2. Choose a different well-known company that you know of, and describe its direct and indirect competitors. Describe at least 2 direct competitors and 2 indirect competitors. (1-5 sentences. 4.0 points) 3. Describe at least 3 nonprice competition strategies a company could use to convince customers that its product is better than other similar products. Why would those strategies matter to customers? (1-6 sentences. 3.0 points)

4. Describe a real or made up but possible example of a product that went through a time of scarcity. What was likely to happen to the price of the product when it was scarce, and why? (1-3 sentences. 3.0 points)

5. Describe a product you know of that has elastic demand. Why is the demand for this product elastic? Explain. (1-3 sentences. 3.0 points)

In the rbv are defined as the tangible and intangible assets that a firm controls that it can use to conceive and implement its strategies.answers: management policies

Read the following scenario and answer the question in 5-10 sentences. you are the owner of a small business that is a defendant in a lawsuit in federal court. you received bad news from your lawyer that the judge did not allow certain documents to be admitted as evidence in court and that the jury reached a $50,000 verdict in favor of the plaintiff. your lawyer tells you that it is within your legal right to hire him to file an appeal with the united states court of appeals. if the appellate court rules in your favor, you may be able to avoid paying part or all of the $50,000. evaluate your lawyer’s suggestion about appealing the decision.

Onsider the following subscription behavior information from genie, a web site that provides tools for constructing a family tree (ancestor search). subscriptions cost $9.99 per month, but you are charged for the entire year at the time of purchase. there is a one-year minimum term when you sign up for the service. once purchased, subscriptions are set to renew automatically unless the subscriber cancels them. when a membership renews, it renews for a one-year term and again you are charged for the entire year. there are no variable costs associated with providing this service to an individual customer, but genie does engage in customer relationship activities that they believe will increase customer retention. these customer relationship activities cost genie about $10 per year per customer. based on a sample of 1000 customers that joined genie five years ago, near the time when the company was founded, they were able to determine how many of those customers remained subscribers in the second year, third year etc. based on this information, genie calculated the average annual retention rate to be 20%. genie uses an annual discount rate of 8%. a. last year, genie spent $10,000 placing advertisements on google. genie management believes that these advertisements were responsible for about 300 new subscribers. would you recommend to genie management that they purchase more google ads? b. suppose a newly-introduced loyalty program increases the number of customers that remained to 30%. does this new data change your answer to 9.a? c. do you have any hesitations or concerns about making recommendations to management based on your above estimate of customer lifetime value?