Suppose you manage a firm, which is a monopsony in the labor market and a monopoly in the product market. Suppose another firm moves into your market, hiring from the same pool of workers and selling an identical product to the same set of customers. Use the model of monopsony to analyze the impact of the new firm on the quantity of output you produce (Q), the price your firm should charge (P), the quantity of workers you employ (L), and the wage you pay (W).
Show graphically and explain your reasoning in detail. For example, if wages change, how and why do they change the way you say? Complete the following:
Create a graphic to illustrate producer equilibrium for monopsony in the labor market. Draw labor supply, labor demand and equilibrium for quantity of workers and wage.
Create a graphic to illustrate producer equilibrium for monopoly in the product market. Draw monopsony producer equilibrium with downward sloping marginal revenue product curve, and upward sloping labor supply and marginal cost of labor.
Conduct appropriate qualitative analysis to explain how Q, P, L and W will change when the new firm enters the industry. Explain your economic reasoning and show graphically.
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1.Discuss the difference between the stated rate and the market rate on bonds. What happens to a bond price when market rates go up and vice versa? Who controls the stated rate? Who controls the market rate?
2,What are the differences between accounting for investments based on fair value vs. amortized cost? What type of investments are accounted for using fair value? What type of investments are accounted for using amortized cost?
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select only 1 of the following options and answer each of the questions related to that option. Your responses should be thorough and well supported. You are encouraged to use our textbook and the online book for this class, which is called Popular Economyths.
A good, well-reasoned, detailed answer should be at least 1.5 to 2 pages (total) in length (and please do NOT rewrite the questions). You need to answer each of the questions for the option you select.
OPTION 1 – The Minimum Wage
Since 2009, the national minimum wage has been $7.25 per hour for most occupations in the private sector. Many of those who support an increase in the minimum wage believe this is one way the government could possibly reduce poverty, while its opponents believe that it creates unemployment and hurts low-skilled workers. The following items address the idea of raising the minimum wage from the current federal minimum of $7.25 per hour.
1) Describe who the suppliers and demanders are in the labor market. Is a government-mandated minimum wage a price floor or ceiling? Discuss the effect of a minimum wage law from a supply and demand standpoint, making sure to address the concept of surplus or shortage, and specify what that shortage or surplus is most commonly called in economic terms.
2) Raising the minimum wage will also affect the labor costs of businesses. What is going to happen to the prices these businesses charge for their products? And who is going to be most affected by these price changes, those with low incomes or those with high incomes?
3) Discuss any potential changes in the incentives for low-skilled workers – those who keep their jobs and their hours – to increase their human capital when the minimum wage increases. What about those who lose their jobs or never get hired? Discuss the incentives for employers to substitute capital inputs (technology and automation) for labor.
4) What might be an unintended impact on government spending on entitlements such as welfare, food stamps, and unemployment compensation because of the changes in the minimum wage and its impact on unemployment and underemployment?
5) Do advocates of a minimum wage law believe that workers should be paid based on their output (i.e., performance) or on their level of need? What do opponents of the minimum wage law believe workers’ wages should be based on? Which one is sustainable and why?
For the sake of comparison, how should students be graded in class, based on their performance or level of need?
6) Advocates of a minimum wage often believe that employers would “exploit” or “take advantage” of their workers if there were no minimum wage. How would you know if employers are “taking advantage” of their workers if there were no minimum wage? What simple thing could the employee do if they believed they were being exploited?
7) What percentage of American workers get paid above minimum wage? In general, why do such workers get paid more than the government-mandated minimum wage if employers are supposedly so greedy?
8) Compare and contrast some of the information contained in the three videos:
How the Minimum Wage Creates Unemployment – Note: this video uses an example of a $5 minimum wage as an illustration only. The same exact point could be made with a minimum wage of $7.25, $9, $12.37, or any other amount, so please do not get hung up on the $5 amount. The point is whether or not the government ought to dictate the wages of a private transaction between a willing employee and employer.
Describe the main points of each video. Which one or two videos do you agree with more from an economic perspective and why? Be specific!
9) Based on your previous responses, do you believe that the minimum wage should be raised, lowered, remain as it currently is, or be altogether eliminated? If you think there should be a minimum wage,how would you arrive at the specific wage? You need to give a thorough reason for your answer. Who should get to decide how much a worker gets paid, the worker and their employer or a politician? WHY?
OPTION 2 – Taxes
It has been said that nothing in life is guaranteed except for death and taxes. The next questions ask about the three tax structures as well as rate rates.
1) A lot of students say that some people pay “more (or less) in taxes” than others, but they often confuse tax rates (percentages) with the amount of tax paid (in dollars). Be sure to answer questions in this option with references to the differences between taxes paid in dollars versus percentages.
Please state whether you prefer a progressive, regressive, or flat (proportional) tax system and WHY. Is your preference more in accordance with the concept of equality of opportunity (which is equal treatment) or equality of outcome (which is unequal treatment)? BE SPECIFIC. Which tax system incentivizes taxpayers to earn more money and which structure disincentivizes taxpayers to work harder and earn more money.
2) Please write about marginal tax rates and whether you believe they need to be changed in general. More specifically,
A) If you believe in a flat tax rate system, should income tax rates be raised or lowered?
