Answer: Labor force
Explanation: Labor force refers to the section of individuals within an environment who are employed and those who are seeking to get a job within an organization. The term labor force also called work force could refer to workers within a particular organization or those within a certain geographic location. An environment with a pool of talented labor force will no doubt have a highly positive on the organizations within that environment because these organizations will be able to recruit or hire brilliant minds which is a characteristic of the labor force in the environment.
Automobile manufacturers produce a range of automobiles such as sports utility
vehicles, luxury sedans, pickup trucks and compact cars. What fundamental econom- ic question are they addressing by making this range of products?
a. How to produce goods that consumers want?
b. What goods and services will be produced?
c. Who to produce automobiles for?
d. Why produce a variety of automobiles?
Answer:
b. What goods and services will be produced?
Explanation:
Due to the fact that resources are scarce, the society must answer the following questions:
What to produce?
How to produce?
For whom to produce for?
In producing a range of different types of cars, the car manufacturers are answering the question of what to produce.
I hope my answer helps you
In a customer payment processing DFD, the "update receivables" activity will be represented by ________, the "accounts receivable file" will be represented by ________, and the "credit manager" will be represented by ________.
Answer:
circle, two horizontal lines, square
Explanation:
Customer payment processing DFD is a flow diagram that represents every phase involved in customer payment processing. Different phases are represented by different pictorial representation. In that regard, Update receivables are represented by circles, account receivables are represented by two horizontal lines and credit manger by square. As the process moves the flow diagram is updated.
Decide whether each of the following descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system.
a. A woman who wants to start a flower shop finds she cannot do so unless the central government has already decided to allow a flower shop in her area.
b. Shops stock and sell the goods customers want but the government levies a sales tax on each transaction to fund elementary schools, public libraries, and welfare programs.
c. The only taxes levied by the government are to pay for national defense, law enforcement, and a legal system designed to enforce contracts between private citizens.
Answer:
A. : Command System
B. : Market System
C:-Fair system
Explanation:
Explanation for A.
In a command system, no individuals own any form of resources in the country. Every single resources in that country owned by the government.
The government also determine the type of jobs that people could have along with the type of products that they have to produce mutually.
People under the command system will have no freedom to pursue their own economic interest. They have to obey whatever the government decided for them.
Explanation for B.
Market system give freedom to the citizens to pursue their own economic interest. But, the government still play a role as a regulator. (to ensure that the citizens play fairly and keep the citizens safe)
In this system the government will impose tax to the people that will be used to fund government programs. This fund is what being used to pay for public libraries, schools, and welfare programs.
Explanation for C.
In Laize-fair system, the people are given freedom to pursue their economic interest without government restrictions. Government's role is limited to providing safety from another country.
There will be no regulations for safe materials, safe working environment, labors protection, etc.
Final answer:
Each scenario represents different economic systems: a command system where the government decides on the establishment of businesses, a market system that has government-imposed taxes for public services, and a laissez-faire system with minimal government involvement, focusing only on defense, law enforcement, and contract enforcement.
Explanation:
The question asks to decide whether each of the descriptions most closely corresponds to being part of a command system, a market system, or a laissez-faire system.
a. A woman who wants to start a flower shop but cannot do so unless the central government has already decided to allow a flower shop in her area reflects a command system. In a command economy, the government makes major decisions about the production and distribution of goods and services.
b. Shops stock and sell the goods customers want but the government levies a sales tax on each transaction to fund public services such as schools and libraries. This scenario describes a market system with some level of government intervention, typical of mixed economies where the market largely determines what goods and services are produced but the government imposes taxes to fund public services.
c. The only taxes levied by the government are for national defense, law enforcement, and a legal system to enforce contracts. This minimalist approach to government intervention is associated with a laissez-faire system, where the government's role in the economy is as limited as possible.
Shannon is a marketing agent who determines his work behavior solely on whether he thinks he can do them without receiving immediate punishment from his boss. According to Kohlberg, which of the following stages of moral development does Shannon's behavior exemplify?
