Answer the following questions. Each question is worth 7.5 points.
- Describe TWO advantages of non-price competition compared to price competition.
- Discuss why profit is maximum when marginal cost equals marginal revenue.
- A company has developed COVID-19 detection glasses where the user can detect the temperatures of 200 people within 2 minutes from as far as 3 meters. The company wants to launch this new product in Kuwait. Which of the three targeting strategies should the company use, Undifferentiated, Concentrated, or Differentiated? Why? Discuss the reasons behind the company’s choice of the targeting strategy.
- While engaging in routinized response behavior, which of the five steps of consumer decision making may not be necessary? Why?
- What is Cultural Relativism? Is the Foreign Corrupt Practices Act based on Cultural Relativism? Why or Why not?
- Describe the relationship between the four stages of the Product Life Cycle and the five stages of the Product Adoption Process.
- While developing and introducing a new service, which of the seven phases of the new product development process might be most challenging for a company? Why?
- Since services are characterized by heterogeneity, how can a company standardize the delivery of a service? Give an example.
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