Answer:
Mass customization
Explanation:
Mass customization -
It refers to the strategy of marketing , where the goods and services are modified according to the taste of the consumer , is referred to as mass customization .
A huge number of people are targeted and the their likes and dislikes are considered in order to manufacture the goods and services .
It is also known as made - to - order and built - to - order .
Hence , from the given scenario of the question ,
The correct answer is Mass customization .
Unlike a cost competitive advantage, a sustainable competitive advantage: a. is not attractive because of its durability. b. cannot be copied by the competition. c. lowers costs by removing frills. d. does not offer any low-priced products. e All the Above
Answer: b. cannot be copied by the competition
Explanation: Sustainable competitive advantage is an advantage that cannot be copied by the competition.
It is difficult for the competition to copy due to the rapid emergence of new products and competitors.
1.The property in a mixed market economy likely is ____.
2. Most of the property in command economies is owned by ____. The citizens of a command economy are likely to own property than citizens of a mixed-market economy.
Economics is the detailed study under the social studies that entail an individual or the market about the production, distribution, supply, consumption, and exchange of activities. There are micro and macroeconomics.
1. The property in a mixed market economy likely is Private.
2. Most of the property in command economies is owned by Government.
3. The citizens of a command economy are likely to own less property than citizens of a mixed-market economy.
A mixed market economy is a type of economy having the combination of both the free market and a commanded economy. Generally, the markets are considered to be under a mixed market economy only, this is because there is no perfect capitalist market or economy in the world.
A commanded economy is referred to as the economy that usually includes the autonomy of the demand and supply. The main power of the economy and the subtle of the market is under the government policies and government salience.
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Answer:
1.privet and public
2.governments
3.less
Explanation:
TUMI brand briefcases are very expensive, high-end briefcases that are generally sold in specialty luggage shops. Which of the following is the most promising target market for TUMI briefcases?a. police officers.
b. executives.
c. construction workers.
d. postal workers.
e. students.
The target market for expensive, high-end TUMI briefcases is likely to be executives due to their demand for professional products, high disposable income, and the functionality and design needs that these briefcases meet.
Explanation:Considering that TUMI brand briefcases are described as being high-end and expensive, the most promising target market is most likely executives. This demographic often seeks out high-quality, professional products that enhance their overall work image. Executives often have high disposable income and can afford the product. Furthermore, the functionality and design of TUMI brand briefcases cater to the organizational and aesthetic needs of these professionals. It is less likely for police officers, construction workers, postal workers, or students to be the prime target market due to factors like income level and the nature of their work or study.
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On the twentieth day of the month, room sales at the Motor Lodge Motel exceeded its breakeven point for the month. Revenue generated by room sales during the remaining days of the month will:_______.a. decrease in proportion to the additional room sales.b. cover the fixed costs associated with those additional room sales.c. be pure profit for the motel.d. increase at a faster rate than the costs associated with those sales.
Answer:
d. increase at a faster rate than the costs associated with those sales.
Explanation:
Revenue generated will increase at a faster speed than the cost associated with the sales because the fixed cost associated with the sales has alredy been covered and now the only cost which we have to deal is the variable cost only. So the returns / profit from the remaining days will also increase faster than the rate of the cost associated with them.
Dynamic Production Services started the year with total assets of $120,000 and total liabilities of $55,000. The revenues and the expenses for the year amounted to $100,000 and $80,000, respectively. During the year, the company did not issue any common stock, but it distributed dividends of $50,000. Calculate Dynamic's net income for the year.
Answer:
$20,000
Explanation:
The income statement shows the revenue and expenses of an entity for a period. The difference between the entity's revenue and expenses gives the net income.
The balance sheet on the other hand shows the company's assets and liabilities, the difference of these is the owners equity.
Hence Dynamic's net income for the year,
= $100,000 - $80,000
= $20,000
Organic Market sells high-quality products and grocery items that are unique to their area; in addition it offers delivery for customers who are unable to leave their home and a number of regular workshops regarding eating healthy. By offering these types of products and services, Organic Market is pursuing a _____ strategy. Group of answer choices
Answer:
focused differentiation
Explanation:
A focused differentiation strategy requires offering different or unique goods or services that satisfy the demands of a very narrow market (niche market). This type of strategy is usually carried out to either focus the company's efforts in satisfying a specific demographic market or focusing on a specific sales channel.
After an organization has determined which of the many segmentation variables it will use, and the segmentation process is complete and the data analyzed, the next step in the target market selection process is ______________.
