the right. Change in supply or Shifts in the supply curve Vs Change in the quantity supplied or Movements along the supply curve. The Demand Curve – Relationship between the quantity of a good that consumers are willing to buy and the price of the good. Equation can be written: QD = QD(P) Insert Graph by hand: A higher demand curve shifts the demand curve to the right. Downward Sloping) Shifting the Demand Curve – If the market price were held constant at P1, we would expect to see an increase in the quantity demanded—say from Q1 to Q2, as a result of consumers’ higher incomes. Because this increase would occur no matter what the market price, the result would be a shift to the right of the entire demand curve. Insert Graph by hand: Shiftin g the Demand Curve Substitutes – Two goods for which an increase in the price of one leads to an increase in the quantity demanded of the other. Complements – Two goods for which an increase in the price of one leads to a decrease in the quantity demanded of the other. THE MARKET MECHANISM The market clears at price P0 and quantity Q0. At the higher price P1, a surplus develops, so price falls. At the lower price P2, there is a shortage, so price is bid up. Insert Graph by hand: Equilibrium (aka market clearing) price – Price that equates the quantity supplied to the quantity demanded. Market Mechanism- Tendency in a free market for price to change until the market clears. Surplus – Situation in which the quantity supplied exceeds the quantity demanded. Shortage – Situation in which the quantity demanded exceeds the quantity supplied. CHANGES IN MARKET EQUILIBRIUM New Equilibrium following Shift in Supply When the supply curve shifts to the right, the market clears at a lower price P3 and a larger quantity Q3. Insert Graph by hand: New Equilibrium following Shift in Demand When the demand curve shifts to the right, the market clears at a higher price P3 and a larger quantity Q3. Insert Graph by hand: New Equilibrium following Shifts in Supply and Demand Supply and demand curves shift over time as market conditions change. In this example, rightward shifts of the supply and demand curves lead to a slightly higher price and a much larger quantity. In general, changes in price and quantity depend on the amount by which each curve shifts and the shape of each curve. Insert Graph by hand: From 1970 to 2007, the real (constant-dollar) price of eggs fell by 49 percent, while the real price of a college education rose by 105 percent. What are the possible reasons for such a sharp change : The mechanization of poultry farms sharply reduced the cost of producing eggs coupled with sharp decline in demand for eggs shifted by health-conscious population who tended to avoid eggs. As for college, increases in the costs of equipping and maintaining modern classrooms, laboratories, and libraries, along with increases in faculty salaries, pushed the supply curve up. Demand for college increased as a larger percentage of a growing number of high school graduates decided that a college education was essential paying. Market for Eggs The supply curve for eggs shifted downward as production costs fell; the demand curve shifted to the left as consumer preferences changed. As a result, the real price of eggs fell sharply and egg consumption rose. Insert Graph by hand: Market for College Education The supply curve for a college education shifted up as the costs of equipment, maintenance, and staffing rose. The demand curve shifted to the right as a growing number of high school graduates desired a college education. As a result, both price and enrollments rose sharply. Insert Graph by hand: Supply and Demand for New York City Office Space Following 9/11 the supply curve shifted to the left, but the demand curve also shifted to the left, so that the average rental price fell. Insert Graph by hand: Elasticity – Percentage change in one variable resulting from a 1% increase in another. Price Elasticity of Demand – Percentage change in quantity demanded of a good resulting from a 1% increase in its price. Linear Demand Curve – Demand curve that is a STRAIGHT LINE. Linear Demand Curve The price elasticity of demand depends not only on the slope of the demand curve but also on the price and quantity. The elasticity, therefore, varies along the curve as price and quantity change. Slope is constant for this linear demand curve. Near the top, because price is high and quantity is small, the elasticity is large in magnitude. The elasticity becomes smaller as we move down the curve. Insert Graph by hand: Infinitely Elastic Demand – Principle that consumers will buy as much of a good as they can get at a single price, but for any higher price the quantity demanded drops to zero, while for any lower price the quantity demanded increases without limit. a. ) For a horizontal demand curve, ? Q/? P is infinite. Because a tiny change in price leads to an enormous change in demand, the elasticity of demand is infinite. Insert Graph by hand: Completely Inelastic Demand – Principle that consumers will buy a fixed quantity of a good regardless of its price. b. For a vertical demand curve, ? Q/? P is zero. Because the quantity demanded is the same no matter what the price, the elasticity of demand is zero. Insert Graph by hand: Other Demand Elasticities Income Elasticity of Demand – Percentage change in the quantity demanded resulting from a 1% increase in income. Cross-Price Elasticity of Demand – Percentage change in the quantity demanded of on e good resulting from a 1% increase in the price of another. Elasticities of Supply Price Elasticity of Supply – Percentage change in quantity supplied resulting from a 1% increase in price. SHORT-RUN vs LONG-RUN ELASTICITIES Demand Gasoline: Short-Run and Long-Run Demand Curves a. ) In the short run, an increase in price has only a small effect on the quantity of gasoline demanded. Motorists may drive less, but they will not change the kinds of cars they are driving overnight. In the longer run, however, because they will shift to smaller and more fuel-efficient cars, the effect of the price increase will be larger. Demand, therefore, is more elastic in the long run than in the short run. Insert Graph by hand: How to cite Econ 510 Exam 1 Study Guide, Papers

