Give your assessment of the relative costs of Type I and Type II errors in the following situations where a decision is pending: a. A new synthetic feed additive is….
Discuss possible changes to IF’s marketing mix to reduce the loss of customers to GR
IB Business Management Marketing Exam question Imperial Falls (IF)Imperial Falls (IF) is a luxury hotel in a city centre. The hotel is an old palace, elegantly furnished and overlooking the harbour. Of the highest quality, for decades IF has been the preferred hotel for business travellers to the city. Relying on reputation and word of mouth, IF does little promotion. Its facilities include a swimming pool and a high-quality restaurant.Table 1 shows information about the principal hotels located in this city centre in 2018. Table 1: Selected information about the principal hotels in the city centre in 2018HotelA. Imperial FallsB. BellevueC. Welcome RestD. ExcaliburAverage room price per night$245$179 $215$155Service rating5 stars3 stars 4 stars3 starsIn 2019, bookings at IF have begun to decline because of a new hotel, Guest Rooms (GR), which is part of a global chain. Many businesses have employees who travel to major cities, where most business meetings occur. Hotels in city centres are usually luxurious and expensive. GR is different. It offers clean, small rooms with Wi-Fi, a small desk and a double bed. Room prices at GR are significantly lower than most city-centre hotels. The new GR is located near the airport, 6 kilometres (3.72 miles) from the city centre.GR uses a fee-based membership model and member companies require employees to stay at a GR hotel when on business. Employees may also stay there when on personal travel. Guests use self- service check-in machines (similar to those used at airport check-ins), which issue electronic keys. GR electronically bills the company directly. Service is minimal. GR relies heavily on social media marketing. It also uses above-the-line promotion.(a) State two types of above-the-line promotion.  (b) Using Table 1, construct a product position map/perception map for all four hotels prior tothe opening of GR.  (c) Explain two ways in which GR is able to offer rooms at a lower price than IF. (d) Discuss possible changes to IF’s marketing mix to reduce the loss of customers to GR.