A. Principled stage
B. Conventional stage
C. Righteous stage
D. Preconventional stage
E. Unconventional stage
Answer:
The answer is D. Shannon is behavior exemplify the preconventional stage
Explanation:
In the preconventional stage of Kohlberg's model of cognitive moral development, people make decisions based on concrete rewards and punishments and immediate self-interest. It focuses on the desire to answer to instruction for the reward or the fear of being punished
A 63-year-old man presents to the office with hematuria, hesitancy, and dribbling. Digital rectal exam (DRE) reveals a moderately enlarged prostate that is smooth. The PSA is 1.2. What is the most appropriate management strategy for you to follow at this time?
Answer:
A 63-year-old man presents to the office with hematuria, hesitancy, and dribbling.
Digital rectal exam (DRE) reveals a moderately enlarged prostate that is smooth.
The PSA is 1.2.
The most appropriate management strategy to follow at this time is:
Explanation:
This 63 year-old-man is at his elderly stage, meaning that it may have brought the enlargement of the prostate, as the DRE revealed, squeezing the urethra moderately and causing difficulty with urination such as a intermittent flow or dribbling, hematuria and hesitancy, so an urine flow study might be helpful to detect reduced urine flow associated with BPH (Benign Prostatic Hyperplasia).
Although his PSA level of 1.2 nanograms per milliliter (ng/mL) of blood is still in the normal range, a test must be performed to determine how fast is the PSA level is increasing, as it is associated with prostate cancer.
A questionnaire must be filled out to determine the type and severity of symptoms and if they have impacted his routine life.
Digital rectal examination (DRE): The physician inserts a gloved finger into the rectum (located next to the prostate) and feels the back of the prostate. Prostate cancers can sometimes be detected as lumps or bumps on the prostate here.
Depending on the results the patient could get a cystoscopy, which is a test that allows the physician to inspect the inside of the prostate, urethra channel and bladder, using a mini-camera inserted within a thin tube.
If the doctor finds cancer suspicious data, he might order a transrectal ultrasound, a transabdominal ultrasound or a prostate magnetic resonance imaging (MRI).
BPH is the most common urologists diagnosed disorder of the prostate gland in males between the ages of 45 and 76.
Within his company, Vernon has set up a system with inputs, outputs, transformation processes, and feedback. He utilizes a management style that varies according to the individual and environmental situation, with a strategy for minimizing errors by managing each stage of production. Vernon is utilizing a _______ perspective.a) classical
b) contemporary
c) quantitative
d) historical
e) behavioral
Answer: (B) Contemporary
Explanation:
The contemporary perspective is basically focuses on the behavior of the individual people that are acquired and also modify by the change in the environmental consequences.
The contemporary perspective is one of the type of modern psychology that helps in determine the actual behavior and also the pint of view of the people.
According to the given question, the Vernon set up the system in his company with outputs, feedback, inputs and also the transformation process and he basically managing all the stages of the production.
Therefore, Vernon is basically utilizing a contemporary perspective.
Cashvestment, a wealth management firm, renders services to various clients such as salaried employees, entrepreneurs, high-net-worth individuals, and retired employees. The employees of Cashvestment are organized based on the type of clients they are involved with. In this scenario, Cashvestment most likely follows _____.
a. functional departmentalization.
b. product departmentalization.
c. customer departmentalization.
d. geographic departmentalization.
Answer:
c. customer departmentalization.
Explanation:
In customer departmentalization, departments are created based on the different customers the company serves.
In functional departmentalization, departments are created based on the different functions of each department e.g. marketing department, finance department etc
In geographic departmentalisation, departments are created based on the different regions, states or countries the company serves.
In product departmentalisation, departments are created based on the different goods and services that the company produces.
I hope my answer helps you
Money to pay current expenses for a municipal revenue bond would normally be placed in which of the following funds? (A) Contingency fund (B) Surplus fund (C) Maintenance fund (D) Sinking fund
Answer:
D) Sinking fund
Explanation:
A sinking fund is an account established to be used in the settling of debts. The corporate or institution that creates a sinking fund deposits money regularly as a way of saving it for future debt payments. A sinking fund, is in away a savings account that accumulates funds for repaying large and future debts.
