...Introduction Marketing- is the action or business of promoting and selling products or services, including market research and advertising. A more simple definition is the right product, in the right place, at the right time, at the right price. It involves a business trying to understand its customers by identifying their needs and produce the products which satisfy those needs. The concept of marketing is that firms should analyse the needs of their customer and then make decisions to satisfy those needs, better than the competition. Nowadays most firms have adopted this marketing concept but it’s not always the case. The philosophy of this concept came around after World War II, when people had to be selective with the products they brought and only buy the ones that meet their needs and requirements but to businesses these would not always be obvious. Now companies have to always keep customers in mind when thinking of a product and the market is so competitive you will need to be the best product out there in that market to have the most chance of being brought. Three simple questions are often used when businesses decided to come up with a new product; what do customers want? Can we develop it while they still want it? How can we keep our customers satisfied? All being very good and valid questions to ask which will help to increase customer satisfaction as they are always in their minds. The two businesses I have chosen to use in order to compare and contrast their marketing...
Words: 4679 - Pages: 19
...Stakeholder: | Description: | Interest in DFS Furniture: | Interest in The University of Nottingham: | Consumer: | A consumer is an individual/organisation who buys a good/service for their personal use. They are a key stakeholder in some business’ as they are the primary source of their revenue. | A consumer would be interested in DFS, as they want them to produce high-quality, value-for-money products and the after-sales service in order to make any future sales. As they are the purchaser of the good, the business is essentially interested in the needs of the consumer. They can have a huge impact on the business as if they receive a poor quality product it would lead to any future sales being lost. This is vital as like every business, they need to sell in order to survive. In this instance the consumer could be pivotal to the survival if decline occurs. | A consumer would have an interest in The University of Nottingham as they want them to produce high quality service education. As the consumer are the students, they are market the business need to survive. If the educational system failed, then private businesses would fail to survive. This means that the business has to tailor the consumer’s needs for service. | Employee: | An employee is an individual who is hired under a contract of employment to work for a business. This could be Part-time, Full-time. Employees are key stakeholders in the business as they have that particular interest to work there, which should...
Words: 3937 - Pages: 16
...The aim is to describe the different types of business organisation that operate in the UK. This will include a comparison between a Limited Company and a Charity in terms of their ownership, aims, economic sector and main stakeholders. For the report, I have chosen to investigate Sainsbury’s and RSPCA. Sainsbury’s Background information Sainsbury’s Supermarkets is the UK’s longest-standing major food retailing chain, having opened its first store in 1869. The Sainsbury’s brand is built upon a heritage of providing customers with healthy, safe, fresh and tasty food. It differentiates itself by offering a range of great quality products at fair prices with a particular emphasis on fresh food, an ethical approach to business and continuous leadership. Size of business J Sainsbury plc consists of Sainsbury’s – a chain of 504 supermarkets and 319 convenience stores. A large Sainsbury’s store offers around 30,000 products and an increasing number of stores also offer complementary non-food products and services. Business sector Sainsbury’s is currently in the Tertiary and Secondary Sector this is because Sainsbury’s provide services (they have banks), sell Food and also they have their own farm. Main goals and purpose At Sainsbury’s they will deliver an ever-improving quality shopping experience for their customers with great products at fair prices. Their aim is to exceed customer expectations for healthy, safe, fresh and tasty food, making their lives easier every...
Words: 788 - Pages: 4
...P1: Explain concepts of equality, diversity and rights in relation to health and social care Equality, diversity and rights are the core elements in health and social care. It affects every single person using the health and social care sector as well as those working within them. It is important for health and social care workers to understand the importance of treating all individuals equally no matter their ethnicity, gender, race, beliefs, sexuality, education, language, background or skin colour. Individuals must all be treated equally; Equality in terms of rights, status or opportunities. This has become an important focus as there are laws and policies in all organisations regarding it to ensure that everyone in the organisation has same opportunities and choices, and no one is discriminated. The new equality act came into force in 2010; it consists of over 116 separate pieces of legislation into one act to protect the rights of individuals and to advance a fair and more equal opportunity for all. In health and social care sector this means everyone using or working within it should have equal opportunities, this can range from job opportunities to getting medical treatment options and that all individuals must receive same high-quality service. Diversity is the term used to describe the differences between individuals. It is important that individual and group diversities are recognised to ensure that everybody’s needs and requirements are understood and responded...