Answer:
The next step in the target market selection process is Select Specific Target Markets.
Explanation:
The steps of the Target Market Selection Process. are:
Step 1: Identify the Appropriate Targeting Strategy.
Step 2: Determine Which Segmentation Variables to Use.
Step 3: Develop Market Segment Profiles. Segmentation process is complete
Step 4: Evaluate Relevant Market Segments. The data is analyzed.
The following step is:
Step 5: Select Specific Target Markets.
An investor has purchased less than 20% of the common stock available from each of 12 different investees. As part of their financial statements, they provide a report that details the cost and fair value for each of the investments. What is the purpose of this report?
Answer:
The investor wants to know about the fair value, cost and differences of these two in order to calculate the gains or losses for each of their investments
Explanation:
This helps them to calculate the losses arising because of the share prices fluctuations and best helps in assessing the future risks associated with the investment. This way of analyzing an investment and opting to whether sell or retain the investment is also reffered to as valueing investments on the basis of risks associated with investment. The investors also use this data to assess the performance of their investment in terms of gains and losses by the increase or decrease in the value of investment respectively.
The sustainability of a competitive advantage depends upon the rate of obsolescence of the core competence, the availability of substitutes for the core competence, and the imitability of the core competenc e T/F
Answer:
The correct answer is True.
Explanation:
Currently, market competition, traditional conditions and factors, such as labor, access to financial resources and raw materials, offer less competitive advantages than in the past. Current trends require that
the top executives of the companies consider new concepts for their organizations, it is necessary to change the current way of seeing the organizations.
As a first step, it is necessary to visualize the company as a set of heterogeneous resources, capabilities and core skills that can be used to create an advantage over other companies in the market. This implies that each company has resources and capabilities that other companies do not have, at least not in the same combination. Resources are the source of capabilities, some of these lead to the development of core skills. Using core skills, companies can develop their activities better than their competitors. In essence, this new overview bases the strategy in terms of a unique competitive position, rather than operational efficiency.
As a source of competitive advantage, core skills distinguish a company at the competitive level and reflect its personality. These skills arise over time through an organizational process that consists of accumulating and learning to take advantage of the various resources and capabilities. As an ability to take action, core skills “... constitute the essence of what makes an organization unique in its ability to offer value to customers during a
long period".
The development of human resources prepares individuals to perform new functions and fulfill more specific responsibilities, simultaneously constitutes a powerful weapon against phenomena such as the obsolescence of staff knowledge, social and technical changes and the turnover rate .
Answer: True
Explanation: The rate of obsolescence of the core competence affects the sustainability of competitive advantage of a company whereby the managers must acquire modern analytical strategies and administrative formats.The less availability of the substitutes for the core competence the more the sustainability of competitive advantage. The less imitable and more innovative the core competence is, the more the sustainability of competitive advantage. This means it should be difficult to duplicate for the competitive advantage to be sustained.
The common types of valuable resources and competitive capabilities that management should consider when crafting a strategy do not include Multiple Choice a. valuable human assets and intellectual capital. b. valuable physical and intangible assets. c. a skill, specialized expertise, or competitively important capability. market share, profit growth, and d. increases in stock price. e. valuable organizational assets and competitively valuable alliances.
Answer: Market share, profit growth and increase in stock price.
Explanation: Valuable resources and competitive capabilities which a management should consider while crafting include personnel with requisite skills and intellectual prowess who can help mould, shape and develop instinctive strategies required in a highly competitive market, such that the organization stays ahead of its competitors. The tactical ability to align and form productive alliances or mergers or synergy between one or more goal-oriented organization might be necessary. However, strategic planning in a competitive market require guts, courage, ingenuity, panache and zeal. These qualities enables an organization to develop strategic plans required to be in front of one's competitors. As opposed to being focused on market share, increase stock prices.
Because countries have different financial regulations and customs, it is common for MNEs to apply their domestic rules and regulations when doing financial business in a foreign countrya) trueb) false
Answer:
B) False
Explanation:
Any multinational corporation must follow the laws that apply on the countries that they operate in. Regarding accounting practices, this is fairly simple, since most countries accept International Financial Reporting Standards (IFRS) rules. If the multinational corporation's headquarters are located in the US, the subsidiary will probably have to elaborate two different sets of financial records, one following the US GAAP and the other one following the IFRS guidelines. But that is optional, since the SEC is currently accepting financial statements using IFRS from American multinational corporations. Corporations that only do business in the US cannot use IFRS standards and must use GAAP, the option of using IFRS applies only to multinationals.
