Discussion:
Create a 500 words:
George Foreman was a professional boxer who made a comeback by endorsing grills. Foreman does not own the company that makes the grills, but he became the face of the brand. At first, people were not certain whether he was an expert on grills or fat-free cooking, but Foreman soon became thought of as the expert on this product and this type of cooking. Think of the concept of utility and how Foreman's role as a celebrity endorser affects the marginal utility of these grill products. Some individuals may use a Foreman grill to grill beef. Please review this video:
Gale: Biography in Context - Economist: Beef Prices Could Stay High
Answer the following:
How do people's budget, income, and substitution effects fit in?
How do you think this influences the demand curve for indoor grill products?
Are these choices made rationally?
Do you expect beef prices to increase next year? Why or why not?
Managing Suppliers
Create a 500 words:
There are many reasons why a company should pay attention to their reputation as it relates to their future vendor relations and product supply costs and availability. Complete the following:
Discuss why it is important for organizations to manage their reputation by answering the following questions:
What impact could a poor quality product have on a company?
How does reputation help a company to be more competitive?
How do you think a company can improve their vendor and customer relations?
Summarize 3 examples of what goes into the reputation of a company.
Be sure to include your references, and format your submission in APA format.