Words: 1519 - Pages: 7
...standstill. • The deadlock is complete if remainder of system comes to a standstill as well. • The resources can be categorized into physical and logical resources. The physical resources are printer, disk drive, cpu, memory, scanner etc. The logical resources are files. • Deadlock is more serious than indefinite postponement or starvation because it affects more than one job. • Because resources are being tied up, the entire system (not just a few programs) is affected. • Requires outside intervention (e.g., operators or users terminate a job) to resolved the deadlock. 2. Seven Cases of Deadlocks Case 1 Deadlocks on file requests Case 2 Deadlocks in databases Case 3 Deadlocks in dedicated device allocation Case 4 Deadlocks in multiple device allocation Case 5 Deadlocks in spooling Case 7 Deadlocks in disk sharing Case 8 Deadlocks in a network Case 1: Deadlocks on File Requests | |If jobs can request and hold files for duration of their | | |execution, deadlock can occur. | | | | | |Any other...
Words: 3058 - Pages: 13
...Kim 1 Contents 1 The Market 4 2 Budget Constraint 8 3 Preferences 10 4 Utility 14 5 Choice 18 6 Demand 24 7 Revealed Preference 27 8 Slutsky Equation 30 9 Buying and Selling 33 10 Intertemporal Choice 37 12 Uncertainty 39 14 Consumer Surplus 43 15 Market Demand 46 18 Technology 48 19 Profit Maximization 52 20 Cost Minimization 54 21 Cost Curves 57 22 Firm Supply 59 23 Industry Supply 62 24 Monopoly 64 2 25 Monopoly Behavior 67 26 Factor Market 72 27 Oligopoly 76 28 Game Theory 80 30 Exchange 85 3 Ch. 1. The Market I. Economic model: A simplified representation of reality A. An example – Rental apartment market in Shinchon: Object of our analysis – Price of apt. in Shinchon: Endogenous variable – Price of apt. in other areas: Exogenous variable – Simplification: All (nearby) Apts are identical B. We ask – How the quantity and price are determined in a given allocation mechanism – How to compare the allocations resulting from different allocation mechanisms II. Two principles of economics – Optimization principle: Each economic agent maximizes its objective (e.g. utility, profit, etc.) – Equilibrium principle: Economic agents’ actions must be consistent with each other III. Competitive market A. Demand – Tow consumers with a single-unit demand whose WTP’s are equal to r1 and r2 (r1 < r2 ) p r2 r1 ...
Words: 12774 - Pages: 52
...File C5-207 July 2007 www.extension.iastate.edu/agdm Elasticity of Demand E lasticity of demand is an important variation on the concept of demand. Demand can be classified as elastic, inelastic or unitary. An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small. The formula for computing elasticity of demand is: (Q1 – Q2) / (Q1 + Q2) (P1 – P2) / (P1 + P2) If the formula creates a number greater than 1, the demand is elastic. In other words, quantity changes faster than price. If the number is less than 1, demand is inelastic. In other words, quantity changes slower than price. If the number is equal to 1, elasticity of demand is unitary. In other words, quantity changes at the same rate as price. Close substitutes for a product affect the elasticity of demand. It another product can easily be substituted for your product, consumers will quickly switch to the other product if the price of your product rises or the price of the other product declines. For example, beef, pork and poultry are all meat products. The declining price of poultry in recent years has caused the consumption of poultry to increase, at the expense of beef and pork. So products with close substitutes tend to have elastic demand. Figure 1. Elastic demand Elastic Demand Elasticity of demand is illustrated in Figure 1. Note that a change in price...
Words: 689 - Pages: 3
...File C5-207 July 2007 www.extension.iastate.edu/agdm Elasticity of Demand E lasticity of demand is an important variation on the concept of demand. Demand can be classified as elastic, inelastic or unitary. An elastic demand is one in which the change in quantity demanded due to a change in price is large. An inelastic demand is one in which the change in quantity demanded due to a change in price is small. The formula for computing elasticity of demand is: (Q1 – Q2) / (Q1 + Q2) (P1 – P2) / (P1 + P2) If the formula creates a number greater than 1, the demand is elastic. In other words, quantity changes faster than price. If the number is less than 1, demand is inelastic. In other words, quantity changes slower than price. If the number is equal to 1, elasticity of demand is unitary. In other words, quantity changes at the same rate as price. Close substitutes for a product affect the elasticity of demand. It another product can easily be substituted for your product, consumers will quickly switch to the other product if the price of your product rises or the price of the other product declines. For example, beef, pork and poultry are all meat products. The declining price of poultry in recent years has caused the consumption of poultry to increase, at the expense of beef and pork. So products with close substitutes tend to have elastic demand. Figure 1. Elastic demand Elastic Demand Elasticity of demand is illustrated in Figure 1. Note that a change in price...