B) If, however, you think a progressive tax rate is best:
i) should taxes on low-income earners be raised or lowered?
ii) should taxes on average-income earners be raised or lowered?
iii) should taxes on high-income earners be raised or lowered?
C) If, however, you think a regressive tax rate is best:
i) should taxes on low-income earners be raised or lowered?
ii) should taxes on average-income earners be raised or lowered?
iii) should taxes on high-income earners be raised or lowered?
Regardless of which you chose (A, B, or C) be sure to give your reasons WHY you feel the way that you do.
3) Please explain HOW the tax rate changes (the increase or decrease you advocated for in Questions #2 above) will affect each of the following:
a) economic growth: job creation, investment, incentives to work more, and tax avoidance
b) the budget: the difference between tax revenue and government spending
c) economic “fairness”
Your answer needs to have a discussion related to the Laffer Curve, especially with respect to the budget (and to government revenue in particular). In addition, please give your definition of economic “fairness” and WHY you believe that.
Describe the main points of each video in detail. Which video do you agree with more? Please describe WHY. Which video recommends treating people equally and which one does not?
Describe the main points of each article in detail.
Based upon the two articles: By income percentile group, who doesn’t pay their “fair share” of taxes and who pays more than their “fair share” in your opinion? How do you arrive at that opinion?
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· To compare and contrast the market types of two major corporations.
· To determine the various key elasticity indicators of these companies and the main goods they produce.
· To analyze the market of each corporation to determine their competition, and any substitute, complementary goods, or services.
· To determine the relative value of each company, its potential future growth, and make recommendations as to whether one is a better investment than the other.
· To work constructively and collaboratively in a small group to produce an engaging and informative package.
Description
In this group case study project, you will join forces with three of your peers to make an investment recommendation on either of two corporations: Pfizer or McDonalds Corporation. The task for your team will be to compare the two companies based on both the supporting information and any external research that you conduct, and ultimately recommend one over the other as having stronger investment potential.
As a further twist, your team will have some competition. Other teams will be given the same opportunity to prepare their information package on the same two companies using the same case studies as a starting point. Consequently, your team should try to package your information and recommendation that is the most engaging, creative, and persuasive.
· Part 1 – By the end of Unit 3, students will have been assigned to a group which will meet online in the Group Case Study Project Discussion Forum (found in Unit 1) and brainstorm a strategy (ungraded, but with feedback).
· Part 2 – In Unit 4, the group will submit a Learning Team Agreement, which will spell out who is responsible for what in the packaging of the information, and a list of their research sources (ungraded, but with feedback).
· Part 3 – In Unit 8, the group will submit a draft of their project report, but without their recommendations (ungraded, but with feedback).
· Part 4 – In Unit 9, the group will submit their final package (project report [8 pages, APA format, and double-spaced] and presentation), including their recommendation about which company the team recommends. The final package should incorporate feedback from Parts 2-3 (Weight 20% of project total).
Report Content
The report should not exceed EIGHT content pages (excluding cover page, table of contents, references, appendices, etc.). Do not exceed the page limit. Use only the following SIX titles for your report’s content:
1. Introduction
2. Company profile, product and industry position
3. Financial performance
4. The Market: Demand, Competition, Rival and Complement products, and consumer target segments
5. Strategies and initiatives for efficiency, profitability, and sustainability
6. Future outlook and investment recommendation
Approach to Writing
Write this report in comparative mode for all sections. In each paragraph compare and contrast both companies on you are focusing on in that paragraph. Make it a running comparison on each aspect you evaluate instead of writing about each company separately. For example, when comparing financial assets, you may write, “While the market capitalization of McDonalds as of July 2019 is $162.63B, Pfizer’s stands at 45% higher at $235.74B.”
At the end of each section, state which company is superior based on the metrics you just examined and explain clearly to your investor what this information means with respect to profit/returns for now and the future.
Guiding Questions for this Assignment
As your team conducts research on the companies to obtain appropriate information for making a financial investment in either company, here is a list of relevant questions to improve your comparative analysis between the two companies:
· What is the current financial situation of the company?
· What kind of market/industry structure (Perfect Competition, Monopolistic Competition, or Monopoly) does the company belong to?
· What is the Price Elasticity of Demand for the goods that the company sells? Is the demand elastic or inelastic?
· What kind income elasticity the product(s) of the company face?
· Who are the company’s closest competitors?
· Are there any close substitutes or complements?
· Is the demand for the product of your chosen company growing? Explain why.
· Can the labor force of your chosen company be trained further to increase productivity and lower cost of production?
· As a business is your chosen company profitable? Will it be able sustain profitability?
· How can it make its profit grow?
· What is the price elasticity of demand for brand name drugs? Is it elastic or inelastic? How about fast food?
· What is the Income Elasticity of demand for these products? Which one has the higher income elasticity and why?
· What is the cross price elasticity of demand (if any) between the main products of the two companies? What about among Pfizer’s main products and related products, and among McDonalds’ main products and related products?
· Which company has higher fixed costs? Which has higher marketing costs? Why?
· What other issues with regards to the social, political, labour, legal or environmental practices of these two companies might you include that could impact your decision?
· What specific innovations or strategies is each company pursuing and how might this impact the investment decision?
Project Deliverables
Remember that your ultimate goal is two-fold:
· to provide the best evidence to support the choice of one company over the other as a place to invest and
· to do so in the most compelling, informative, and creative way you can.
