The Price Elasticity Of Moisturizing Cream

The Price Elasticity Of Moisturizing Cream Considering the above table, we find that the quantity demanded has increased from P0 to P4. But we do not see a significant decrease in the price of the product. Does that mean that moisturizing cream is price inelastic? The answer to the question is NO. Moisturizing cream is definitely price elastic. But price is not the only factor that affects the demand of the cream. The other major factor that affects the quantity demanded is Advertising cost. Moisturizing cream can be considered as a non essential luxury durable good. According to Sethuram and Tellis ( in Farnham 2010,p 96), durable goods have lower price elasticity than non-durable goods. Usually consumers relate a higher price of durable good with a high quality. Hence they can pay higher price for a product. The non durable goods are more price elastic since consumers are not ready to pay more price for an item that will not last for a long time. According to the marketing study of Sethuraman and Tellis (in Farnham 2010 ; p 97) producers should concentrate their strategies on advertising policies for cosmetics, luxury goods and new products. Higher advertising cost will help in creation of brand value and increase the sales of the product. Higher advertising will project the superiority of the brand with respect to the other brands (if done correctly). As seen from the table, the demand curve drawn would have positive slope. A demand curve with positive slope is common in markets that exhibit Conspicuous Consumption and the products that are categorized as Veblen goods. In the game, the highest market shares were experienced by firms that had the highest advertising costs. Considering the performance of the best 2 firms on the basis of profit and market share for five periods of GRITAIN MOISTURIZING CREAM INDUSTRY: It can be clearly seen that the market share is influenced by the advertising cost. In P1, firm 38 had a market share of 32.8% though its price was much higher than firm 35. This shows that when the advertising is higher, the quantity demanded for products like moisturizing cream and other beauty products is higher, irrespective of the country. Let us analyse the elasticity of Cement by considering the PIELAND CEMENT INDUSTRY. Again considering the performance of the best 2 firms in the first five periods on the basis of market share and profit we have: On considering P2, it can be found out that the market share of firm 7 is much higher than its closest competitor firm 9 in spite of the fact that firm 9 spent heavily on advertising. This shows that consumers demand more units of cement if it is cheaper, making it highly price sensitive. It has a low price elasticity of demand. It was observed that making profit was highly difficult in the cement industry. A right mix of advertising and pricing strategy was required. A very low price would help in achieving a good market share but would make it very difficult to break even. According to Dr. Divina M. Edralin (2004) The cement industry is highly capital-intensive, as it needs substantial investments in fixed assets like plant and equipment. The industrys main product is characterized by low price elasticity of demand, limited shelf life, and expensive handling and transportation costs for imports. According to Dr Edralin, globalization has provided opportunities to transnational cement corporations to monopolize the worlds cement industry by managing the economies of scale because of their large capital investments and thus making it difficult for smaller domestic firms/factories producing cement. PART B: PRODUCTION AND COST ANALYSIS (SHORT RUN AND LONG RUN) SHORT RUN Considering the firm 28 in Pieland Moisturizing Cream Industry, the short run cost functions can be interpreted by looking at the total fixed and variable cost, average fixed and variable cost. The functioning of the firms of various industries from P0 to P4 can be considered as short run as the firms were not allowed to increase their capacity. Thus the capital input remains constant in those periods. Fixed Costs = Overhead costs + Interest on negative balance + advertising costs + depreciation (These costs are not related to the production). As advertising costs have increased because of managerial decisions, they can be categorized as discretionary-fixed costs. Depreciation is considered as a fixed cost because it is calculated on the basis of time and not on the basis of number of units that a machine produces. Variable costs = $2 per pot of moisturizing cream Depreciation is 5% per period Profit calculation was done as total revenue total costs If we combine the above two periods for firm 28, we have Total Revenue = 183200(period 1) + 252000(period 2) = $435200 Total Costs = 159800(period 1) + 191698(period 2) = $351498 Total Profit = $83702 Total sales = 46900 pots Profit per pot (combined P1 and P2)= $1.78 Profit for P1= 23400 (183200-159800) => Profit per pot = 23400/22900 = $1.02 Profit for P2=60302 (252000-191698) => Profit per pot = 60302/24000 = $2.51 As we can see, the profit has increased in the period 2. In real life situations where most of the durable products are quite price elastic, the managers have constraints of not increasing the product price (unlike the game). The costs of running the firm increases gradually as more competitors enter the industry and companies spend more on advertising costs. This costs the profits to reduce after some time and the firms are forced to innovate new products and strategies. This