Dreamer That Makes His Dreams Come True free essay sample

The dreamer who makes his dreams comes true Moss Kendrix was born in Atlanta, Georgia in 1917. He attended public school like every other African American child his age. He attended Morehouse College in Atlanta, Georgia. While he attended Morehouse College he was the editor the Morehouse newspaper, The Maroon Tiger. He was a devoted member of the Alpha Phi Alpha fraternity, and co-founder of the Phi Delta Delta Journalism Society. He graduated from Morehouse College in 1939, and created the first National Negro Newspaper Week. He applied and then was accepted into Howard University’s Law School. He married Dorothy Johnson, and had two children with her. From 1941 to 1944 he served in the United States Army. During his time served in the army he worked in the Treasury Department in the War and Finance Office. It was then he got his first taste of working with Public Relations. He appeared on television shows and talked on radio talk shows working to promote the war. In 1944 he started his own public relations firm, The Moss Kendrix Organization; the company’s motto was â€Å"What the Public Thinks Counts. He started his business based on the conclusion that African Americans were a large part of the consumer market in the United States at that time. Knowing this he invested a large quantity of time and effort into the development of this highly unacknowledged market. The Coca-Cola Company, Carnation, the National Dental Association, the National Educational Association were some of his many clients. In addition to running his own Public Relations firm he was the host of a weekly radio program show, â€Å"Profiles of Our Times. † During the early 1900s African Americans made up a large part of consumer market. Nehi’s grape and orange flavored soda was popular. Coca-Cola was also another popular brand of drink, but it wasn’t as popular in the African American society as it should have. Kendrix noticed this gap, and put his knowledge and skills to the test. In the early 1950s he went to the Coca-Cola company office, and offered his proposal on how to better market Coca-Cola in African American Communities; Coca-Cola Company hired him that same year as a retainer. He became the first African American to acquire a major cooperate account. He wanted to use Jackie Robinson, a famous baseball player, and his Jackie Robinson Bat Boy and Girl Good Citizenship Corps, a contest â€Å"Who Are American’s Twelve Leading Negro Citizens†, and a Coca-Cola Scholarship Contest for High School Seniors to promote Coca-Cola products. He used advertising, public relations, and sales promotion to get the word out about what he was trying to do. He used the Negro press, newspapers, and magazines as the primary source for information about his proposal. He planned it so that programs of public relations would run during the various phases of the proposal. The sales of the Coca-Cola would be the basis of participation of the Good Citizenship Corps. The methods in which the scholarship, and the Jackie Robinson Bat Boy and Girl Good Citizenship Corps would go were under the direction of the Coca-Cola Company. Kendrix had envisioned that the whole proposal would be built around Jackie Robinson. Jackie Robinson Bat Boy and Girl Good Citizenship Corps qualified boys and girls to be apart of the corps under the conditions that they would submit a slogan. If they submitted the slogan they were rewarded with a certificate, and a good citizenship button. Many of the children would frame their certificates, and parents would become impressed with the generous effort that Coca-Cola put into the youth. They started this Coca-Cola campaign in the summer so that it might be more effective. The next plan that Moss Kendrix had was The Coca-Cola Leading Negro Citizens’ Contest. The contest lasted for six weeks. The twelve leading Negros would be picked by way of essays written by African American children ages fourteen to eighteen years of age. The twelve that were selected were commended in a full page that was carried out by the Coca- Cola Company. The last part of the proposal was â€Å"These Twelve† Scholarship Contest. This contest was open to all high school seniors. In order to enter the contest they have to write long papers. Four 41,000 scholarships were given on a regional basis. This contest permitted local bottle holders to be apart of this scholarship. Although this plan that he had put together was going to mainly target the young Negro youth, it was going to reach the other parts of the African American population. Kendrix had the opportunities to work with celebrities while he worked on this Coca-Cola proposal. He worked with Coca-Cola until the early 1970s. Kendrix could multi-task. While he was getting the Coca-Cola Proposal together he was creating The National Association of Market Developers. The National Association of Market Developers or (NAMD) was created in 1953 at Tennessee State University. This group was created in support of minorities in the Public Relations field. It was a vital tool used during the 1950s to help black marketing specialist deal with black consumer market. Today the group is still in existence, and it is known as The National Alliance of Developers. The NAMD is based on a five Point Plan: serve as a National African-American Consumer Resource, provide professional support to the community, support students through education and guidance programs, increase the National Alliance of Marketing Developers exposure through national public affairs, develop national liaison with other organizations. The National Alliance of Market Developers still exists to this day. There are chapters in Atlanta, Philadelphia, New York, Chicago, Cleveland, New Orleans, Kansas City, Los Angeles, and Washington D. C; the newest chapter is in Florida.