· To that end, your group will need to produce a package consisting of the following:
· An eight-page research report in which all your information about the two companies is organized, the comparison indicators presented, and your ultimate choices for investment are made. Your report should be a maximum of 8 pages, double-spaced with 12-point font, not including cover page and references. Your paper should follow APA formatting standards. The file should be submitted in Microsoft Word format only.
· An accompanying media presentation of your findings that will be posted for your classmates in the Final Case Work Discussion Forum, listed in Unit 9. This can take any form your group has the skills to produce, but it is where your package will really distinguish itself from the others:
· This is not to be a live (synchronous) presentation, but rather the creation of some sort of digitally submittable file that will most help support and sell your findings to your client. (If you need motivation, imagine that your client will only pay for the most interesting and engaging package submitted – your reputations are at stake!)
· It can take the form of a PowerPoint presentation, a photo collage, or an audio or video recording – anything goes. Just be sure that you have permission to use any copyrighted materials (photos, audio, or video), because these packages will be shown to the class online and in our online world, unlike the brick and mortar classroom, that constitutes “republishing,” which is a copyright infringement unless you have permission.
Select a member of the group to submit your package as a digital document (preferably a single, multi-page PDF file) to the Submission link below no later than 11:00 p.m. on Thursday of Unit 9. At that same time EVERY member of the group must submit a confidential Peer Evaluation Form in which they will indicate the relative participation levels of everyone in the project work (no slackers allowed!) – Strong evidence that you didn’t pull your weight will be taken into consideration in the final grading of the project
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Assignment 1: Principles of Economics Worth 150 points
Write a two to three (2-3) page paper in which you:
Identify a relevant economic article from either the Strayer Library or a newspaper. The article must deal with any course concepts covered in Weeks 1-4. In the first two (2) paragraphs, identify at least four (4) key points that the article highlights. In the next three to five (3-5) paragraphs, apply two (2) of the following economic concepts (supply and demand, market structures, elasticity, and costs of production) to the key points that you highlighted in Question 2. In your concluding paragraph, state whether you agree or disagree with the author’s comments. Provide a rationale for the response. Use at least three (3) quality resources in this assignment with one (1) being your article.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
The specific course learning outcomes associated with this assignment are:
Apply the underlying principles of economics and the economic way of thinking to assess market issues and make business decisions. Analyze the dynamics of supply and demand to anticipate market equilibrium. Analyze the elasticity of demand and supply and its importance, and the effect of taxes or other public policies Describe the impact of various forms of competition on business operations with emphasis on perfect competition. Use technology and information resources to research issues in principles of economics. Write clearly and concisely about principles of economics using proper writing mechanics.
Principles of economics are concepts that serve as the foundation of satisfying unlimited wants using scarce resources available (Menger, 1871).
This article covers different courses in principles of economics; ‘An Afghan lesson in supply and demand’ an article printed in Los Angeles Times (Fleishman, 2010). The article explains the demand for private schools in Afghan since the public schools have low quality education. Parents want the best education for their children and since most public schools in Afghan cannot offer this, most parents are forced to send their children abroad to acquire high quality education. The market of private schools is also increasing at an alarming rate in Afghan but the supply is minimal.
Afghan establishment of private schools is faced with limited and lack of capital. Private schools entails spending on educational related expenses that includes, hiring of tutors, setting up of the institutions and the necessary education material required. Willing suppliers of private schools lack capital for the set up of these schools. The article also highlights the lack of available and skilled labor force. From the article the discussed private schools has few teachers who are even unqualified to teach. The school even lacks a head- principal.
The lack of private schools in Afghan indicates low supply of private schools while the demand is high. There are many willing clients to join private schools in afghan and have the funds to pay for the tuition, causing the demand to be high. The supply of private schools is very low causing an imbalance of market structure of demand and supply in the market. Demand for private schools is higher than the supply for private schools. Demand is higher than supplier therefore causing disequilibrium in supply and demand curve.
The market structure of private schools in Afghan also causes market disequilibrium since there is ready market and no source of supply. Due to limited private schools in Afghan their school fees cost might be high due to limited supply and high demand. When the supply is low and demand is high both cost and prices tend to be high.
There are no investors willing to inject their money into the project of private schools in Afghan hence lack capital. Skilled Labor force is also a problem in Afghan. The supply for skilled labor force is very low while the demand for skilled……………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………………..
This assignment will provide you with firsthand experience in developing a strategic marketing plan for entering a new international market. Choose a global company that you are familiar with for this paper. Note: Do not use a company from a previous assignments or discussions.
Use the Internet or Strayer Library to research the following components of the global company that you have chosen:
– Company Profile (History & Analysis)
– Product(s)
– Financial Status
– Market Position
– Analysis of current global operating environments
– Integrated marketing communication (IMC) Strategy
– Strengths and Weaknesses Analysis
– Sustainable Competitive Advantage(s) enjoyed by the firm
– Sources of funds for the project
– Pro-Forma Balance Sheet & Income Statement for five (5) years
– Cash-Flow Statement
Note: You may also use the following resource for your research:
Write a five to six (5-6) page paper in which you:
Choose a country into which the company you selected may expand. Note: Ensure that the country you chose is currently not doing business with the selected company in any capacity (e.g., exporting, FDI, or contract manufacturing).