Words: 689 - Pages: 3
...execution consists of a cycle of CPU execution and I/O wait. – Example: Alternating Sequence of CPU And I/O Bursts – In an I/O – bound program would have many very short CPU bursts. – In a CPU – bound program would have a few very long CPU bursts. Operating System Concepts 6.2 1 CPU Scheduler • The CPU scheduler (short-term scheduler) selects from among the processes in memory that are ready to execute, and allocates the CPU to one of them. • A ready queue may be implemented as a FIFO queue, priority queue, a tree, or an unordered linked list. • CPU scheduling decisions may take place when a process: 1. Switches from running to waiting state (ex., I/O request). 2. Switches from running to ready state (ex., Interrupts occur). 3. Switches from waiting to ready state (ex., Completion of I/O). 4. Terminates. • Scheduling under 1 and 4 is nonpreemptive; otherwise is called preemptive. • Under nonpreemptive scheduling, once the CPU has been allocated to a process, the process keeps the CPU until it releases the CPU either by terminating or by switching to the waiting state. Operating System Concepts 6.3 Dispatcher • Dispatcher module gives control of the CPU to the process selected by the short-term scheduler; this involves: – switching context – switching to user mode – jumping to the proper location in the user program to restart that program • Dispatch latency – time it takes for the dispatcher to stop one process and start another running. Operating...
Words: 1887 - Pages: 8
...CHAPTER 4 SI UNIT PROBLEMS SOLUTION MANUAL SONNTAG • BORGNAKKE • VAN WYLEN FUNDAMENTALS of Thermodynamics Sixth Edition Sonntag, Borgnakke and van Wylen CONTENT SUBSECTION Correspondence table Concept problems Force displacement work Boundary work: simple one-step process Polytropic process Boundary work: multistep process Other types of work and general concepts Rates of work Heat transfer rates Review problems English unit concept problems English unit problems PROB NO. 1-19 20-30 31-46 47-58 59-70 71-81 82-94 95-105 106-116 117-122 123-143 Sonntag, Borgnakke and van Wylen CHAPTER 4 6 ed. CORRESPONDANCE TABLE The new problem set relative to the problems in the fifth edition. New 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 5th 1 2mod new New New 3 4 new New new New New 18 27 new new 5 new New 13 new new New New New 22 45 mod 8 12 14 New New New New 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 5th new 19 20 33 mod 37 36 15 30 6 New 32 7 9 34 10 New New 26 39 New 40 New New New New 58 59 60 61 New New New New New 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 5th new new new 43 new New new new New 47 HT 48 HT 49 HT 50 HT mod 51 HT mod 52 HT 53 HT 54 HT 55 HT 56 HT 57 HT 31 mod 11 16 17 23 21 mod 28 29 24 44 35 th Sonntag, Borgnakke and van Wylen The English unit problem set is...
Words: 15028 - Pages: 61
...consumer’ monetary income, p1 and p2 the prices of two goods, s and x1 and x2 for their quantities. The budget set of the consumer is B = f(x1 ; x2 ) : p1 x1 + p2 x2 Ig: 1 where D X is the constraint set. The minimization problem can be de…ned similarly. f (x) have the same set of solutions, Theorem 1.1. The problems maxx2D f (x) and minx2D so do minx2D f (x) and maxx2D Proof. Note that f (x) f (x). f (y) for all y 2 D is equivalent to f (x) f (y) for all y 2 D. Given this result, we can focus on how to solve maximization problems. 2 More examples Economics studies how to make the best use of allocation of scarece resources, translated in mathematical terms, it studies various optimization problems under constraints. 2.1 Expenditure minimization This is the ‡ side of the utility maximization problem. It studies how to sustain a certain ip utility level with the lowest expense. With the usual notation, the problem can be written as min p x; s.t. u(x) u: 2.2 Pro…t maximization Let x be the inputs of a production function f (x); let the price of the inputs be w, and the price of good be p(f (x)); then the pro…t maximization problem can be formulated as max p(f (x))f (x) w x, s.t. x 2 Rn . 2 2.3 Cost minimization Similarly, the cost minimization problem is de…ned as min w x; s.t. f (x) y: 2.4 Consumption-leisure choice max u(x; l); s.t. p x w(H l): 3 Solution to the utility...