can be overcome by the economies of scale as well as by increasing the price per unit. In a luxury non-essential item such as moisturizing cream, it can be done by increasing the price per unit as moisturizing cream is more advertisement elastic and consumers are ready to pay a higher price. This can be seen in the prices of the best performing teams of Pieland moisturizing cream industry. Just 5 periods have been shown as the firms had the provision to increase their capacity from P5. If we consider the Pieland Cement Industry and analyse the pricing strategy of the best two firms we can interpret that to survive in the industry, it is very essential to keep the price low as cement is not very advertisement elastic and highly price elastic. This makes cement industry in any country highly vulnerable to competition. Hence the cement firms have to work in collusion to survive in the market. The cartelisation mode of functioning is very common in this industry. The case of collusion is not seen in the game as two out of four firms have made huge losses. LONG RUN According to Farnham (2010:167) moisturizing cream industry in the game has adopted the capital intensive method of production because there is a provision of buying large large quantities of capital investment. Considering the firms of Pieland Moisturizing Cream, a comparison can be done between capacities of two firms: one which did not increase the capacity and the other which increased the capacity. The cost per unit for each of the above periods for the firms would be: The cost per unit is calculated as (Overhead+Variable costs)/ Units produced for simplicity. The cost due to negative interest and the advertising cost have not been considered for the calculation. Above it can be seen that the cost per unit in P1 for firm 25 is more than firm 28. This is because the capacity utilization of firm 25 is lesser than firm 28. Firm 25 produced 12000 units in P1 whereas firm 28 produced 18000 units in P1. As it can be seen in Table B.7, the cost per unit for firm 28 has reduced consistently from P1 to P7. It is easier for firm 28 to breakeven quickly and sell the units at reduced prices and drive firm 25 out of competition. However, it was observed that when the capacity of the firm was increased from 45000 to 50000 units, the cost per unit came out to be the same $3.87. This can be correlated with the graph of Minimum Efficient Scale. According to Farnham(2010:178), the Long Run Average Cost curve becomes essentially flat with neither further economies nor diseconomies of scale. $4.11 $3.91 $3.87 Q=35000 units ( Minimum Efficient Scale ) The Long run average cost curve for firm 28 depicting Minimum Efficient Scale. Capacity Utilization Ratio (Production/Capacity) of Firm 28 is higher than Firm 25 in Pieland Moisturizing Cream Industry. The stocks not sold are also used to determine whether the firm needs to increase its capacity or not. Firm 28 has a higher capacity utilization ratio and has sold stock in most of its periods. So it gives it the incentive to expand its through investment in new structures and investment. Usually a ratio higher than 85% gives the incentive to increase the capacity according to Farnham (2010: p 352). For firm 28 the ratio is more than 95%. PART C: OLIGOPOLY AND GAME THEORY The game theory models can be linked to the PIELAND MOISTURIZING CREAM industry. Moisturizing cream is highly advertisement elastic. This makes all the firms in the industry incur high advertising costs in each period. Consider the advertising costs for some of the periods for various firms: As it can be seen, all the firms in the industry have constantly increased their advertising costs. It started with $30000 at P0 and ended up in millions. Majority of the firms ( 3 out of 5) suffered huge losses because of this. Advertising heavily in every period was highly essential to survive the competition and sell the product (referring table A.1 above). Thus in every period advertising heavily was the dominant strategy for each firm. If the firms had co-ordinated their strategies, the advertising costs would not have reached millions. They could have sold the cream pots at higher price with minimum advertising cost. All firms ended up worse off than if they had been able to co-ordinate their strategies. All firms became prisoners of their own strategy particularly firm 25, 26 and 27 considering the final profit figure in table C.2 (Farnham 2010: p258). Though firms 28 and 29 made profits their profits could have been higher if the firms in the industry had co-ordinated and followed a co-operative oligopoly model. But the fear of punishment prevented the firms to collude (punishment from anti-trust/anti-cartel in real world). If the advertising costs of Firm 28 are considered in particular, they have increased with every period. However, the advertising cost in P14 of Firm 28 was the lowest in the group. It was known well in advance that P14 would be the final period of the game. If Firm Id 28 had kept advertising costs similar to the other firms and for some reason it would have been unable to have good sales, my firm (firm 28) would have incurred huge loss. The lesser revenue would not have negated the effect of high advertising cost and my existing positive balance would have turned into negative. This made me reduce the advertising. The price was also brought down ( as seen in table C.3). The highest risk that Firm 28 faced during this period was : Overhead cost = (-$84213) Variable Cost = (-$63000) (production was brought down as lesser sales were