Answer is B. Tracey is involved in the Need recognition
Explanation: The need recognition is the very first step a consumer takes in the consumer buying journey. It has to do with realising and admitting that there's a need to be met or fulfilled. This is not just a want or wish, but the fact that she recognises the importance of a particularly thing to satisfy her unmet need and decided to acquire it.
If she doesn't recognise and admit that need to acquire a new car, the buying process will hardly progress since she's yet to be motivated to acquire a new car.
I hope this helps you?
Final answer:
Tracey is in the need recognition stage of the buying process after her mechanic advised her that the cost to fix her car exceeds its value.
Explanation:
Given that Tracey's mechanic has informed her that the cost to fix her Chevy Citation's transmission exceeds the value of the car, and she has decided to get a new car, Tracey is in the need recognition stage of the buying process. This is the first step where she acknowledges the necessity for a product—in this case, a replacement vehicle. The subsequent steps of the buying process would involve determining her decision criteria, gathering information, evaluating alternatives based on those criteria, and making the purchase decision, but at this moment, she is at the stage of recognizing the need for a new car.
A person may have very strong ethics in the way he or she treats family and friends, but not understand how failure to submit tax withholdings to the government affects peoples' lives or constitutes unethical or fraudulent behavior. This is an ethical issue encountered in which level of the ethical maturity model?A. Personal ethical understanding
B. Ethical courage
C. Ethical leadership
D. Application of ethics to business situations
Answer: (D) Application of ethics to business situations
Explanation:
The applications of the business ethics is one of the form of professional ethics in an organization that helps in examine the overall ethical principle and also the moral problems in the environment.
It also helps in governing the actions during the decision making process and also manage the behavior of the person in an organization.
It is also refers to the unwritten principle and the values in an organization that helps managing the company. According to the given question, the application of the business ethics situation is basically encountered by the ethical maturity model.
Therefore, Option (D) is correct answer.
Mars Inc., a San Diego–based advertising agency, offers various services, such as sales promotion, marketing research, package design, direct marketing, and publicity as well as planning, creation, and advertising production. In this scenario, Mars is an example of a(n):
Answer:
Full service agency
Explanation:
A full service advertizing agency offers a lot of effective options to its principal to promote its product and acts in the best interest of the principal.
Such marketing agencies manages marketing and advertising operations of the companies and earn a mutually agreed fees. There are a lot of services that the company can offer to businesses to promotes its products and some these are adressed in the question as well. Usually the services offered also includes marketing through the internet which costs less than advertising on the radio, etc.
Examples of comparative advantage show how trade between two countries can make each better off. Compared to their pre-trade positions, trade makes both countries better off because in each country A) total employment is greater.B) total consumption of goods is greater.C) wages are higher. D) total welfare is greater.
Answer:
The correct answer is option B.
Explanation:
Comparative advantage refers to the situation when a nation or individual is able to produce a good or service at a comparatively lower opportunity cost. The nation is said to specialize in the good or service it can produce at a lower opportunity cost.
Trade through specialization helps both the nation involved in the trade to consume more. Each nation produces more of the good it specializes in and exchanges it for the good it does not specializes in.
In this way, both of them are able to consume beyond their production possibility curves.
Current issues in OSCM do not include: Multiple Choice 1. Coordinating relationships between organizations 2. Making senior management aware that OSCM can be a competitive weapon 3. Managing customer touch points 4. Increasing global supply chain employment
Answer:
4. Increasing global supply chain employment
Explanation:
The design, implementation and development processes for developing and supplying key goods and services of the business are Operations and Supply Chain Management (OSCM).
OSCM's current problems are :
1. Coordination of relations between supporting and independent organisations.
2. Optimize regional networks for suppliers, manufacturers and distributors.
3. Customer contact points management.
4.. Increasing recognition of OSCM as a significant strategic instrument for upper management.
5 Sustainability.
The current issues in Operations and Supply Chain Management (OSCM) do not include increasing global supply chain employment. Therefore, option 4 is correct.
Operations and Supply Chain Management (OSCM) encompasses the planning, coordination, and execution of various activities involved in delivering products and services to customers.