Municipal authorities use sinking funds to pay their bond expenses when they mature. The municipal contributes funds in the years leading to the bond's maturity. Sinking funds gives confidence to investors that the municipal will not default on its payments.
A debt instrument sold by a bank to its depositors that pays annual interest of a given amount and at maturity pays back the original purchase price is called
A) commercial paper.
B) a certificate of deposit.
C) a municipal bond.
D) federal funds.
Answer:
Correct option is (B)
Explanation:
Certificate of deposits are issued by banks or any other financial institution against the premium paid in the form of interest for a lumpsum amount deposited with a bank for a stipulated period.
The principal amount is paid back at maturity. Commercial papers are issued by companies and not banks. Municipal bonds are issued by the Government and federal funds are transactions between banks.
As the facility manager, you listen to your employees and demonstrate concern and care about their social needs, but still make the decisions. Which management style are you using?
Answer:
Democratic management style
Explanation:
In a democratic management style, low-levels employee has the ability to influence the decision making made by the managers. Before making a decision, the managers will ask for inputs from the employees and take their perspective and needs into account.
This type of management style is very rare among large corporations. Most companies that use this style usually do not have too many team members.
Siesta Inc., a mattress store, recently launched a new range of mattresses. According to the management of the company, these mattresses are made with advanced technology and guarantee a good sleep. However, the sales are not very promising. An in-store survey shows that consumers find the mattresses expensive and are reluctant to invest too much in a product that is new in the market. To boost the sales, the marketing team decides to reduce the price by ten percent and offer a three-month return policy. As soon as these changes are implemented, the sale of the new mattresses picks up. The reduction in the price and the offer of return policy are examples of _____.
Answer:
Marketing tactics.
Explanation:
Marketing tactics are actions taken by a company in the promotion of goods and services, to attain a marketing goal.
Marketing strategy is the goal or plan that the company adopts to make campaigns successful. While tactics are the specific actions taken by marketers to achieve the goals. They include: social media promotion, distribution methods, emailing targeted customers, and discounts.
Price reduction and offering a return policy are marketing strategies to incentivize purchases and increase sales, as they reduce consumer perceived risk and demonstrate confidence in product quality.
The reduction in the price and the offer of a return policy by Siesta Inc. are examples of marketing strategies aimed at reducing perceived risk and providing value for money to consumers.
When sales are not going as expected, businesses often resort to adjusting their pricing strategies, which may include discounts or sliding prices.
In addition to this, offering a money-back guarantee or a return policy serves as a promise of quality and builds trust with customers since they may be hesitant to invest in a new and relatively unknown product. Such strategies can be seen as a part of a company’s efforts to incentivize purchases and encourage consumer adoption of new products.
The television industry in the United States is controlled by seven giant corporations: The Walt Disney Company, CBS Corporation, Viacom, Comcast, Hearst Corporation, Time Warner, and News Corporation. Thus, the television industry in the U.S. is a typical _____ industry.a.agglomerationb.free marketc.monopolisticd.oligopolistic
Answer:
D) oligopoly
Explanation:
An oligopoly is a market dominated by few suppliers. There is very limited competition mainly due to high entry barriers and concentrated market power. The most important entry barriers are economies of scale, patents and other expensive technologies and government licences. Also, since the oligopolistic firms have great market power, they usually carry out actions designed to discourage new competitors or directly eliminate them.
the process of gathering information about the competitive environment, including competitors' plans, activities, and products, to improve a company's ability to succeed is the definition of ___________.
Answer:
Competitive intelligence
Explanation:
Competitive intelligence is the process of gathering information about your competitive environment to enhance your business decisions.
for example:
An example of competitive intelligence is that of an investment banker or trader where by he gains information from financial statement reports, industry research papers etc.., while other banker or trader gain the same information but his ability to use that information to gain valuable insights (i.e. best investment or stock at the moment) separates him from the others.
