Companies Often change Color, Package, Design, and Advertisements - Management Assignment Help

Assignment Task:

Task:

Question 1. Companies often change color, package, design, and advertisements for their products. Is it because the companies wish to counter the impact of diminishing marginal utility. Explain with suitable examples that you may have witnessed, heard, or read. Explain the law of Diminishing Marginal Utility.

Question 2.  Any change in product price done by the company will require the company to assess the impact on its quantity demanded. Competitor price changes can also influence the demand of the product of the respondent company. This is because of cross-price elasticity. A change in our income tends to make us less price sensitive. Explain the concept of Elasticity - own price elasticity, cross-price elasticity, and Income elasticity with help of suitable examples.

Question 3. Let’s assume you are planning to buy a new car. Explain the demand determinants. Which of the demand determinant will have higher weightage and why?
Question 4. Assume food delivery firms like Swiggy are making huge profits. Higher profits may attract the entry of new firms into the food delivery industry. Explain what could be the impact of entry on the firms and the industry as a whole.  
The average cost of rendering the delivery service for the existing players 
Price/commissions that they charge from their customers 
Profitability 
How would the break-even point impact due to entry of new firms? 

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