Current issues in OSCM include optimizing supply chain resilience and agility to cope with disruptions and uncertainties, implementing sustainable practices to minimize environmental impact, managing global supply chain risks, leveraging technology for digital transformation, enhancing supply chain visibility and transparency, and addressing ethical concerns related to social responsibility and labor practices.
Additionally, the rise of e-commerce and omnichannel retailing, increasing customer expectations for fast and personalized delivery, and the need to effectively manage inventory and demand fluctuations are also significant challenges in today's OSCM landscape.
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Suppose that the opportunity-cost ratio for fish and lumber is 1F ≡ 1L in Canada but 2F ≡ 1L in Iceland. Then ____________ should specialize in producing fish while ___________ should specialize in producing lumber.
Answer:
Iceland specializes in production of fish and Canada specializes in lumber.
Explanation:
The opportunity cost of an economic decision is the cost of giving up the second-best alternative. Whoever has a relatively lower opportunity cost in the production of a product is said to be specializing in the production of that product.
The opportunity cost for fish and lumber in Canada is 1F ≡ 1L, while it is 2F ≡ 1L for Iceland.
This implies that Canada has a lower opportunity cost in the production of lumber as it has to give up one unit of fish while Iceland has to give up two units.
Similarly, Iceland has a lower opportunity cost in the production of fish as it has to give up 0.5 units of lumber, while Canada has to give up one unit.
Final answer:
Canada should specialize in producing lumber, and Iceland should specialize in producing fish based on their respective opportunity cost ratios. Subsequently, Canadians can trade lumber with Venezuelans for oil, determining the amount to ask for based on their trade preferences and gain from trade.
Explanation:
If the opportunity-cost ratio for fish (F) and lumber (L) is 1F ≡ 1L in Canada but 2F ≡ 1L in Iceland, it suggests that Canada has a comparative advantage in producing lumber, while Iceland has a comparative advantage in producing fish. Hence, Canada should specialize in producing lumber, and Iceland should specialize in producing fish. This specialization allows each country to trade based on their lower opportunity cost and results in both countries potentially benefiting from the trade. For example, Canada could trade some of its excess lumber to Iceland for fish, which it could produce only at a higher opportunity cost.
In a scenario where Canadians and Venezuelans desire both oil and lumber, and Canadians want at least 2,000 tons of lumber while seeking to get at least 3,000 tons, they would mark an appropriate point on their production possibilities frontier that satisfies these conditions. If Canadians have a comparative advantage in lumber, they might specialize completely in it and trade with Venezuela, which specializes in oil. Canadians would need to determine how much oil they should request in exchange for their lumber to be as well off as before, or if they wish to gain from trade, ask for a higher amount of oil. For the trade to be mutually beneficial, the trade price must be acceptable to both Canadians and Venezuelans, allowing both to gain from trade, as illustrated by their respective production possibilities frontier graphs.
According to Hofstede, the extent to which subordinates accept a hierarchical system in a company is known as _______
Answer:
According to Hofstede, the extent to which subordinates accept a hierarchical system in a company is known as Power Distance.
Explanation:
Hofstede basically discussed culture and investigated it and came up six different dimensions which a culture can have. Power distance is the dimension of the culture where people follow certain systems and hierarchies of the culture. If in a culture power distance will be higher then the people will be much divided in the castes based on the power, authority and money, like if in an organisation, power distance is higher, then the workers will tend to follow and obey hierarchy very strictly, and there will be much support from the top-level management, decisions will be made fro the top even without taking lower level employees into account. However, if the power distance is low, then there will be frequent sharing of idea, thoughts and support which is the main characteristics of the creative and innovative organisations.
A test is scheduled for Monday morning, but you went to a party on Saturday night. If you hadn't attended the party, you could have studied for the test or gone to a movie. Which of the following sentences is true?
a. The opportunity cost of going to the movie is studying for the test.
b. The opportunity cost of going to the party is the movie.
c. The opportunity cost of going to the party is both the movie and the study time.
d. Because you could go to the party only that night but could go to a movie any time, the opportunity cost of the party is the study time.
e. From the above information it's not possible to determine the opportunity cost of attending the party.