Answer:
Competitive Intelligence
Explanation:
Like the question suggests, competitive intelligence is the process of gathering information about the competitive environment, including competitor's plans, activities etc. to enhance a company's ability to succeed.
The key to having an advantage over your competitors is to understand them. Gathering information about your competitors isn't illegal. It spurs creativity, helps in the decision making process.
Competitive Intelligence also involves understanding your consumers.
Panther Company's bookkeeper debited supplies expense for the cost of goods sold during that month. The bookkeeper discovered the error prior to closing the books. The correcting entry would include
Answer:
Cost of Goods Sold Dr.
To Supplies Expense
Explanation:
The journal entry for cost of goods sold should've been:
Cost of goods sold A/C Dr.
To Purchases A/C
(Being cost of goods sold expense recorded)
The wrong entry passed has been:
Supplies expenses A/C Dr.
To Purchases A/C
The rectifying (correcting) journal entry should be:
Cost of Goods Sold A/c Dr.
To Supplies Expenses A/C
(Being rectification entry for cost of goods sold recorded)
Cost of goods sold is an expense and expenses should be debited.
At the same time, purchase being a nominal account, crediting it would reduce the purchases balance.
Supplies expense was wrongly debited so it has been credited to cancel out the effect.
An article in the Wall Street Journal in early 2001 noted two developments in the market for laser eye surgery. The first development concerned side effects from the surgery, including blurred vision. The second development was that the companies renting eyeminus−surgery machinery to doctors had reduced their charges. In the market for laser eye surgeries, these two developments
Answer:
Reduced demand and increased supply leading to reduced equilibrium and approximation rates.
And it could also lead to an unpredictable effect or impact on the equilibrium quantities of laser eye surgery.
The occurrence of side effects could decrease demand for laser eye surgeries while reduced machinery rental costs could increase its supply. The overall impact on the market depends on the relative changes in demand and supply.
Explanation:These two developments mentioned in the Wall Street Journal article would likely have contrasting effects on the market for laser eye surgeries. The first development, the occurrence of side effects such as blurred vision, could decrease demand as potential customers get detracted because of health risks. This could lower the equilibrium price and quantity of laser eye surgeries.
On the other hand, the second development, reduced charges by companies renting eye surgery machinery to doctors, would likely cause a decrease in costs for doctors, which can increase the supply of laser eye surgeries. Theoretically, this could cause a decrease in the price and an increase in the quantity of surgeries supplied.
The overall effect on the market would depend on the relative magnitude of the changes in demand and supply.
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An entrepreneur borrows $500,000 today. The interest rate is 11.5%. If the entrepreneur makes annual payments of $70,000 per year, how many years will it take to repay the loan?
Answer:
After 18.44 year loan will be paid
Explanation:
We have given an entrepreneur borrows $500,000 today.
So total amount is $500000
Annual payment is of $70000
Rate of interest r = 11.5 %
We have to find the time period
We know that total amount is given by
[tex]A=P(1+\frac{r}{100})^n[/tex], here A is total amount , P is yearly paid amount, r is rate of interest and n is time period
So [tex]500000=70000\times (1+\frac{11.25}{100})^n[/tex]
[tex]7.142=1.1125^n[/tex]
Taking log both side
[tex]log7.142=nlog1.1125[/tex]
[tex]n\times 0.0463=0.8538[/tex]
n = 18.44 year
So after 18.44 year loan will be paid
Answer:
the other persons answer is correct
Explanation:
The Patersons bought a home that was newly constructed in 2007 for $275,000. They sold the home in 2015 for $255,000. Which of the following statements is correct regarding the sale of the house?a. The 2015 sale increased 2015 GDP by $255,000; and caused 2007 GDP to be revised downward by $20,000.
b. The 2015 sale increased 2015 GDP by $255,000 and had no effect on 2007 GDP.
c. The 2015 sale affected neither 2007 GDP nor 2015 GDP.
d. The 2015 sale reduced 2015 GDP by $20,000 and had no effect on 2007 GDP.
