(Explain your answers)
1. What is an SIC code? (You can google it.) Find the SIC code of any U.S. company (e.g., Coca-Cola, General Electric)
2. Are you an economic liberal or conservative with respect to antitrust and economic regulation? Explain.
3. Provide an example of product differentiation using any industry you want (e.g., fast food, shoes, clothing, etc.)
4. The population of Coukouville is 10,000. Of that number 2,000 are under 16 or institutionalized, 3,000 are not in the labor force, and 250 are currently unemployed. What is the unemployment rate in Coukouville?
5. Which problem do you believe is more serious: unemployment or inflation? Explain your answer
6. Consider the following data:
Year 1: CPI is 100
Year 2: CPI is 104
Year 3: CPI is 107
What is the inflation rate in Year 2 and in Year 3?
I found these answers on chegg, you may want to to paraphrase them and add them to your answers so they can be more informative. (you may use them but Do not relay on them 100%)
- SIC stands for standard industrial code; US government has created it in the year of 1937 for categorizing business activities. the codes were used upto 1990s in US, but later they were changed. now they were replaced with north american industry classification system (NAICS), so we can not find now the SIC code to the firms.
- Standard Industrial Classification (SIC) codes are four-digit numerical codes assigned by the U.S. government to business establishments to identify the primary business of the establishment. The classification was developed to facilitate the collection, presentation and analysis of data; and to promote uniformity and comparability in the presentation of statistical data collected by various agencies of the federal government, state agencies and private organizations.
Sic code for general electric is 4911.
A person can be economic liberal with respect to antitrust and economic regulation. The reason is that market controls the antitrust strongly.The changes in the monopoly may take place due to utilisation of innovative technology in producing the product, marketing and distributing hte product. It gives efficient output in long run.
products differentiated in the fast food industry
Differentiation is a marketing term used to describe the process of developing promotional messages that distinguish your products from those offered by competitors in the minds of target customers. Effective differentiation is critical to building a strong business, especially in a highly competitive marketplace like fast food. Before starting a fast food shop or franchise, or buying into one, you need to consider how to differentiate from local competitors and chain restaurants.
One way to differentiate a brand is by emphasizing superior product quality. Success in differentiating a fast food brand on taste quality revolves around impacting advertisements backed by a great product. Burger King stresses the quality of its flame-broiled burgers in its ads. Given that the company’s price points are higher than those offered by others, it is critical that customers believe the taste quality exceeds the quality of less expensive competitors. If you own an independent fast food business, developing a distinctive taste or cooking process is often a better opportunity for differentiation than competing on cost with large chains.
The word “fast” in fast food is the basis for differentiation for companies that offer and promote a convenient, efficient service experience. Efficiency is central to differentiation strategies used by McDonald’s. The company routinely locates restaurants just off of highway exits or in well-traveled business districts. This factor makes it easier for buses to stop in. Additionally, the company stresses its fast ordering process, including indicating the typical service time on the cash registers in busier restaurants. Hiring quality workers, paying them fairly and motivating them can help a small fast food owner compete on efficiency.
Differentiating through effective customer service is a challenge for fast food providers given the importance typical customers place on efficiency. Thus, companies more commonly turn to gimmicky service experiences rather than overly personalized or customized service. Sonic, for instance, differentiates itself because of the unconventional “drive-in” experience it offers customers. Sandwich shop Jimmy John’s emphasizes its “freaky fast delivery” in its TV and radio commercials. With quality local workers, you may be able to compete on quality service in a small fast food shop.
The cultural trend toward more health-conscious eating has opened the door for fast food alternatives to the burger shop. Sandwich shop Subway has diligently differentiated itself as a healthy option. It has done so with the story of Jared, a regular guy who lost a lot of weight on the Subway diet. The company also regularly promotes several sandwiches with “six grams of fat, or less.” Additionally, the company has used direct comparison ads to promote its superior nutritional value relative to McDonald’s and other fast food shops.
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( Please know that I will post 5 or 6 more questions in 3 days and will extend the due time to due them. Just get get these done first )