Final answer:
The opportunity cost of attending the party is the most desirable alternative foregone, which is study time if that was the next best option valued by the decision-maker over going to a movie.
Explanation:
The question involves understanding the concept of opportunity cost in economics. Opportunity cost refers to the most desirable alternative that is foregone when a choice is made. In the scenario presented, since you have chosen to attend the party, your opportunity cost is the next best alternative you would have chosen if you did not go to the party. If studying for the test was your next best alternative, then that represents the opportunity cost. The fact that you could go to a movie any time does not exclude studying from being an opportunity cost, as opportunity cost depends on what you, the decision-maker, value more at the time of the choice.
Considering that, the correct answer to the question "A test is scheduled for Monday morning, but you went to a party on Saturday night. If you hadn't attended the party, you could have studied for the test or gone to a movie. Which of the following sentences is true?" is:
d. Because you could go to the party only that night but could go to a movie any time, the opportunity cost of the party is the study time.
Georgia, the outside sales rep for a major building supply company, reads a report stating that building permits are down dramatically in her sales territory. She had noticed that things were slowing down, but now she has data confirming her impression. Based on this information, one important function Georgia should provide is A. pushing her customers to buy products whether they need them or not.B. advising the production and purchasing departments to produce or order smaller quantities of products.C. assisting customers in product recall confirmations.D. avoiding contact with competing firms in order to maximize value-drivenmarketing.E. estimating profit per sale to determine whether or not the firm can survive the slowdown
Answer:
B. advising the production and purchasing departments to produce or order smaller quantities of products
Explanation:
First of all to avoid the production team over producing goods that will not be disposed, Georgia will need to inform the production team of her findings. The production team can now produce smaller amounts that will meet the available demand.
This will help Georgia's firm not incur cost of storage of excess products.
Russeng, a travel agency, had a huge setback in its business as customers started to book travel tickets online and make their own itineraries using the information available on the Internet. It failed to take the necessary corrective measures to address this issue, and this led to an overall decrease in the company's performance. This scenario best illustrates ________.A) Organizational declineB) Design iterationC) Technological discontinuityD) Generational change
Answer: (A) Organizational decline
Explanation:
The organizational decline is basically occur when an organization recognized, adapt and also anticipate the external and the internal pressure. The companies or the many organizations does not reduce the risk of the organizational decline. There are basically five stages of the organizational decline are as follows:
Inaction Faulty actions DissolutionCrisis BlindedAccording to the given scenario, the Russeng is one of the travel agency and they started a business as they booked the tickets online for the customers for travelling and the different types of problems occur and it best illustrating the organizational decline concept.
Therefore, Option (A) is correct answer.
Burglar Bob breaks into Vince Victim's house. Bob steals a flat-screen television and laptop and does a significant amount of damage to the property before he leaves. Fortunately, Vince has a state-of-the-art security system. It captures excellent images of Bob, who is soon caught by police.
Assume that two legal actions follow, one civil and one criminal. Who will be responsible for bringing the civil case? What will be the outcome if the jury believes that Bob burgled Vince's house? Who will…
Who will bring the civil case.
Vince
Who will bring the criminal case.
The government
In the criminal case, the district attorney represents who?
the government
Who will be a defendant in the criminal case and who will be a defendant in the civil case.
Bob and Bob
If the jury in the civil case believes that Bob burgled Vince's house, then what?
Bob may be required to pay Vince money
if the jury in the criminal case believes that Bob burgled Vince's house, then what?
Bob may go to prison and/or pay a fine to the government
If Bob is found guilty of a crime, it means he probably violated what?
a statute
Answer:
Who will bring the civil case.
Vince Victim´s lawyer, Vince will probably need a lawyer to sue BobWho will bring the criminal case.
The District AttorneyIn the criminal case, the district attorney represents who?
the people (society as a whole including the government), district attorneys act on behalf of the peopleWho will be a defendant in the criminal case and who will be a defendant in the civil case.
Burglar Bob in both the criminal and civil casesIf the jury in the civil case believes that Bob burgled Vince's house, then what?
Burglar Bob will have to pay a monetary compensation.if the jury in the criminal case believes that Bob burgled Vince's house, then what?