Answer:
The statement that is correct is;
d. The 2015 sale reduced 2015 GDP by $20,000 and had no effect on 2007 GDP.
Explanation:
GDP is known as the Gross Domestic Product. The GDP is a measure of the quantity of goods and services that are produced in a country during a certain period in time. The GDP is usually expressed in monetary terms. A high GDP usually translates to high levels of production. It is often used to determine how wealthy a country is in relation to the production capabilities. To determine a change in GDP, we need to determine the Net national product as follows;
NNP=GDP-D
where;
NNP=net national product
GDP=gross domestic product
D=depreciation
In our case;
NNP=$255,000
GDP=$275,000
D=d
replacing;
255,000=275,000-d
d=275,000-255,000=20,000
The depreciation=$20,000
The 2015 sale reduced 2015 GDP by $20,000 and had no effect on the 2007 GDP.
Answer:
d that's the answer
" The 2015 sale reduced 2015 GDP by $20,000 and had no effect on 2007 GDP"
Explanation:
Websites frequented by individuals with common interests where they can post facts, opinions, and personal experiences have emerged as sophisticated sources of product and brand information are called ____________
Answer:
blog
Explanation:
Websites frequented by individuals with common interests where they can post facts, opinions, and personal experiences have emerged as sophisticated sources of product and brand information are called blog
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Nash's Trading Post, LLC has assets of $4200000, common stock of $1000000, and retained earnings of $600000. What are the creditors’ claims on their assets?
Answer:
The correct answer is $2,600,000.
Explanation:
According to the scenario, the given data are as follows:
Total Assets = $4,200,000
Common stock = $1,000,000
Retained earnings = $600,000
So, we can calculate the creditors' claims on their assets by using following formula:
Creditor's Claim on their Assets = Total Assets - ( Common stock + Retained earnings)
= $4,200,000 - ( $1,000,000 + $600,000 )
= $4,200,000 - $1,600,000
= $2,600,000
Hence, Creditors' claims on their assets will be $2,600,000.
The creditors' claims on Nash's Trading Post, LLC assets amount to $2,600,000.The creditors' claims on Nash's Trading Post, LLC's assets are $2600000. This is calculated using the balance sheet equation with the given values for assets, common stock, and retained earnings.
Explanation:The creditors' claims on Nash's Trading Post, LLC assets can be calculated by subtracting the owner's equity from the total assets. In this case, the common stock and retained earnings represent the owner's equity. So, to find the creditors' claims, we need to subtract the common stock and retained earnings from the assets.
Assets - (Common Stock + Retained Earnings) = Creditors' Claims
$4,200,000 - ($1,000,000 + $600,000) = Creditors' Claims
Therefore, the creditors' claims on their assets amount to $2,600,000.
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James Day Hodgson, former U.S. ambassador to Japan, describes culture as a(n) ________, which according to him is tough to get through, but effort and patience could often lead to success.
Answer:
thicket
Explanation:
A thicket is a dense growthbof plants or shrubs. It is used to denote something that is difficult to get through.
This analogy was used by James Day Hodgson to portray how difficult it is for cultural exchange to take place. But with patience and effort it will be successful.
There was a wide cultural difference between Japan and and the United States, while Japan was conservative the United States was built on liberal values. This resulted in culture shock and it took a long time for both cultures to accept each other.
All other variables held constant, investments paying simple interest have to pay significantly higher interest rates to earn the same amount of interest as an account earning compound interest.A. True
B. False
Answer: True
Explanation: Hyderali230 is wrong according to Cengage Unlimited. He tries to explain that the principle you keep putting in makes compound interest not grow as quickly. However, It's all things being held equal, meaning, no other principal payments are being made.
_____ research is research that probes systematically into the marketing problem and bases its conclusions on a large sample of participants. A. Descriptive B. Observational C. Analytical D. Causal E. Informative
Descriptive research is a method that systematically probes into a marketing problem and bases conclusions on a large sample size, often used to describe characteristics of a population or phenomenon.