anticipated) Advertising = (-$100000) Total = (-$247213) The positive interest was $2897. Thus the net risk becomes (-$244316). The balance in firm 28 was $289728.51 as on P13. Thus if there are no sales in P14, there is still a positive balance of around $45412.51 ($289728.51 $244316). I considered this strategy as the best for my firm regardless of the strategy that other firms choose. I consider this scenario as the Nash Equilibrium because from a set of strategies, I have chosen the best strategy considering that the other firms will also choose their respective best strategy (Farnham 2010: p 258). PART D: IMPACT OF MACROECONOMY The macroeconomic scenario can be evaluated on the basis of the total quantity demanded for a particular product. Let us consider the Pieland and Gritain Moisturizing cream industry: As it can be seen from the table, the quantity demanded for units in Pieland as well as Gritain has grown in each period (except in P14 for Pieland). However, the quantity demanded curve shows a steep slope in Pieland in comparison to Gritain. This shows that the growth rate is higher in developing countries than the developed ones. The quantity demanded has a lesser slope for periods between P1-P4 since the monetary policy was deflationary. The consumption of a non essential luxury item such as moisturizing cream is less. However, from P5 the consumption increased as the monetary policy was reflationary (interest rates were cut) causing people to spend more on cosmetics. Reflationary fiscal policy causes the reduction of either the direct or indirect taxes. This leads the people to consume more. The reflationary policy caused accelerated growth from period 10. But accelerated growth caused inflation. It can be inferred from the graph that the governments and banks increased the taxes and interest rates. This brought the consumption down which is apparent from P13-P14. The effects of fiscal and monetary policy were more easily visible on emerging/developing economy of Pieland than on Gritain since Pieland has a higher growth rate. A suitable monetary and fiscal policy will affect the markets of Pieland more than Gritain.

Promotion Strategy Fitness Nestle

Nestle Promotion Strategy. – Writing 1 Casestudy February 7, 2010 Nestle constitutes the bigger corporation in the field of research and technology of foods. Her annual investment in Research and Growth is the biggest of the branch while her personnel in this sector exceeds the 3. 000 people. The Nestle Research Centre in Lausanne, where is carried out the basic research, is recognized globally as one of the leading centres of researches in his type with above 300 publications in valid scientific publications each year. The main activity of Group Nestle, which constitutes the bigger enterprise of foodstuffs worldwide, is focused in the sector the general and special human diet. Even if initially her work was based on the milk and the special products of diet for children, many still products were added in her activities with the byway of years, such as chocolates and (CRUNCH, CAILLER, KIT KAT, AFTER EIGHT, SMARTIES etc), coffee (NESCAFE, etc), drinks (NESTEA, NESQUIK etc), cooking products (soups, broths and mash MAGGI, pastas BUITONI, tins LI[B]BY'S etc), products of refrigerator (yoghurt CHAMBOURCY, ice-creams NESTLE, MOTTA and CAMY, desserts etc), natural metal water (PERRIER, VITTEL, SAN PELLEGRINO etc), frozen products (LEAN CUISINE) and products of cerials (FITNESS, CLUSTERS, CHEERIOS etc). Also,in our days NESTLE is taken action in the sector of products of diet of small domestic animals (FRISKIES, GOURMET, FELIX etc), as in the sectors of ophthalmologic (ALCON, OPTI – FREE etc), dermatological pharmaceutical and cosmetic products (NUTRADERM, BENZAC etc). In Greece, Nestle has presence above 100 years and constitutes today one from the bigger industrial companies of foods and drinks. The group Nestle in Greece is today constituted by the companies NESTLE GREECE S. A, NESTLE GREECE ICE-CREAMS S. A, GROUP of CERIALS GREECE. and ALCON INTERNATIONAL GREECE LTD, has totally in 4 factories and occupies in total 1350 people. For the 2006 it realised turnover of 460,6 millions of Euros, with profits above 70 millions of Euros. Chairman and Directing Adviser of Group in Greece is Mr Evangelos Kaloysis which, then long-lasting international military service in the maximum levels of Nestle, undertook also the responsibility of wider region of South-eastern Europe that includes the emerging markets of Albania, Bulgaria and FYROM, as well as Cyprus. It should be marked that the bigger percentage of annual turnover of Group in our country makes from products of factories of Greece. In this assignment we examine and analyze the promotion strategy for the product of Nestle which is named Fitness nestle and it is breakfast cereals mainly for women. The fitness product is the best for women ‘line'. Fitness breakfast cereal helps women manage their line in a sensible way. Fitness helps women not only take off weight but also keep it off as it is made with delicious whole grain flakes. Research shows that women who eat more wholegrain tend to weigh less and are less likely to gain weight over time. Fitness also contains essential vitamins and minerals. Analytically the ingredients for the product are Kellogg’s Special K Cereal (51%) (Rice, Wheat {Wholewheat, Wheat Flour}, Sugar, Wheat Gluten, Defatted Wheatgerm, Dried Skimmed Milk, Salt, Barley Malt Flavouring, Vitamin C, Niacin, Iron, Vitamin B6, Riboflavin (B2), Thiamin (B1), Folic Acid, Vitamin B12), Glucose