Burglar Bob will have to spend some time in jail.If Bob is found guilty of a crime, it means he probably violated what?
a criminal lawFranklin Corporation invested $100,000 to acquire 20,000 shares of Hope Technologies, Inc. on March 1, 2018. Hope pays a cash dividend of $0.25 per share on July 2, 2019. The investment is classified as equity securities with no significant influence. Based on these two transactions, which of the following is true of the accounting equation as of July 2, 2019? .
A. Total liabilities in the balance sheet will increase. B. Current assets in the balance sheet will remain unchanged. C. Total assets in the balance sheet will remain unchanged. D. Equity in the balance sheet will increase.
Answer:
D. Equity in the balance sheet will increase
Explanation:
Accounting Equation is expressed as,
Assets = Liabilities + Equity
When shares are acquired by a company for cash, the journal entry is,
Investments A/C Dr. 100,000
To Cash A/C 100,000
(Being shares acquired recorded)
The effect on accounting equation would be,
Increase in Assets as investments increase, decrease in assets as cash decreases. Net effect will be NO EFFECT on accounting equation.
When dividend is declared and received, the journal entry is,
Cash A/c Dr.5000
To Dividend Received 5000
The effect of the above transaction would be an increase in the equity balance.
The Atlanta Symphony wants to make sure that its concerts are affordable for all residents of Atlanta and therefore prices all its tickets at $25 each. However, outside Symphony Hall, people can sell the same tickets for $75 or more. The true cost to the concertgoer of a ticket to the symphony is at least:
Answer:
$75
Explanation:
The true cost of going to a concert is $75 because that is its economic cost. Economic costs include accounting costs and opportunity costs. In this case, if you are able to purchase a $25 ticket, you can resell it for $75 (opportunity cost = $50), you the true cost is the resale price.
Multinational Corporations (MNCs, sometimes called TNCs) are:
a. International Governmental Organizations (IGOs)
b. Non-profit organizations
c. Illegitimate actors on the world stage
d. Non-state (non-governmental) actors, focused on profit
Answer:
d. Non-state (non-governmental) actors, focused on profit
Explanation:
Non State actor can literally be defined as an organization that are not funded by the government.
Multinational Corporations (MNCs) and Transnational companies (TNCs) are organizations that have companies in several countries and are business oriented focused on making profit.
Therefore, Multinational Corporations (MNCs, sometimes called TNCs) are Non-state (non-governmental) actors, focused on profit
Dion, an accountant for Entertainment Sports, Inc., attempts to apply a duty-based approach to ethical reasoning in conflicts that occur on the job. This approach is based on the idea that a person must____________
Answer:
Avoid unethical behavior regardless of the consequences.
Explanation:
Unethical behavior has genuine ramifications for the two people and associations. You can lose your employment and notoriety, associations can lose their believability, general spirit and profitability can decrease, or the conduct can bring about critical fines and additionally monetary misfortune.
Among the most exceedingly awful impacts of exploitative conduct on business is that an organization can't manufacture or keep up any long haul associations with clients.
Average accumulated expenditures for year five on a construction project amounted to $70,000. The total cash invested in the project by the end of year five, was $160,000. During year six, the firm spent another $240,000 (total) on the project, uniformly throughout the year. Compute average accumulated expenditures for year six.
Answer:
120,000
Explanation:
As the expenditures occur uniformly throughout the period then, the weighted average expenditures will be equal to half the expenditures as the weights could be arrange to demostrate:
being a the amount spend per time diffrencial (n) 240,000/n
we have the formula of n terms:
[tex]a(x/n) + a(x-1))/n + a(x-2/n) + ... + a(3/n) + a(2))/n + a(1/n) +a (0/n)\\$We arrengle as follows:\\a(x/n) +a (0/n) + a(x-1))/n + a(1/n) + a(x-2/n) + a(2))/n\\each pair of term adds to:\\a(x/n)\\which is the simple average[/tex]
As we have half the terms then this is multiply by n/2
[tex]a(x/n) \times n/2 = a(x/2)[/tex]
Which of the following statements is true of rapid needs assessment?