Develop a brief profile of the country that you have chosen. The summary should include:
a. Geographic and historical data regarding international business
b. Political and legal environment for conducting international business
c. Business customs and practices
d. Economic environment
e. Socio-economic analysis which should include the factors of concern (e.g., population characteristics, language, GDP, taxation, personal income, labor, industries, communication networks, imports / exports, and major trading partners’ countries).
Note: Refer the following resource to complete this criterion of the assignment:
Ascertain the possibility and feasibility of integrating ecommerce into the company’s offering. Your research should include:
a. Impact of regional and global trade integration
b. Potential volume of trade
c. The marketing mix components
d. Key cultural dimensions affecting marketing operations
Analyze the key reasons why the entering the market in the country that you have chosen is justified. Include your research and analysis from Criteria 1 and 2 of this assignment to support the response.
Determine at least three (3) potential risks of foreign market expansion using ecommerce for the country that you have chosen (e.g., language barriers, regulatory, taxation, expropriation, etc.). Suggest one (1) strategy to mitigate each risk that you have determined using weighted metrics with a baseline number(s).
Suggest at least two (2) ways in which you would adapt the operational strategies of your chosen company both to fit the changing dynamics of foreign markets and to foster a competitive advantage for the company.
Use at least six (6) academic resources in this assignment. Note: Wikipedia and other similar Websites do not qualify as academic resources.
Your assignment must follow these formatting requirements:
Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions.
Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.
Assignment 3: Entry Plan into International Market
(Student’s Name)
(Professor’s Name)
MKT 505: Strayer University
(Date)
Entry Plan into International Market
Target Inc.
Brief Company Overview
Founded in 1902 and headquartered in Minneapolis, MN, Target is an international company with 1,800 stores in 49 states in the United States. The company is a general merchandize retailer, with product portfolio that includes dry grocery, frozen items and dairy and all sorts of electronics (Target Inc., 2017). The company posted sales of over 69 billion dollars in the second quarter of 2017, owing to its vast brands such as Archer Farms, Sutton & Dodge, Threshold, Smith & Hawken, Gilligan & O’Malley and Cat & Jack among others. The majority of the company revenues are generated from the large United States market although it has expanded its operations to include Canada and other countries in Europe. Its competitors include Wall-Mart, Costco Wholesale Corp., Groger Co., and Home Depot Inc.
Expanding into Nigerian
Brief Profile of Nigeria The Federal Republic of Nigeria has an estimated population of about 186 million (with 58 million constituting the labour market), with English as its official language. The country has had direct business investments from outside the country, with U.S being the leading foreign direct investor. U.S has often supplied the country with refined oil products, wheat, military equipment and parts and agricultural equipment among other products. However, foreign investment in the country is governed by the country’s laws, which sets the guidelines that foreign investors must abide before being allowed to operate. According……………………………………………………………………………………………………………………………………………………………………………………………………
Larry Landlord has recently renovated an apartment and has put it on the market to be rented for $800.00 a month. Larry Landlord has been in business for approximately five (5) years and has had both positive and negative experiences with tenants. Larry Landlord is hoping to find a good, long-term tenant for his apartment. Roger Renter saw Larry’s sign for the apartment for rent and thought the location and the apartment would be perfect. Roger met Larry to look at the apartment and Roger fell in love with it. All of the interior fixtures had been replaced and the unit had a nice large closet. Roger noticed that although newly painted, the exterior of the apartment did show a little bit of wear. Because of the condition of the exterior of the building, Roger asked Larry about any roof leaks. Larry stated that he had never had a leak and was not aware of any leaks.
Roger and Larry entered into a valid contract for the rental of the apartment. (Note: The issue of whether or not a contract exists is NOT part of this question. For purposes of this question assume the contract is valid and there are no issues with the contract.)
Roger Renter was very happy in his new location; the apartment was quiet and the neighbors were friendly. Larry Landlord was also very happy because Roger Renter was a model tenant. Roger Renter paid on time and was quiet and respectful to other tenants.
The part of the country where Roger rented was rainy in the summertime. Roger rented and moved into the apartment in October. In June, a tremendous rainstorm occurred and Roger’s roof began to leak. The leak was minor at first and Roger merely put a trash can under the leak and had no other issues that month. When handing over his monthly rent check, Roger told Larry about the small leak. Larry thanked Roger for letting him know about the leak and told Roger he would have it fixed.
The next month the rains came again and the leak grew larger in Roger’s apartment. Roger was not home at the time of the rain and therefore the leak damaged some of Roger’s furniture. Roger called Larry to let him know that there was a leak and asked when it might be fixed. Roger also stated that he thought Larry had fixed the roof. Larry curtly stated, “When it rains, sometimes it pours. When it pours, sometimes it leaks.” Roger did not like Larry’s tone or response and called back to ask when the roof might be fixed. Larry stated, “When I get to it.” The following day, Roger sent Larry a note about the roof leak and asked Larry to please address the issue.
The week before the rent was due, another rainstorm occurred and the leak was even larger. This time the leak damaged Roger’s clothing, furniture, and some precious items he had inherited from family members. Roger called Larry and asked Larry to fix roof immediately. Larry responded in a similar and condescending manner. Roger hung up the phone and threw his baseball bat against the wall, damaging the drywall and knocking out an electrical socket.