Explanation:The research method that systematically probes into a marketing problem and bases its conclusions on a large sample of participants is Descriptive research. Descriptive research is often used in marketing to understand and describe the characteristics of a population or phenomenon being studied. It answers questions like who, what, where, when and how. A large sample size helps ensure that the research findings are reliable and can be generalized to a larger population.
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wifty Corporation has 9,200 shares of common stock outstanding. It declares a $3 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31.
Answer:
Explanation:
The dividend paid is shares multiplied by dividend per share = 9200*3 = 27600
Isabel, a calendar-year taxpayer, uses the cash method of accounting for her sole proprietorship. In late December she received a $19,000 bill from her accountant for consulting services related to her small business. Isabel can pay the $19,000 bill anytime before January 30 of next year without penalty. Assume her marginal tax rate is 40 percent this year and next year, and that she can earn an after-tax rate of return of 4 percent on her investments.
a.
What is the after-tax cost if Isabel pays the $19,000 bill in December?
b.
What is the after-tax cost if Isabel pays the $19,000 bill in January? Use Exhibit 3.1. (Round your intermediate calculations and final answer to the nearest whole dollar amount.)
c. Based on requirement a and b, should Isabel pay the $19,000 bill in December or January?
December
January
Answer:
A) Isabel's after-tax cost for paying the bill in December = $19,000 - ($19,000 x 40%) = $19,000 - $7,600 = $11,400
B) Isabel's after-tax cost for paying the bill in January:
the cost before taxes = $19,000 - ($19,000 x 4%/12) = $19,000 - $63 = $18,937
after-tax cost = $18,937 - ($18,937 x 40%) = $18,937 - $7,575 = $11,362
C) January, since the cost of the debt is lower.
On July 1, Year 4, Pell Co. purchased Green Corp. 10-year, 8% bonds with a face amount of $500,000 for $420,000. The bonds are classified as held-to-maturity, mature on June 30, Year 14, and pay interest semiannually on June 30 and December 31. Using the interest method, Pell recorded bond discount amortization of $1,800 for the 6 months ended December 31, Year 4. From this long-term investment, Pell should report Year 4 revenue of:
Final answer:
Pell Co. should report Year 4 revenue from the bond investment as the sum of the semiannual interest and the amortized bond discount, which totals $21,800.
Explanation:
When Pell Co. purchased Green Corp. bonds, they bought them at a discount, and the bonds pay semiannual interest at an 8% rate. The bond's face amount is $500,000, and the interest per semiannual period is calculated as 0.08 * $500,000 / 2 = $20,000. Given that Pell Co. amortized bond discount of $1,800 for the six months ended December 31, Year 4, this amount should be added to the cash interest received to calculate the total revenue recognized from the investment for Year 4.
Therefore, the total revenue for Year 4 is the interest received plus the amortized discount which is $20,000 + $1,800 = $21,800.
Jacob and Mason go to a diner that sells burritos for $5 and tacos for $3. They agree to split the lunch bill evenly. Mason chooses a taco. The marginal cost to Jacob of ordering a burrito instead of a taco is
Answer:
$1
Explanation:
The marginal cost refers to the cost of producing one additional unit or serving one more customer.
In this case, we have to determine the additional cost of Jacob ordering a burrito instead of a taco. As Mason chose the tacos and they agreed to split the lunch bill evenly, if Jacob decides to eat the tacos, the cost for each of them is:
$3+$3=$6/2= $3
If Jacob decides to eat the burrito:
$3+$5= $8/2= $4
So, the marginal cost to Jacob ordering a burrito is:
$4-$3= $1
The marginal cost to Jacob of ordering a burrito instead of a taco, when split evenly with Mason, is $1, as they share the price difference between the two items.