A) It involves using a large amount of resources, such as money and SMEs.
B) It ultimately results in the sacrifice of the quality of the process.
C) Its scope is independent of the size of the potential pressure point.
D) It opts for methods that provide results in which trainers have the greatest confidence.
Answer:
The answer is B.
Explanation:
A rapid needs assessment is a method used to quickly identify and prioritize needs. The aim is to provide solutions rapidly, but this does not mean the quality of the process is compromised. Rather, it focuses on methods that trainers have the greatest confidence in.
Explanation:The correct answer is D) It opts for methods that provide results in which trainers have the greatest confidence. A rapid needs assessment is a quick method to identify and prioritize the needs or gaps within an organization, community, or group. This approach is valuable as it makes potential solutions more evident in a shorter period of time. While this method may require fewer resources and offer quicker results, it does not necessarily mean that the process's overall quality must be compromised. It instead focuses on methods that ensure trainers, or those conducting the assessment, confidently stand by the results generated. The scope of rapid needs assessment does depend on the size of the potential pressure point, making option C invalid.
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Describe at least two methods you would use to identify job opportunity if you were look for a job. Explain why you would use these methods for job seeking (1-2 sentence.)
Answer:
Describe at least two methods you would use to identify job opportunity if you were look for a job. Explain why you would use these methods for job seeking.
identify area of specialization
Tailor your skills to suit this area of specialization
Explanation:
Before anyone could secure a job be it anywhere in the world, it is pertinent for such job seeker to identify his/her niche i.e he/she fits in, you would not be expecting a graduate of education to be looking for a job opportunity in a law firm rather he/she needs to identify the area of specialization before any application would be submitted.
Also, one needs to tailor every acquired skills to suit the area of specialization, if one is IT skilled. Such job seeker needs to ensure his/her application goes to information communication technology oriented or inclined organization so that such employee would fit in in such organization.
Final answer:
Use a variety of job search approaches, such as leveraging your network and exploring online job sites, to increase your chances of finding suitable employment.
Explanation:
Making use of a variety of job search approaches and staying active and engaged will definitely lead to more employment opportunities. It is essential to take the time to come up with a job search action plan that will allow you to leverage your existing network, make industry-related contacts, and expand on your employment opportunities.
It is also essential to recognize the importance of the hidden job market and explore online job sites in order to apply for positions. These two methods will help you identify job opportunities from multiple channels and increase your chances of finding suitable employment.
A new manager is hired for an office; they immediately begin to build a rapport with colleagues and subordinates, tactfully navigate difficult situations, and are friendly and outgoing with all employees. This example demonstrates which trait
Answer:
Sociability
Explanation:
By being sociable at work the new manager has developed an approachable relationship between his/her colleagues and subordinates in-other to reduce work stress and create environment with which workers would willingly put extra effort to complete difficult tasks.
Latasha: Most people recognize that the budget deficit has been rising considerably over the last century. We need to find the best course of action to remedy this situation. Jake: I believe that a cut in income tax rates would boost economic growth and raise tax revenue enough to reduce budget deficits. Latasha: I actually feel that raising the top income tax rate would reduce the budget deficit more effectively.The disagreement between these economists is most likely due to differences in...
a. scientific judgements
b. perception vs reality
c. values
Answer:
A) scientific judgements
Explanation:
As economists, Latasha and Jake have different scientific (or technical) points of view and they suggest different solutions for the same problem. They both agree about what the problem is, but as social scientists (economists) they believe that different roads will lead us to a better solution.
A company that identifies customer relationships with the organization, captures relevant customer data from interactions, stores and integrates that customer data, and identifies its profitable customers is implementing a customer relationship management cycle.
Select one:
True
False
Answer:
True
Explanation:
Customer relationship management is an approach that a company uses to analyze customer interactions and manage its relationships with customers. The strategy uses information technology to capture and store customer data to improve customer experiences, improve sales, and achieve customer retention. Organizations implement customer relationship management to remain competitive and profitable.
By implementing customer relation management (CRM), a business capture essential customer data. The data is useful to front desk employees as they serve customers face to face, marketing, and the sales teams. An analysis of the data provides past customer behavior patterns that can be used to predict future trends.