John works for a consumer products company. His job is to use information to identify and define marketing opportunities, evaluate marketing actions, and monitor marketing performance. John's work involves:_______.
Answer:
The correct answer is marketing research.
Explanation:
Marketing research is the process that includes the actions of identification, collection, analysis and dissemination of information with the purpose of improving marketing decision making. Its implementation occurs basically for two reasons: (1) to solve problems, for example, determine the potential of a market; and / or (2) to identify problems, for example, to know why a product does not have the expected consumption. In essence, it seeks to meet the customer thus complying with the first premise of marketing.
Assume a $1,000 Treasury inflation-protected bond has a 2 percent coupon and a face value at issuance of $1,000. The reference CPI is 202.34 and the current CPI is 203.18. What do you know for certain about this bond?
Answer:
The bond has a 2 percent coupon and a face value at issuance of $1000 which is the same with the Treasury inflation-protected bond. However, the reference Consumer Price Index (CPI) which is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services has increased from 202.34 to 203.18. From this deduction, what I know for certain about this bond is that the interest payment have increased and the coupon rate is still 2 percent.
Final answer:
We know for certain that the bond has a 2 percent coupon, pays $20 in coupon interest, and has a new principal value of approximately $1,006.672 based on the current inflation rate.
Explanation:
To determine what we know for certain about this bond, we need to analyze the given information. We know that the bond has a 2 percent coupon, which means it pays 2 percent of its face value as interest. Since the face value is $1,000, the bond pays $20 ($1,000 x 2%) as coupon interest. We also know that the reference CPI is 202.34 and the current CPI is 203.18. The difference between these two values is 0.84 (203.18 - 202.34), which represents the inflation rate.
The Treasury inflation-protected bond is designed to adjust its principal value based on changes in the CPI. This means that the principal value of the bond will increase or decrease based on the inflation rate. In this case, because the current CPI is higher than the reference CPI, the principal value of the bond will increase. To calculate the new principal value, we multiply the current principal value by the inflation rate and add it to the current value. Using the formula, the new principal value would be $1,006.672 ($1,000 + $1,000 x 0.0084).
Therefore, what we know for certain about this bond is that it has a 2 percent coupon, pays $20 in coupon interest, and has a new principal value of approximately $1,006.672 based on the current inflation rate.
Charles purchases 20 basketball tickets per year when his annual income is $50,000 and 25 basketball tickets when his annual income is $60,000. Charles’s income elasticity of demand for basketball ticket is ________.a) 0.82, and basketball tickets are a normal good. b) 0.82, and basketball tickets are an inferior good c) 1.22, and basketball tickets are an inferior good d) 1.22, and basketball tickets are a normal good
Answer:
d) 1.22, and basketball tickets are a normal good
Explanation:
Given that
Q1 = 20
Q2 = 25
P1 = 50000
P2 = 60000
Income elasticity = (Q2 - Q1)/(Q2 + Q1) ÷ (P2 - P1)/(P2 + P1)
therefore,
IE = (25 - 20)/(25 + 20) ÷ (60000 - 50000)/(50000 + 60000)
= (5/45) ÷ (10000/110000)
= 0.11111 ÷ 0.09090
= 1.22.
Normal goods are those goods that demand increases with increases in income. Therefore, in this case basketball is a normal good as there was an increase in demand with increase in income. Also normal goods has positive income elasticity, given that 1.22 is positive, it also indicates that it is a normal good.
Answer:
d) 1.22, and basketball tickets are a normal good
Explanation:
Income elasticity of demand measures the responsiveness of quantity demanded to changes in price of the good.
Elasticity of demand = percentage change in quantity demanded/ percentage change in income
Percentage change in income = (60,000 - 50,000) / 50,000 = 0.5
Percentage in quantity demanded = (25-20)/20=0.25
0.25/0.5 = 1.25
A normal good is a good whose demand increases when income increases and falls when income falls.
It varies directly with income.
An inferior good is a good whose demand increases when income when income falls and falls when income rises.
Because the demand for tickets increases with income, the tickets are a normal good.
I hope my answer helps you
When a seller breaches a sales contract, the Uniform Commercial Code (UCC) provides the buyer with an option to take immediate steps by canceling the contract and purchasing substitute goods from another vendor in order to continue business operations. This right is known as _____.