Syrup, Chocolate Pieces (11%) (Cocoa Mass, Sugar, Emulsifier {Soy Lecithin}), Fructose, Dextrose, Sugar, Humectant (Sorbitol, Glycerol), Vegetable Oil, Emulsifier (Soy Lecithin), Antioxidant (E320). First of all it will be defined the target audience. Geographically the whole region of Greece will be in target. Everywhere in Greece exists a supermarket which offers Nestle Fitness product line must be part of the target. In conclusion geographically there are no limits. Thus , all city sizes will be concluded. In order to be more specific for the target audience will be defined the demographic characteristics. Firstly both gender can use the product, but mainly women are the potential and major consumers, thus women will be focused. Fitness product line is addressed to individuals from 18 to 37 years old. Family status for these individuals is young, single, young married with no children and young divorced. Income segment target is ;= 10000 annual salary. Demographically exist no other constraints. Phychographically the target will consist individuals with lice style status upon the general average and their personality will be characterized as ambitious and selfish. Behaviouristic the target audience will be strong loyal , heavy and regular users, and their market factor sensitivity is more advertising. The promotion strategy will be planned only for a part of the product line of fitness, which need a push. Fitness bars is a line of 7 different flavours. Each flavour has a unique taste but common scope. The price of one package is 2. 57 euros and contains 6 bars. The main competitor is kellogs, which sales the same package in different flavours 2,61 euros. In order to gain a competitive advantage and gain a bigger market share Nestle will apply specific strategy to the promotion. In the spectrum of promotion strategy, this method contains different types of energies. First of all the action , which will take place into the place a consumer can purchase the product. Mostly this point will be in supermarkets or other types of stores where Fitnees bars are sold. A hard-paper stand will be set at the 300 biggest supermarkets. That stand will announce to the potential customer the special offer of the product. That offer will be a 0,30 euros discount and a membership to a contest. The action should represent AIDA’s principles. Attention, Interest, Desire, Action. Attention will be paid by the effectiveness of the stand. Stand will be constructed like a huge Fitness bar with horizontal sleeves and attractive colours. The basic colour for the background will be yellow, because has high impact to catch consumers eye particularly when used with black. After, the board will be in green, because this colour is a symbol of health and freshness and popular for mini products. Inside the packing will be concluded a coupon, in which the purchaser will have the possibility to take part to a contest with a winning prize of free annual membership fee in a popular gym. For this action the costs are: 5000 euros for coupon production, 25000 euros for the stands and no cost for the gym because of a deal. The second part of the promotion strategy, which will follow after the 20 days length of the first action is to promote the fitness bar product line to potential consumers through scientific dietician and nutritionist persons. In Greece exist around 1. 000 people with the previous characteristics. The action will be focused only to the top 150. These persons will be supplied with promotion material, which will explain in scientific terms product healthy characteristics. More specific, Nestle will provide material, which will illustrate the whole product line of the bars and give them as a present posts with a subject from the health world. In addition 10 packages of the product will be send to these persons. The costs of these are: 1500 euros for the material, 3000 for the posts. Finally the last action of the promotion strategy is to approach the 100 biggest gyms around Greece and offer them the range of the bar product with the effectiveness of 50% discount. In that way, Nestle makes two goals. First net sales, even with a good discount and secondly a presentation of the product into the place where the target audience mostly can be found. Totally the costs of these promotion actions will be around 35000 euros. According the desired sales results, costs sound tiny. Desired results are a market share boost of 5% for the next 6 months and an estimated 6% sales growth for the next year. References â€Å"NestleWatch. org†. NestleWatch. org. http://www. nestlewatch. org. Retrieved 2010-01-08. â€Å"FoodAndDrinkEurope. com†. FoodAndDrinkEurope. com. 2007-12-05. http://www. foodanddrinkeurope. com/news/ng. asp? n=81829-nestle-vivartia-milk-prices. Retrieved 2010-01-08. â€Å"Nestle: Following the Customers' Tracks with Google Analytics†. Google Analytics. Archived from the original on 2007-02-20. http://web. archive. org/web/20070220225956/http://www. google. com/analytics/case_study_nestle. html. Retrieved 2007-02-21

Examine the functionalist view of the family Essay