December 2017, Becker Corp. learned of a favorable judgement of 1.5 million relating to litigation involving a competitor. The company's attorney informs Becker that the opposing litigant has filed an appeal and that the company may ultimately receive about $400,000. How should they recognize this gain contingency on financial statements?
Answer: Disclose the gain contingency in the notes only
The original cost of an item of inventory is above its replacement cost. The item’s replacement cost is below its net realizable value but is higher than its net realizable value minus a normal profit. Under the lower of cost or market method, the inventory item should be valued at:________.
A. Net realizable value
B. Original cost
C. Net realizable value less normal profit margin
D. Replacement cost
Prior to liquidating their partnership, Pepper and Russo had capital accounts of $30,000 and $119,000, respectively. The partnership assets were sold for $55,000. The partnership had no liabilities. Pepper and Russo share income and losses equally.
a. Determine the amount of Pepper's deficiency. $ 50,000
b. Determine the amount distributed to Russo, assuming Pepper is unable to satisfy the deficiency.
Answer:
A. - $17,000
B. $55,000
Explanation:
value of assets on liquidation= $30,000 + $119,000
=$149,000
Less : sale value of assets = $55,000
Loss on liquidation =$94,000
Pepper's liability in loss = $94,000* 1/2 = $47,000Pepper's deficiency = $47,000 - $30,000 = $17,000Amount distributed to Russo = $119,000 - Share in loss
= $119,000 - ($94,000*1/2)
= $119,000 - $47,000
= $55,000
During 2017, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2016 and 2015 (Williamson’s first year of operations) under FIFO was $160,000 and $180,000, respectively. Pretax income using weighted-average pricing in the prior years would have been $145,000 in 2016 and $170,000 in 2015. In 2017, Williamson reported pretax income (using weighted-average pricing) of $180,000. Show comparative income statements for Williamson, beginning with "Income before income tax," as presented on the 2017 income statement. (The tax rate in all years is 30%.)
Answer:
Explanation:
Comparative income statements for Williamson is presented below:
Particulars 2017 2016 2015
Income before income tax $180,000 $145,000 $170,000
Less:Income tax $54,000 $43,500 $51,000
Net income $126,000 $101,500 $119,000
The income tax is computed below:
For 2017
= $180,000 × 30%
= $54,000
For 2016
= $145,000 × 30%
= $43,500
For 2015
= $170,000 × 30%
= $51,000
A "moment of truth" is not: a. an opportunity to influence a customer's perception of the service quality. b. critical in achieving a reputation for superior quality. c. when the customer is forming an opinion about the efficiency of the service.d. an interaction between a customer and a service provider.
Answer:
C. when the customer is forming an opinion about the efficiency of the service
Explanation:
A "moment of truth" in marketing occurs when there's an interaction between customer and service provider usually leaving an impression (positive or negative) on the customers.
It's the moment when a customer interacts with a brand (service provider) to form an impression or change a pre existing impression about that particular brand (service provider).
It is very important for the service provider to leave a lasting positive impression because it's an avenue for them to achieve product superiority.
Answer: c).when the customer is forming an opinion about the efficiency of the service
Explanation: A Moment of Truth (MOT) in marketing is when an interaction occurs between a customer and the service provider that can leave a lasting positive or negative impression on a customer.
This is an interaction aimed at having a positive effect on the quality of a brand or service. It usually involves an opportunity to impress the customer.
Outdoor Adventures is a company that sells clothing and gear related to all types of outdoor activities. In an effort to stave off competition, the company has begun keeping a log of customer interests and hobbies so it can alert them to local events of relevance, as well as send them articles that pertain to their favorite activities. In addition, Outdoor Adventures has added a section to its website where customers can post pictures of themselves using the store's gear. These efforts illustrate how the firm is engaged in
A. societal marketing.
B. a sales orientation.
C. relationship marketing.
D. logistics.
E. personal selling.
Answer: (C) Relationship marketing
Explanation:
The relationship marketing is one of the type of marketing form that helps in providing the various types of campaigns in order to understand the actual response of the consumer about the brands and the products.