Since it was the rainy season, Roger knew it would rain again and therefore simply moved his items away from the leak and did nothing to help mitigate the damage from the leaking roof.
Larry came into the apartment to investigate the leak and found damage from not only the leak but also from the thrown baseball bat. Roger states that the baseball bat damage was a direct result of Larry’s inability to fix the leak based on his anger from Larry’s curt response.
Suppose you are a mediator. In five to seven (5-7) pages discuss the rights and responsibilities of the landlord and the tenant in which you:
Explore the legal rights and responsibilities of the tenant and the landlord. Decide whether or not the landlord and / or the tenant had a legal duty to mitigate damages. Determine whether or not Larry has legal grounds to evict Roger. Explain why or why not. Describe whether or not Roger has a legal obligation to pay for the damage he caused and determine whether or not Larry would be liable for any direct damage. Support each response with facts presented in the scenario. Use proper legal terminology throughout your responses. Use at least three (3) quality academic resources in this assignment. Note: Wikipedia and other Websites do not qualify as quality academic resources. Format your assignment according to the following formatting requirements: Typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page is not included in the required page length. Include a reference page. Citations and references must follow APA format. The reference page is not included in the required page length. Grading for this assignment will be based on answer quality, logic/organization of the paper, and language and writing sk
In the course of the tenancy agreement, the tenant and the landlord upon entering a binding contract have legal rights and responsibilities that are governed by state laws, which vary from one state to another. The landlord-tenant law consists of three major components, the contract law, the property law and the law of negligence. In view of the legal rights of the tenant and the landlord under these laws, the paper addresses responsibilities and legal rights of the landlord and tenant in a specific situation upon entering a binding lease agreement.
Background of the Case Study
Larry the Landlord has remodeled and rented an apartment to Roger the Renter. Roger on viewing the apartment realizes that though the interior is in habitable state, with nice finishing, he notices that the exterior of the building is not in good condition and asks Larry whether the roof leaks. Larry asserts that he is not aware of any roof leaks and that the apartment is in perfect habitability state. However, the summer rains start and the roof leaks, to which Roger informs Larry, who hesitates to make repairs. Storms increase the downpour and the roof leaks more making Roger angry since his furniture gets destroyed. He again informs Larry, who shows no urgency; Roger gets emotional throwing his baseball and damaging the drywall and knocking out one of the electrical circuits. Legal Rights and Responsibilities of the Landlord
LEARNER COPY- Assessment TasksUnit Code: BSBMKG607 Unit Title: Manage market research Unit Code: SITXMPR502 Unit Title: Develop and implement marketing strategies STUDENT DECLARATION: I declare that no part of this assessment has been copied from any other persons work, except where due acknowledgment is made in the text, and no part of this assessment has been written for me by any other person except where such collaboration has been authorised by the assessor concerned. Student Signature: ________________________________________________________ Student Name: KRISTELLE JOY ONG Student ID: PAASH07021 Result Result (Please Circle) S | NS S = Satisfactory NS = Not Satisfactory Marking criteria – Student must demonstrate satisfactory performance in each task to be deemed Satisfactory. Assessors feedback / Date for re-assessment if required: Assessors signature: Date:
Student Instructions Unit Code & Title BSBMKG607 Manage market research SITXMPR502 Develop and implement marketing strategies Assessment Task 1 Written Questions You need to provide a series of evidence demonstrating what you have learnt during the units. This assessment will contribute towards the assessment of your overall competency. Purpose of assessment To demonstrate that you understand the performance outcomes, skills and knowledge required to manage market research activities and develop and implement marketing strategies. Assessment methods and instructions This assessment activity is the Knowledge Questions section and requires you to demonstrate you have the knowledge and understanding of the required competencies to the required standard. Please write clearly and answer all sections. Use a pen. Assessments written in pencil will not be accepted. Please do not use white out on your assessments. If you need to make changes please cross out and initial the changes. This is an open book assessment and you may reference your learning material to assist you in this task. Note: Cheating and plagiarism is considered academic misconduct and will not be tolerated at Ashton College. Refer to the Client Information Handbook for more information Trainers can apply reasonable adjustment to assessments. Reasonable adjustment is the process of adjusting or changing the assessment to meet the needs and characteristics of the student(s) being assessed, and taking into account any equity requirements. Resources, equipment & material required Wrathall, J., & Gee, A. (2014). Event Management theory and practice. North Ryde, Australia: McGraw HillChapter 5 Event marketing Van der Wagon, L., & White, L. (2014). Events Management For tourism, cultural, business and sporting events. Frenchs Forest, NSW: Pearson Chapter 6 Marketing activities Chapter 27 Marketing strategies Assessment environment Classroom Timeframe for assessment Approximately 1 hour to complete. Timeframe can be negotiated based upon student’s individual needs and requirements. Marking criteria Standard To be assessed as satisfactory for this assessment activity each question or statement must have the correct response. Reassessment If you do not answer every question correctly, then your assessor will give you the opportunity to go over the incorrect answers. If you still do not answer all questions correctly then your assessor will arrange for you to re sit the entire assessment. Your trainer will provide guidance as to the areas of the learning materials that you need to review. If on your third attempt you are unable to correctly answer all the questions then your assessor will