Question

Answer the following questions in your own words. Please do not plagiarise. give answer of each question in 100-150 words. Please probide accurate answer. Please give answer as soon as possible. Please give answer for each question.

5. Explain the growth of the consumer credit culture" and how it would impact international marketers? (20 points) 6. What kind of pricing strategy would you use for a unique, patented product that was relatively high tech? Be sure to explain WHY you think this would be an appropriate strategy (at least 2 reasons why). (20 points) 7. Explain what Form and Time Utility are, and be sure to provide at least 2 examples each. (20 points)

Answer 1

Answer 5 =With the advent of globalization and technology there has been a development of the consumer credit culture all over the world. This system has been further developed due to the increased use and promotion of credit cards. The companies provide the products and services to the customers on the credit that can be paid in future. This concept was first of all developed in a developed country that faced the problem of high supply but low demand due to the limited purchasing power of the customers. In order to overcome this, they developed the concept of consumer credit culture. This can have a lasting impact on the performance of the global organization as there may be a higher risk of losing money in the form of bad debt but it can also result in improved sales in some of the countries.

Answer 6- The pricing strategy for the unique patented product that is relatively high tech can be the skimming pricing policy. This is the reason because in case of skimming pricing the company charges higher initial prices for the product as the customer sees or perceives the product as something valuable. As in the given question, the product is a newly patented high technology product so the customers will be attracted towards t and in order to capitalize this initial feeling among the customers, the company can charge more money for the product, This will also help the company to recover its cost incurred in R&D

Answer7= Utility can be defined as the usefulness or the value perceived by the customer from a certain product. The utility of the product can be delivered by four main methods such as form, time, place, and possession.

Form utility indicates how well the given product or service is able to satisfy the requirements of the customers. This can include the product at a lower price, facilitating more convenience, or a wider selection of products. Example= A car can be manufactured by keeping the mileage of the car in focus that is demanded by the customers.

Time utility indicates when the availability of the product is ensured by the company so that the product can be used and purchased by the customer without waiting for it. Example- Time utility can be improved by mass distribution