The main objective of the relationship marketing is that it helps in creating the various types of new characteristics of the products based on the requirement of the customers and also strengthening the relations with the consumers.
According to the given question, the given company efforts is basically illustrating that the company is basically engaging in the relationship marketing.
Therefore, Option (C) is correct answer.
Today's workers are referred to as __________ and they use BI along with personal experience to make decisions based on both information and intuition, a valuable resource for any company.
Answer:
Knowledge workers
Explanation:
Business intelligence (BI) refers to the application and practice of collecting and analyzing multi sources (such as suppliers, customers, partners) of information in-other to make better business decisions.
A knowledge worker is one that uses business intelligence with personal experience to make strategic business decisions valuable to the company.
A great way to keep followers up to date on your business is to utilize __________ online. A. comments and critiques B. orientations C. status updates and announcements D. summaries E. narratives
Answer:
c. Status Update and Announcements
Explanation:
By keeping customers up-to-date with the recent development and also making announcements in your business the customer will be carried along properly in other to create a continuous and long lasting customer relationship.
For example: Social media or mailing notifications - updates are being passed across through selected means to customers before logging in into the platforms which has lead to the increase and continuous use of both platforms effectively.
Jeff opened a sporting apparel store and signed a lease on the property. He also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on?A) Place
B) Product
C) Price
D) Promotion
E) Planning
Answer:
Jeff opened a sporting apparel store and signed a lease on the property. He also signed an agreement with the manufacturer on the amount of merchandise he will sell and the promotions he will conduct. Based on this description, which aspect of the marketing mix does he still need to work on?
He needs to work on the promotion
Explanation:
After opening a new sporting apparel store and reaching agreement with the manufacturer, it is expedient of Jeff to work on the advertisement or promotion in order to boost his sales so that profit would be maximized and also ensure such agreement is fulfilled in terms of monetary agreement.
Recently, a bank was trying to decide what fee to charge for "expedited payments"long dash payments that the bank would transmit extra speedily to enable customers to avoid late fees on cable TV bills, electric bills, and the like. To try to determine what fee customers were willing to pay for expedited payments, the bank conducted a survey. It was able to determine that many of the people surveyed already paid fees for services that exceeded the maximum fees that they said they were willing to pay. This illustrates that__________.
Answer:
A disparity between their feedback and what they actually did. In this case it is better to set the fees based on what logical people would do.
Obviously the service is valued highly, and people are willing to pay higher fees.
The information provided in the survey is not a true reflect of what customers are willing to pay.
Price testing will be most effective, where a price is set and based on acceptance or rejection it is adjusted.
Explanation:
The bank's findings highlight the difference between what people say they will do (stated preferences) and what they actually do when making economic decisions (revealed preferences).
In the context of the bank's survey, the revealed preferences are the actual fees that customers are currently paying for expedited payment services, which may be higher than the fees they stated they were willing to pay in the survey.
This discrepancy can occur for several reasons:
1. Lack of Awareness: Customers may not be fully aware of the fees they are paying, or they may not pay close attention to them until they are specifically asked about their willingness to pay in a survey.
2. Urgency of Service: When faced with the immediate need to avoid late fees on essential services like cable TV or electric bills, customers might be willing to pay more than they would under less urgent circumstances.
3. Convenience: The convenience of expedited payments might be valued more highly in practice than in theory, leading customers to pay more for the service than they initially believed they would be willing to pay.
4. Lack of Alternatives: Customers might feel they have no other option but to pay the expedited fee if they want to avoid late fees, even if the fee is higher than they would prefer.
5. Misrepresentation in Survey: Respondents might understate their willingness to pay in a survey setting, either because they want to present themselves as frugal or because they hope to influence the bank to set a lower fee.
6. Market Conditions: The actual fees might be driven by market conditions, such as a lack of competition or high demand for expedited services, which can lead to higher prices that customers accept out of necessity.
In summary, the bank's findings highlight the difference between what people say they will do (stated preferences) and what they actually do when making economic decisions (revealed preferences).
This concept is a fundamental aspect of behavioural economics, which recognizes that people's choices can be influenced by context, emotions, and other factors that might not be fully captured in a survey.