discuss the most suitable options available to you, which may include attending further learning sessions or using additional resources. You must satisfactorily complete all assessment tasks to be deemed competent in this unit. Assessment Appeals If you wish to appeal an assessment decision you should initially talk with your trainer/assessor and see if the situation can be resolved. If you are not satisfied with the outcome you may then lodge a formal complaint. Formal complaints are to be made to the Academic Director. Complaints and appeals are actioned within 5 days of receipt of a complaint or appeal. The College will act upon the outcome of any complaint found to be substantiated. Appeals must be lodged within 20 working days of the decision of a complaint process or assessment result. For further information on this procedure refer to the Complaints and Appeals Policy and Procedure. Trainer Instructions This document forms the basis of specific evidence that you, the trainer/assessor, need to collect from the student to complete the Knowledge Questions for this unit. The tasks and assessment requirements that are given to the student are also outlined in this document. This guide contains instructions and suggested responses on how to assess the student and determine competency. After completion of the assessment you will need to collect the student’s Assessment Booklet and submit this to Ashton College as per the Trainer/Assessor Guidelines. Included in this guide are all questions and/or activities, forms and checklists that need to be completed by you and the student as part of the assessment requirements. All questions and/or activities, forms and checklists that make up the student’s Assessment Booklet will need to be completed by the student. General instructions for completing the Assessment Results by the Assessor • Student name to be clearly printed in the space provided • Student to sign and date the Student Declaration • Upon completion, please mark the assessment as either satisfactory, unsatisfactory or not yet submitted • To be marked as Satisfactory, the student must complete all tasks and sections in a task, satisfactorily. This means: o Question & Answer – 100% correct o Activities – 100% correct • Record the overall assessment outcome. If any task is unsatisfactory then the result must be NS • Record your feedback to the student in the space provided. • Please sign and date the Assessor Declaration. • Give the student the opportunity to review the corrected assessment and feedback, and ask them to complete the Declaration confirming that feedback has been provided.
Task 1: Questions and Answers INSTRUCTIONS Please write your answers clearly in the space provided. All questions must be answered, ask your assessor if you don’t understand any of the questions. If you require more space attach a page clearly marked with your name, the Session number (which can be obtained from the front of this Assessment booklet and the question you are responding to. Some questions may require you to reference the learning materials provided by Ashton College. Your assessor will ensure that you have been provided with all relevant documentation. Agreed deadline for submission on or before: ………………………………………………………. Q 1. Describe three (3) techniques that can be used to track the progress of a market research activity. 1 2 3 Assessor Use Only: ? Correct Written Response ? Correct Verbal Response (please provide notes) Q 2. Describe three (3)ways to can monitor and manage external stakeholders during a market research project?
1 2 3 Assessor Use Only: ? Correct Written Response ? Correct Verbal Response (please provide notes)
Q 3. Describe two (2) impacts on marketing functions for each of the following factors: which impact the following of economic, social and industry directions, trends, and practices on marketing functions? a) Economic factors: 1 2 b) Social factors: 1 2 c) Industry direction: 1 2 d) Trends and practices: 1 2 Assessor Use Only: ? Correct Written Response ? Correct Verbal Response (please provide notes)
Q 4. How can you submit a market plan to managers for approval?
Assessor Use Only: ? Correct Written Response ? Correct Verbal Response (please provide notes) Q 5. How can you communicate changes to the market plan?
Assessor Use Only: ? Correct Written Response ? Correct Verbal Response (please provide notes) Further Comments Assessor Declaration By signing below, I declare that all of the above questions have been satisfactorily completed and where required I have verbally authenticated two of the answers. Assessor Name Assessor Signature Date: ____/____/_____ Assessment Task 2 BSBMKG607 Manage market research STUDENT DECLARATION: I declare that no part of this assessment has been copied from any other persons work, except where due acknowledgment is made in the text, and no part of this assessment has been written for me by any other person except where such collaboration has been authorised by the assessor concerned. Student Signature: _________________________________________ Date: ____/____/_______ Student Name: Student ID: Result Result (Please Circle) S | NS S = Satisfactory NS = Not Satisfactory Marking criteria – Student must demonstrate satisfactory performance in each task to be deemed Satisfactory. Assessor’s feedback / date for re-assessment if required: Assessors signature: Date:
Unit code and Title BSBMKG607 Manage market research Assessment Task 2 Project You need to complete the Project tasks, Part 1, 2, 3, 4, 5 and 6 on the following pages. Purpose of assessment To demonstrate that you have an understanding of the performance outcomes, skills and knowledge required to: • Plan market research activities • Develop policies and procedures • Identify and select external consultants • Prepare contracts • Conduct market research activities • Report on market research findings • Evaluate market research processes Assessment methods and instructions This assessment activity requires you to complete a project whereby you research and develop a variety of documents to plan, implement and report on market research. Your project needs to be completed in a written typed format (word document) following the Ashton College Style Guide. Note: Cheating and plagiarism is considered academic misconduct and will not be tolerated at Ashton College. Refer to the Client Information Handbook for more information. Trainers can apply reasonable adjustment to assessments. Reasonable adjustment is the process of adjusting or changing the assessment to meet the needs and characteristics of the student(s) being assessed, and taking into account any equity requirements. Resources, equipment & material required Wrathall, J., & Gee, A. (2014). Event Management theory and practice. North Ryde, Australia: McGraw Hill Chapter 5 Event marketing Van der Wagon, L., & White, L. (2014). Events Management For tourism, cultural, business and sporting events. Frenchs Forest, NSW: Pearson Chapter 6 Marketing activities Chapter 27 Marketing strategies Ashton College Style Guide Assessment environment Classroom Timeframe for assessment Approximately 4 weeks to complete. Timeframe can be negotiated based upon student’s individual needs and requirements. Marking criteria Standard To be assessed as satisfactory for this assessment activity each task in the project must be completed and answered correctly. Reassessment If you do not answer every question correctly, then your assessor will give you the opportunity to go over the incorrect answers. If you still do not answer all questions correctly then your assessor will arrange for you to re sit the entire assessment. Your trainer will provide guidance as to the areas of the learning materials that you need to review. If on your third attempt you are unable to correctly answer all the questions then your assessor will discuss the most suitable options available to you, which may include attending further learning sessions or using additional resources. You must satisfactorily complete all assessment tasks to be deemed competent in this unit. Assessment Appeals If you wish to appeal an assessment decision you should initially talk with your trainer/assessor and see if the situation can be resolved. If you are not satisfied with the outcome you may then lodge a formal complaint. Formal complaints are to be made to the Academic Director. Complaints and appeals are actioned within 5 days of receipt of a complaint or appeal. The College will act upon the outcome of any complaint found to be substantiated. Appeals must be lodged within 20 working days of the decision of a complaint process or assessment result. For further information on this procedure refer to the Complaints and Appeals Policy and Procedure
ASSESSMENT TASK 2: PROJECT NOTE TO STUDENTS: PLEASE REMEMBER TO ALIGN ALL THE DOCUMENTS CREATED TO THE BUSINESS MODEL YOU HAVE CHOSEN FOR THE BASIS OF YOUR BUSINESS PLAN WHICH HAS BEEN APPROVED BY THE TRAINER/ASSESSOR. Part 1: Market research plan Student instructions: Createa market research plan for a business which has been approved by your trainer/assessor. You may choose an appropriate event business or base this on your own business. Complete each of the following points from 1 to 4. 1. Develop a procedure for conducting market research. This should explain how you will engage stakeholders in accordance with legislative requirements and ethical practices. 2. A project plan for a market research activity. This should include: o Purpose and objectives o Data collection techniques o Sample size o Resource requirements, including external consultants, goods and services o Budget o Constraints o Hypotheses o Examples of survey instruments 3. A briefing document for external consultants that explains the key requirements of the project. 4. Legislative considerations including: • Australian Consumer Law and consumer protection • copyright • privacy • specific issues arising from use of new technologies Assessor Use Only: ? Correct Written Response ? Correct Verbal Response (please provide notes)
Part 2: External consultants Instructions: Complete each of the following points. 1. Research three different external consultants online. Prepare a report explaining: • How each consultant can assist • Which consultant you would select and why • How you would obtain the services of the preferred consultant 2. Prepare a contract to be supplied to the preferred consultant. Assessor Use Only: ? Correct Written Response ? Correct Verbal Response (please provide notes) Part 3: Market research Instructions: Conduct the market research as per your plan and prepare a report showing your findings. Your report should be written in an appropriate format and in line with the Ashton style guide. Assessor Use Only: ? Correct Written Response ? Correct Verbal Response (please provide notes) Part 4: Market Research Evaluation Instructions: Provide a self-reflection evaluating your performance during the market research activity. In your reflection, discuss: • How you ensured you satisfied stakeholders • Your ability to stick to the plan • Improvements for the future, including changes to the procedure you developed. Assessor Use Only: ? Correct Written Response ? Correct Verbal Response (please provide notes)
Part 5: Marketing plan Instructions: Prepare a market plan that includes at least two marketing strategies for your business. You may choose to complete this task based on your current workplace or a business that you are familiar with or intend to start. Your trainer will provide you with a marketing plan template in addition to resources on the 7 P’s of marketing. At a minimum, your plan must include the following components: 1. An analysis of the internal business environment, including: o Core business activities o The customer base o The current business direction o Strengths and weaknesses (you may do a SWOT analysis) o Critical success factors o Previous marketing activities o Capabilities o Resources 2. An analysis of the external business, including: o Market growth or decline o Relevant legislation o Projected changes in the labour force, population and economic activity o Competitors o Customer trends and developments in the industry o Ethical issues o Sustainability issues o Current and emerging technologies 3. An explanation of opportunities for new marketing approaches, including distribution networks 4. Marketing strategies 5. Roles and responsibilities 6. Timelines 7. Budget Assessor Use Only: ? Correct Written Response ? Correct Verbal Response (please provide notes)
Part 6: Marketing Plan Evaluation and Report Instructions: Develop a customer feedback survey for one of the marketingplans you developed in Part 5. You are required to explain your marketing plan and survey at least eight (8) “customers” You may ask fellow students, friends, family members or colleagues to act as customers to complete the survey. You must attach the completed surveys (or copies) to this part of your project submission. Once completed, review the results from your surveys and prepare a report for management describing the success of the activity and changes you would make to the market plan based on the feedback. Assessor Use Only: ? Correct Written Response ? Correct Verbal Response (please provide notes)