Explanation:Jacob and Mason are at a diner where the price of a burrito is $5 and a taco is $3. When they decide to split the bill evenly and Mason picks a taco, the marginal cost to Jacob of ordering a burrito instead of a taco is the additional amount Jacob has to pay for choosing the more expensive item. Since they are splitting the bill evenly, the additional cost is split between the two. The difference in price between a burrito and a taco is $5 - $3 = $2. Since they are splitting the cost, Jacob would pay an extra $1 over the cost of a taco, which makes the marginal cost to Jacob of ordering a burrito $1.
____________one of Reich's four key components, is making a reasoned analysis of an opportunity, envisioning potential solutions, evaluating those possibilities, and developing the most promising ones, consistent with the resources you have.
Answer:
The correct word for the blank space is: Experimentation.
Explanation:
There are four (4) components companies must be willing to develop if they look for consistency in their operations. Those are abstract reasoning, systems thinking, collaboration, and the ability to experiment. Experimentation implies making an analysis of the market situation and coming up with a solution for the problems taking place, then, setting up a strategy to attempt covering that issue wisely based on the resources of the institution.
Rowena has a $150,000 homeowner's insurance policy with a $1,000 deductible on her house. Her premium payment is $100 per month. If she makes a $5,000 claim on the policy, how much will she have to pay for this claim?
Answer:
$1000
Explanation:
She would only pay her deductible which is $1000
Rowena will have to pay $1,000 for her $5,000 insurance claim, as this is the amount of her deductible. The insurance will cover the remaining $4,000.
Explanation:If Rowena makes a $5,000 claim on her homeowner's insurance policy, which has a $1,000 deductible, she will be responsible for paying the deductible amount herself. This means that Rowena will pay $1,000 out of pocket. The insurance company would then cover the remaining balance of the claim, which in this case amounts to $4,000, resulting from subtracting the deductible from the total claim ($5,000 - $1,000 = $4,000).
Sales of the cooler freeze packs made by the company Coolpaxx have been declining. Online sales information is shared with the sales department and customer service division. The product development team, however, has not been receiving the customer complaints or suggested product changes that have been collected. Which part of the effective three-step process did this company fail to use?
Answer:
share customer information across all departments
Explanation:
The effective three-step process for business are:
- Assess,
Obtaining all valuable information relevant to the operation. This include things such as customer information, market tendencies, and external challenge.
Failing to give a certain information to any part of departments indicates a failure in this step.
In the example above, the product development team wouldn't have any clue on how to improve their new product if they do not possess the information regarding the customers' complaints.
- Improve,
After the company receive the relevant information, the employees will know the things that are well-liked and the things that despised by the customers.
They can use this information to design improvement for the products and catering to the things that customers like.
- Implement
After the improvement is designed, the company just need to collect the resources it needed and implement the improvement.
Final answer:
Coolpaxx did not effectively use adequate information systems in their three-step process, failing to communicate essential customer feedback to the product development team, which could have led to necessary product improvements.
Explanation:
The company Coolpaxx has been facing a problem with the decline in sales of their cooler freeze packs. After examining the situation, it's clear that the company failed to effectively utilize the third step in the three-step process, which is adequate information systems. In particular, they neglected to share customer complaints and suggested product changes with the product development team. These are critical pieces of feedback that could significantly contribute to product improvement and address any customer dissatisfaction.
When customer complaints indicate that the freezing time target would not be met and that the freezing process must be modified, it's important for this information to be communicated to those who have the capacity to enact changes. The lack of communication could lead to further loss of customer goodwill, as customer suggestions and complaints are not being addressed in product updates and improvements.
Many catalog companies create special-run issues based on what customers have purchased in the past. For example, customers who frequently order bedding items like sheets and pillows receive a catalog with a larger section of bedding items than do customers who mostly order kitchen tools. This is an example of
Select one:
a. customer relationship management. Correct
b. a transactional marketing orientation.
c. C2C marketing.
d. supply chain management.
e. typical production-oriented era marketing practices.
Answer:
a. customer relationship management
Explanation:
Customer relationship management is how a company interacts with its customers. It uses customer data to make analysis aimed at serving the customer better.
The CRM software is used to profile customers based in their historical preferences and this informs strategy used to engage the customer in the future.