Answer:
Cover
Explanation:
There are various rights which protect buyers from any sort of misconduct by the sellers. This right is known as 'Cover' which force sellers to follow a contract and avoid unethical behaviour. If sales contract is not followed, buyers have a Cover right to immediately cancel the contract and look for another vendor to continue business operations.
A company allowed its employees to take a half hour lunch break. However, the break was uncompensated, and the employees were not permitted to leave the employer’s premises during the break. Nevertheless, these employees did leave their positions on the production line and eat in an employee lunchroom. They also went outdoors at their discretion. Should the employer be required under the FLSA to compensate these hourly production workers for their 30-minute lunch breaks? What about maintenance workers who might be recalled early from their lunch breaks if an equipment breakdown required it?
Final answer:
Under the FLSA, bona fide meal periods typically do not need to be compensated, but this depends on whether employees are relieved of all duties. If maintenance workers are often recalled from breaks, their lunch breaks may need to be compensated.
Explanation:
Under the Fair Labor Standards Act (FLSA), there is an expectation that employers provide certain breaks to employees. However, whether a lunch break should be compensated depends on its length and the restrictions placed on employees during that time. Short breaks are typically considered compensable work hours, but bona fide meal periods, usually lasting at least 30 minutes, during which an employee is completely relieved from duty, are not.
Since the employees described are not permitted to leave the premises and maintenance workers might be called back early, this could indicate that they are not completely relieved from duty during their breaks. However, if the lunch period is a bona fide break, it may not need to be compensated. Whether these breaks should be paid may depend on specific circumstances, including the degree of freedom the employees have during their breaks and whether being on-call affects their ability to use the break for their own purposes. If maintenance workers are frequently recalled, their breaks may be more likely to be compensable.
Situation: your section is playing water basketball as a team building activity at the company picnic. as the game starts, teenagers began running along the pool deck and jump into the pool. the leadership decides to continue the game and let the incident go. again a teenager jumps into the pool and this time he lands on your plant manager. the plant manager sinks to the bottom of the pool. you pull him to the side of the pool and he appears unresponsive. what actions do you take?
Answer:
Firstly, I will try resuscitating the Plant Manager while also calling on emergency service units to come help out. The game would immediately be suspended.
Your boss never gives you the benefit of the doubt. When you arrived late from lunch, he assumed that you had simply taken too much time. He never considered that the elevators were not working that day and the fact that you had to walk up 10 flights of stairs. Your boss is guilty of ________.a. self-serving bias.b. selective perception.c. fundamental attribution error.d. inconsistency.e. stereotyping.
Answer:
Your boss is guilty of Fundamental attribution error (C)
Explanation:
Fundamental attribution error is our tendency to explain someones behaviour based on internal factors such as personality while underestimating the effect external factors have such as situational influences.
Answer:
Fundamental attribution error.
Explanation:
In psychology, fundamental attribution error also called attribution effect or correspondence bias is the act of under emphasizing the situational explanations of an individual for the observed behavior of the individual while over emphasizing the personality based explanations for the behavior. It is sometimes described as the belief that people do whatever they want to do and what people do shows who they are.
In both examples mentioned in the question, the boss never gave the affected individual the benefit of doubt and he believed he wasn't saying the right thing.
Organizations can achieve a competitive advantage by using their resources to: Group of answer choices duplicate the value a competitor firm provides to its customers. create strategies that are simultaneously being implemented by competitors. foster competitive inertia. provide greater value for customers than competitors can.
Organizations can achieve a competitive advantage by providing greater value for customers than competitors can.
Explanation:In order to achieve a competitive advantage, organizations can use their resources to provide greater value for customers than competitors can. This can be done by offering unique products or services, superior customer service, or innovative features that set them apart from competitors.
For example, a company may offer a product that is more reliable, durable, and efficient than similar products on the market. This provides greater value to customers and gives the organization a competitive edge.
By focusing on providing superior value to customers, organizations can attract and retain more customers, increase market share, and ultimately achieve a competitive advantage over their competitors.
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Final answer:
Organizations gain a competitive advantage by providing greater value to customers than their competitors, following either a cost leadership or a product differentiation strategy, and playing to their core competencies.
