Examples of product adjustment in the following topics:
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- Marketers must often make product adjustments in order to keep the product competitive and continue to provide satisfaction to the buyer.
- The VW Beetle is an example of a product that has been adjusted and repositioned over the years in response to changes in technology, costs, and customer preferences.
- Because of factors such as these, a decision is made either to identify ways of adjusting the product in order to further distinguish it from others, or to design a strategy that will eliminate the product and make way for new products.
- A product position may change readily; keeping track and making necessary adjustments is very important.
- Discuss strategies for adjusting products in response to changes in consumer taste and the marketplace
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- Capacity adjustment takes into account maximum production levels and the alteration of this level depending on how the firm wants to grow.
- Capacity planning is the process of determining the production capacity needed by an organization to meet changing demands for its products.
- Implicitly, the capacity utilization rate is also an indicator of how efficiently the factors of production are being used.
- The decision makers at the firm will be able to adjust this capacity in order to grow the firm in a way they feel is optimal.
- Adjusting capacity will affect the amount of items produced on the assembly line.
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- Running a product trial is a common promotional tactic used by brands looking to enter a new market, release a new product, or increase existing sales.
- Product trials are useful when companies need to adjust parts of their marketing communications strategy to successfully target a market segment.
- Repackaging the offering so that students can "test drive" the product allows students to assess whether product benefits outweigh price and other factors during the buying process.
- Adjusting these three variables – price, product, and place (distribution or location) – enhances both the trial offer and the appeal of the final product or service.
- Companies offer free samples to encourage consumers to participate in product trials.
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- The production function relates the physical outputs of production to the physical inputs or factors of production.
- The long-run growth of a firm can change the scale of operations by adjusting the level of inputs that are fixed in the short-run, which shifts the production function upward as plotted against the variable input.
- The results allow adjustments to be made which improves the long-run growth by balancing the inputs and outputs.
- The production function of a firm or economy can be graphed using the total, average, and marginal products.
- The aggregate production is determined based on the stages of production and the results of the graph.
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- Consumer goods marketers sell to individuals who consume the finished product.
- Business-to-business marketers sell to other businesses or institutions that consume the product in turn as part of operating the business, or use the product in the assembly of the final product they sell to consumers.
- Business-to-marketers engage in more personal selling rather than mass advertising and are willing to make extensive adjustments in factors such as the selling price, product features, terms of delivery, and so forth.
- In addition, consumer goods marketers might employ emotional appeals and are faced with the constant battle of getting their product into retail outlets.
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- It is designed to improve the quality of a product or process through continuous reinvention.
- Ultimately, it is a process that continuously evolves within the production process.
- PDCA (plan–do–check–act or plan–do–check–adjust) is a four-step management method used in business to control and continuously improve processes and products.
- Do: In this step, a business implements the plan, executes the process, and makes the product.
- Act/Adjust: After comparing results, a business takes corrective actions on any significant differences between actual and expected results.
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- As a result of this rapid shift towards an integrated, global economy, brands must adjust all aspects of the marketing mix to fit local tastes and needs, while maintaining a consistent product and brand image.
- The four "P's" of marketing–product, price, placement, and promotion–are affected as a domestic or multinational company adjusts its strategy to become a global company.
- Product: A global company will have to tweak certain elements of its products for different markets.
- Product positioning, including whether the product is high-end, low-cost, or middle ground, compared with competing brands also influences the ultimate profit margin.
- Placement: Product distribution will also be determined by local and global competition, as well as the product's positioning in the marketplace.
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- Long term trends in economic growth can be measured by tracking changes in a nation's gross domestic product (GDP) over time.
- If GDP (after adjusting for inflation) goes up, the economy is growing; if it goes down, the economy is contracting.
- Economic growth is measured as a percentage change in the GDP or Gross National Product (GNP).
- The table might mention that the figures are "inflation-adjusted," or real.
- If no adjustment was made for inflation, the table might make no mention of inflation-adjustment, or might mention that the prices are nominal.
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- Although product development, promotional tactics and pricing mechanisms are the most visible during the marketing process, placement is just as important in determining how the product is distributed.
- Successfully positioning products on a global scale also requires marketers to determine each product's current location in the product space, as well as the target market's preferred combination of attributes.
- Regardless of its size or visibility, a global brand must adjust its country strategies to take into account placement and distribution in the marketing mix.
- In addition to where products are placed, global marketers must consider how these products will be distributed across the different shopping venues unique to that particular country or market.
- Examine the rationale behind product placement from a global marketing perspective
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- The valuer may adjust the subject company's financial statements to facilitate a comparison between the subject company and other businesses in the same industry or geographic location.
- These adjustments are intended to eliminate differences between the way that published industry data is presented and the way that the subject company's data is presented in its financial statements.
- It is reasonable to assume that if a business were sold in a hypothetical sales transaction (which is the underlying premise of the fair market value standard), the seller would retain any assets which were not related to the production of earnings or price those non-operating assets separately.
- These non-recurring items are adjusted so that the financial statements will better reflect the management's expectations of future performance.
- In order to determine fair market value, the owner's compensation, benefits, perquisites and distributions must be adjusted to industry standards.