Words: 582 - Pages: 3
...Managing New, Remanufactured and Upgraded Products under a Coupon Recycling Environment Xian LI1 , Jihong ZHANG1,† , Xiaosong DING1 , Xiaodong YANG1 1 International Business School Beijing Foreign Studies University Beijing, People’s Republic of China, 100089 † corresponding author: zhangjihong@bfsu.edu.cn Abstract—We consider a two-period production and pricing model under a coupon recycling environment, in which a monopolistic manufacturer is able to produce and sell new, remanufactured and upgraded products simultaneously in the market. To attract consumers to return used products and promote the sale of upgraded products, the manufacturer offers coupons in the recycling process. We focus on the competition between different kinds of products and analyze the manufacturer’s optimal production and pricing strategies as well as the effect of coupons on them. Keywords—remanufacturing; pricing strategy; cost; coupon I. I NTRODUCTION With the advancing high-technology and exacerbation in global economic competition, more and more electronic products possess a very short lifespan prior to becoming outdated. For example, electronic products including mobile phones, MP3-players, digital cameras, tablets and laptops often have a lifespan being no more than one year. In the meanwhile, the shortage in global resources and deterioration of ecological environment makes remanufacturing a popular alternative to the sustainable development of many electronic...
Words: 3070 - Pages: 13
...Price Elasticity of Demand Example Questions Review: First, a quick review of Price Elasticity of Demand from lecture on 02/19/09. The definition, of Price Elasticity of Demand (PED) is: Price Elasticity of Demand = Percentage Change in Quantity Demanded = %ΔQD Percentage Change in Price %ΔP In order to calculate the PED we need two points on the demand curve, (QD1 , P1 ) and (QD2 , P2 ) . We use the midpoint formula, so: QD2 − QD1 ⎛ QD2 ⎜ ⎜ PED = ⎝ P2 ⎛ P2 ⎜ ⎝ + QD1 ⎞ ⎟ ⎟ 2 ⎠ − P1 + P1 ⎞ ⎟ 2 ⎠ Once we have calculated the PED between two points on the demand curve, we can say if demand between those points is “elastic,” “inelastic” or “unit elastic”: • • • Demand is “elastic” at a certain point if PED < -1 Demand is “inelastic” at a certain point if 0 > PED > -1 Demand is “unit elastic” at a certain point if PED = -1 There are a number of factors that can determine if a demand curve will be more elastic, or more inelastic (we will talk more about these factors on Tuesday, 02/24/09): Four Factors Affecting PED: 1. 2. 3. 4. Availability of close substitutes Necessities vs. luxuries Definition of Market Amount of time 1 When calculating different elasticities it is very important to keep in mind, what information you need to calculate a certain elasticity and what information you have available. Also, sometimes there is information that is not relevant to certain elasticities. Be sure you are aware of what information is necessary and what information...
Words: 1037 - Pages: 5
...CPU SCHEDULINGCPU scheduling in UNIX is designed to benefit interactive processes. Processes are given small CPU time slices by a priority algorithm that reduces to round-robin scheduling for CPU-bound jobs.The scheduler on UNIX system belongs to the general class of operating system schedulers known as round robin with multilevel feedback which means that the kernel allocates the CPU time to a process for small time slice, preempts a process that exceeds its time slice and feed it back into one of several priority queues. A process may need much iteration through the "feedback loop" before it finishes. When kernel does a context switch and restores the context of a process. The process resumes execution from the point where it had been suspended.Each process table entry contains a priority field. There is a process table for each process which contains a priority field for process scheduling. The priority of a process is lower if they have recently used the CPU and vice versa.The more CPU time a process accumulates, the lower (more positive) its priority becomes, and vice versa, so there is negative feedback in CPU scheduling and it is difficult for a single process to take all the CPU time. Process aging is employed to prevent starvation.Older UNIX systems used a 1-second quantum for the round- robin scheduling. 4.33SD reschedules processes every 0.1 second and recomputed priorities every second. The round-robin scheduling is accomplished by the -time-out mechanism, which tells...
Words: 2136 - Pages: 9
...is lower than that of its trading partner. 1.1 Technology and markets The Ricardian model assumes that production uses only 1 input (labor), with constant returns to scale. This assumption means that the technology in each country and each sector is entirely determined by the labor requirement per unit of output. The other assumptions are that (a) labor moves freely between sectors within a country, but (b) labor cannot move between countries. Assumption (a) implies that in a particular country, the wage must be the same in both sectors; assumption (b) means that the wage need not be the same (and typically is not the same) in the two countries. In addition, all agents are price takers, i.e. there is perfect competition. In my example, the unit labor requirements are unit labor requirement Corn (good 1) US Canada au = 1 1 Umbrellas (good 2) au = 1 2 ac = 3 ac = 6 1 2 Table 1, Labor requirements 1 (Corn is good 1, umbrellas are good 2. Subscripts indicate commodity, superscripts indicate country.) I assume that both goods require one unit of labor to produce one unit of output in the US. This assumption is without loss of generality; it merely amounts to a choice of units....
Words: 6181 - Pages: 25