Explanation:
Organizations can achieve a competitive advantage by utilizing their resources to provide greater value for customers than competitors can. According to Michael Porter's competitive strategy frameworks, firms can either adopt a cost leadership strategy or a product differentiation strategy. Companies aiming for cost leadership focus on minimizing costs to be able to offer goods or services at lower prices, while differentiation involves offering unique features that stand out from competitors. However, trying to achieve both cost leadership and differentiation can risk a firm's strategic focus, potentially getting "stuck in the middle" with neither clear advantage. Moreover, firms can also seek to leverage their core competencies, which are particular strengths in specific areas of their operations that provide unique value and create opportunities for improved profitability.
Online auctions are: a. based on the barter business model. b. used to bring buyers and sellers together in a real marketplace. c. cost-effective for selling excessive inventory. d. useful when goods already have a set price in the marketplace.
Answer:c. cost-effective for selling excessive inventory.
Explanation:An online auction is an auction which is held over the internet.
An online auction is similar to a traditional auction. You bid against others for an item. ... When you enter an auction to place a bid, the site's computers determine the amount you need to bid in order to become the highest bidder. You can accept this amount or enter your own bid.
Final answer:
Online auctions are cost-effective for selling excessive inventory and are designed for price discovery through bidding, rather than for goods with a set price in the marketplace.
Explanation:
Online auctions are not based on the barter business model, instead, they serve as a digital platform for buyers and sellers to transact, often powered by the dynamics of supply and demand. They are particularly cost-effective for selling excessive inventory, as they can quickly connect a seller with a large audience of potential buyers. Additionally, auctions are suitable when the value of goods is not predetermined, allowing the market to set the price through the bidding process. While it may seem that auctions could be used when goods have a set price in the marketplace, the essence of an auction is for the price to be discovered through bidding, rather than set ahead of time.
____ are best described as unique strengths, embedded deep within a firm, that allow a firm to differentiate its products and services from those of its rivals, creating higher value for the customer or offering products and services of comparable value at lower cost.
Answer:
Core Commpetencies.
Explanation:
Core competencies are best described as unique strengths, embedded deep within a firm, that allow a firm to differentiate its products and services from those of its rivals, creating higher value for the customer or offering products and services of comparable value at lower cost. Firm can attain sustainable competitive advantage on the bsae of their core competencies as well. Every organization should work hard to find out the different products, services, channels and technology in order to generate not only sales but better positioning in the market as well which then will be harded for the competitors to imitate and copy.
Wall Corporation exchanges old equipment for new equipment. The original cost of the old equipment was $100,000, and its accumulated depreciation at the date of exchange was $60,000. The new asset received had a fair value of $80,000 and a book value of $65,000. The journal entry to record this exchange will include which of the following entries? 1. Credit gain on exchange of asset $4000 2. Credit equipment $100,000 3. Debit accumulated depreciation $60,000 4. Debit equipment $80,000 5. Debit equipment $65,000 6. Credit equipment $80,000 7. Credit accumulated depreciation $60,000
Answer:
2.Credit Equipment 100,000
3. Debit accumulated depreciation 60,000
Explanation:
When trading equipments to determinate if there is or not a gain or loss we have to know if there is commercial substrance.
When that is the case then, we can post the difference in value as gain or loss.
When there isn't, we enter the new equipment for the amount of the net book value of the equipment to avoid recording gain or losses.
Equipment (new) 80,000 debit
Acc Dep- Equipment (old) 60,000 debit
Equipment(old) 100,000 credit
Gain at Disposal 40,000 credit
--to record when there is commercial substance--
Equipment (new) 40,000 debit
Acc Dep- Equipment (old) 60,000 debit
Equipment(old) 100,000 credit
--to record when there isn't--
In both cases, whe have to write-off the old equipment thus, debit the accumulated depreciation balance.
and credit the old equipment cost
A job _______ involves placing information about job vacancies and qualifications on bulletin boards, company newsletters and/or on the organization's intranet to make existing employees aware of current vacancies.
Answer:
Posting
Explanation:
A job posting involves placing information about job vacancies and qualifications on bulletin boards, company newsletters and/or on the organization's intranet to make existing employees aware of current vacancies.
Posting: Job posting involve activity like putting all the requirement by the employer and number of vacancies in the post of bulletin board, Newspaper, company newsletters, etc to get applicants for the job, who can be further screened for the job role. There is one another method of internal job posting to make existing employee aware about job posting, for which they can also apply internally if required criteria match with the candidate. These job posting are posted through internal source of company like intranet or company email. This help the company to get right candidate for the job.