Broadly speaking, the functionalist perspective has focused on the functions of the family in society and for its members. In other words, it looks at how the family, as an institution, helps in maintaining order and stability in society, and the significance of the family for its individual members. There are two main functionalist views on the family – Murdock’s view and Parsons’ view. Murdock’s view on the family is that the family performs four basic functions for its individual members and society at large. These are the ‘sexual’, ‘reproductive’, ‘economic’ and ‘educational’ functions. The ‘sexual’ function refers to the regulation of sexual activity. Evidence for this being a functionalist view on the family is that the idea of the four basic functions was created by George Murdock. Husbands and wives have sexual access to each other, and in all societies, there are norms concerning sexual activity outside marriage. Therefore, Murdock has argued that the family caters to the sexual needs of its adult members and also limits sexual access of other members of the society thereby maintaining stability. The ‘reproductive’ function relates to bearing and raising children. Again, this was part of the idea created by Murdock. The family provides the society with new members and assumes responsibility for raising them. The family is also an ‘economic’ unit, with a division of labour along gender lines. Evidence for this is Murdock’s consideration of this division of labour and his seeing it as rewarding for the spouses and as strengthening the bond between them, as they are perceived as doing distinct but complementary work. The ‘educational’ function can also be termed ‘socialisation’. Although initially an idea thought up by Murdock, Parsons also agreed with this view believing that this was one of the main functions of the family. The family has the responsibility of transmitting a society’s way of life, norms and values to the younger members. This function is an important one as, without culture, the society could not survive, and too much deviation from the norm would disrupt the stability of the society. Another view on the family is the view of Talcott Parsons. He has also written about the functions of the family. He has identified two functions that he perceives as being ‘basic and irreducible’. These functions are: the primary socialisation of children and the stabilisation of adult personalities of the population of the society. Primary socialisation occurs in early childhood and the family plays an important role at this stage. Evidence for this would be Parsons’ view and writings on the family. Later on, other institutions like the school or the peer group, will exercise much influence on the individual – this is called secondary socialisation. During primary socialisation, two important tasks are achieved by the family. Firstly, the family must transmit the culture of the society to the children. The child must not only be able to learn about the norms and values of the society he or she lives in, but should also be able to ‘internalise’ these norms and values, making them a part of himself or herself. Another functionalist view on the family is that it has the function of ‘stabilising the personality’ of its adult members. Evidence of this is Parsons’ view on the family. This means that family life provides adults with the emotional security that they need. The role of parents that they are asked to assume also provides them with opportunities for expressing their childish whims through their children.

econometrics paper - 2350 Words

30050 Applications for Economics Management and Finance Applied research project and report â€Å"Man is by nature a Political Animal† FACTORS SHAPING INDIVIDUAL’S INTEREST IN POLITICS INDEX: I. ABSTRACT II. INTRODUCTION III. DATA DESCRIPTION: Dependent variable and Independent variables IV. MULTIVARIATE ANALYSIS: Factor, Regression and ANOVA Analysis V. CONCLUSIONS VI. REFERENCES I. ABSTRACT The purpose of this project is to analyze what stimulates individual’s â€Å"Interest in politics†. Indeed politics, either directly or indirectly, shapes community’s every day life. It is of capital importance as it affects individual’s welfare and well-being. After gathering the required data from†¦show more content†¦Inexpensive 2. Quickly obtained 3. Generally high data quality 1. Format 2. Data definitions (scope) 3. Uncertainties about data quality We should also remember to take into consideration social desirability bias: the tendency of respondents to answer questions in a way they think will be viewed favorably by others, which may influence the reliability of our findings. i. Dependent variable The dependent variable chosen is â€Å"Interest in Politics†, a numeric ordinal variable. We had to invert the scale so that larger values of Y imply higher interest in politics, in line with the other variable’s scale. It now ranges from 1 (â€Å"not at all interested) to 4 (â€Å"very interested†). With respect to the initial data screening, we checked the presence of missing values in our dependent variable. As shown in the table, the percentage of missing data is not significant in relation to our threshold of 5% considered to be the general rule of thumb. ii. Independent variable While describing the independent variables chosen, we have to consider that some are latent nature, meaning that the underlying concepts cannot be measured directly. In order to create a meaningful value for said variables, we carried out a factor analysis with the aim of extracting two factors. In our analysis we also included 3 dummy variables, one single variable and the usual control variables. A briefShow MoreRelatedEvaluation Of The Testing Techniques1550 Words   |  7 Pagesthe stationary testing process of the financial data sets. If a unit root exists in the non-stationary financial time series, the best possible way to get stationary series is eliminating the unit root through the difference (Verbeek, 2012). 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