Assessment Task 3 BSBMKG607 Manage market research SITXMPR502 Develop and implement marketing strategies STUDENT DECLARATION: I declare that no part of this assessment has been copied from any other persons work, except where due acknowledgment is made in the text, and no part of this assessment has been written for me by any other person except where such collaboration has been authorised by the assessor concerned. Student Signature: _________________________________________ Date: ____/____/_______ Student Name: Student ID: Result Result (Please Circle) S | NS S = Satisfactory NS = Not Satisfactory Marking criteria – Student must demonstrate satisfactory performance in each task to be deemed Satisfactory. Assessor’s feedback / date for re-assessment if required: Assessors signature: Date:
Unit code and Title BSBMKG607 Manage market research SITXMPR502 Develop and implement marketing strategies Assessment Task Role Play Your assessor will break the class into groups for this Role Play assessment and you are required to work with three (3) other class members. Your class members will play the roles of a key stakeholders. During the role play, you are to present, explain and respond to questions about your market research report to the stakeholders and seek their feedback on your findings and your market research techniques. This assessment will contribute towards the assessment of your overall competency. Purpose of assessment To demonstrate that you have an understanding of the performance outcomes, skills and knowledge required to: • Present and explain information • Evaluate market research activities • Seek feedback from stakeholders • Use appropriate communication and consultation techniques Assessment methods and instructions This assessment activity requires you to organise and conduct a consultation with a stakeholder based on the market research report you prepared in Assessment 2. You are required to provide a copy of the market research report to the other participant. Cheating and plagiarism is considered academic misconduct and will not be tolerated at Ashton College. Refer to the Client Information Handbook for more information Trainers can apply reasonable adjustment to assessments. Reasonable adjustment is the process of adjusting or changing the assessment to meet the needs and characteristics of the student(s) being assessed, and taking into account any equity requirements. Resources, equipment & material required Wrathall, J., & Gee, A. (2014). Event Management theory and practice. North Ryde, Australia: McGraw Hill Chapter 5 Event marketing Van der Wagon, L., & White, L. (2014). Events Management For tourism, cultural, business and sporting events. Frenchs Forest, NSW: Pearson Chapter 6 Marketing activities Chapter 27 Marketing strategies Observation/Discussion Checklist Assessment environment Classroom Timeframe for assessment Approximately 60 minutes to complete. Timeframe can be negotiated based upon student’s individual needs and requirements. Marking criteria Standard To be assessed as satisfactory for this assessment activity each task in the observations checklist must be completed and questions answered to the satisfaction of your assessor. Reassessment If you do not perform each task correctly, then your assessor will give you the opportunity to go over the task or ask you prompting/clarifying questions. If you are not able to perform the task/s correctly then your assessor will arrange for you to re sit the entire assessment. Your trainer will provide guidance as to the areas of the learning materials that you need to review. If on your third attempt you are unable to correctly perform the task/s then your assessor will discuss the most suitable options available to you, which may include attending further learning sessions or using additional resources. You must satisfactorily complete all assessment tasks to be deemed competent in this unit. Assessment Appeals If you wish to appeal an assessment decision you should initially talk with your trainer/assessor and see if the situation can be resolved. If you are not satisfied with the outcome you may then lodge a formal complaint. Formal complaints are to be made to the Academic Director. Complaints and appeals are actioned within 5 days of receipt of a complaint or appeal. The College will act upon the outcome of any complaint found to be substantiated. Appeals must be lodged within 20 working days of the decision of a complaint process or assessment result. For further information on this procedure refer to the Complaints and Appeals Policy and Procedure STUDENT INSTRUCTIONS Observation forms an important part in any competency-based assessment. It allows you to demonstrate your knowledge, skills and attitudes in a usual or simulated work environment. Ashton College assessors utilise a simulated environment for observation. During this course your assessor may inform you about such a simulated observation. Please be prepared to actively participate in such simulations and be sure to ask your trainer/assessor any questions you may have at any time. Your assessor will provide you with the date and the task/s that will be assessed, with detailed instructions including: • the specific tasks you will be required to demonstrate • which Competency and Performance Criterion he/she will observe • the industry relevant timeframes for completion of the specific tasks. Below is a checklist which will be used by your assessor to record his/her observations. Please familiarise yourself with it. This will aid your own preparation and allows you to be focussed on your performance.
Observation / Discussion Checklist Student Name: To be completed by Assessor Step The candidate was able to: Obs. Result Assessor Comments/Initials Dates of observations: S US 1 Present market research findings 2 Consult with stakeholders 3 Seek feedback from stakeholders 4 Organises selection process according to job requirements 5 Use appropriate questioning and listening techniques 6 Record and discuss feedback from stakeholders 7 Use relevant consultation techniques 8 Share information about marketing activities Feedback to student:2
Stock market knowledge is a plus. Please follow all instructions, failure to follow instructions will result in refund request.
Video is uploaded with audio. Starting at 6:59 until 8:42 the animation needs to describe the example provided for Bank of America buying 100,000 shares of Boeing using Market Order vs Limit Order. Please use company transparent logos in animation (attached).
*Note: There is a minor discrepancy with the numbers but the example should be explaining buying 100,000 shares with 20k at $250, 20k at $260, 20k at $270, 20k at $280, 20k at $280 with Market Order.