A representative gives a seminar to investors, making a presentation about successful hedge fund strategies. It is attended by 30 retail clients and 20 institutional clients. FINRA defines this as:
A. an advertisement
B. a solicitation
C. a retail communication
D. correspondence
Final answer:
The seminar given to investors about hedge fund strategies, as per FINRA's definition, is categorized as a retail communication because it's directed at more than 25 retail investors within a 30-day period.
Explanation:
According to FINRA, the scenario described, in which a representative gives a seminar to 30 retail clients and 20 institutional clients about successful hedge fund strategies, is defined as C. a retail communication. This term is used to describe communications made to more than 25 retail investors within a 30-calendar-day period. The purpose of such a communication is typically to inform and potentially persuade investors about the merits of a particular investment strategy or product. Thus, this would fall under the umbrella of commercial speech, where an entity communicates about its goods or services to consumers.
Which of the following is true of a sole proprietorship? a. A separate tax return must be filed. b. It is not a business entity. c. There is no personal liability for the owner. d. none of the above
Answer:
b. It is not a business entity
Explanation:
From the answers provided it can be said that the statement that is true about a sole proprietorship is that it is not a business entity. This is because a sole proprietorship is a business that has only a single owner and is not registered as a corporation, partnership or limited liability company. Meaning that there is no separate existence from the owner and the business, causing the business to NOT be a legal entity.
Leisure is Select one: a. a good that is not counted in GDP. b. a good that is counted in GDP. c. neither a good nor a bad, and it is not counted in GDP. d. a bad as far as economists are concerned, because it is not tangible.
Answer:
a. a good that is not counted in GDP.
Explanation:
Leisure is not counted in GDP if the leisure activity does not have a market value, and is not exchanged in the markeplace.
For example, going for a walk, or sitting at a park to read are leisure activities that are not considered economically productive, and therefore, are not counted in GDP.
E-commerce creates a great deal of data on how consumers interact with a website. L.L.Bean keeps records that show how quickly consumers make decisions, how many alternatives they explore, and whether they stop without completing a purchase. When a manager sees an issue and proposes a solution, the company can easily test the solution. This is an example of:________.
Answer:
evidence based decision making
Explanation:
Evidence made decision making refers to making decisions about issues related to the company or person based on available information gathered through experiential evidence (i.e. things that happened before).
In this case, L.L. Bean has huge amounts of information about their customers and their purchasing habits. When the company must decide about any issue or proposed ideas, they will test those ideas with the information stored at their databases. It is a way of simulating a potential outcome based on existing evidence.
Which of the following refers to the costs of production that fluctuate depending on the number of units produced? A. Total cost B. Contribution per unit C. Markup D. Variable cost E. Fixed cost
Variable cost refers to the costs of production that fluctuate depending on the number of units produced.
Explanation:The cost of any product that changes based on the quantity of goods that are produced. The volume that is produced decides the fluctuations in the variable cost. Fixed cost is the cost that will not change based on the number of units of the goods that is produced. Rent of a building can be considered as a fixed cost.
Example for variable cost may be raw materials cost, packaging cost,etc. Variable cost can be calculated by adding up the cost of labor and raw materials that are used in the production of one unit of a good. The total variable cost can be calculated by multiplying variable cost per unit with the number of units produced.
ToyMax seeks to determine the number of Kanban containers needed to feed a newly established work cell. The cell requires 600 parts over an eight-hour day. Production lead time for the parts needed by the cell is 3 hours and the cell supervisor recommends a safety stock equal to 50% of the cell’s daily production. Assuming a container size of 100 parts, how many containers are needed for the new cell?
Answer:
5.25 containers are needed
Explanation:
Given:
Total Demand for 8 hour = 600
Safety stock = 50%
Container size = 100
Lead hour = 3 hour
Computation of container required:
Demand for an hour = 600/8 = 75
Safety stock = 50% of 600 = 300
Needed container = [(Demand for an hour x Lead hour) + Safety stock ] / 100
= [(75 x 3) + 300] / 100
= 525 /100
=5.25
Therefore, 5.25 containers are needed
What is the first step in the marketing research process?
The first step in the marketing research process is defining the problem or identifying the research objectives. This involves stating what you want to learn or understand. This step is critical as it guides the entire research project.
Explanation:The first step in the marketing research process is the formulation of a clear problem definition or identification of the research objectives. This involves clearly stating what exactly you wish to learn or understand so that you can design your research to answer these questions. For example, a company might want to understand their target market's preferences or determine customer satisfaction levels. This step is crucial as it sets the direction for the entire research project.
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