An industry comprised of four firms, each with about 25 percent of the total market for a product is an example of:
If a customer begins to take up your time (e.g., making small talk) while others are waiting for service, you should:
Answer:
You should ask the customer if their needs have already been met, if the answer is yes, do you wish the customer a good day, excuse yourself and leave. If the answer is no, you ask how you can help him and then you excuse yourself and withdraw to help other customers.
Explanation:
Customer service is all the support you offer your customers, whether before, during or after purchase, and that helps them to have an excellent experience with your company. The definition of customer service goes far beyond just giving answers: the concept of service is a very important part of what your brand means to customers, becoming a critical factor for the success of your business. That is why you should not serve customers in a rude manner, with stress and prices, but you should serve them with patience and cordiality so that they felt special inside your store.
For this reason, if a customer starts to occupy his time (for example, talking a little) while others wait for the service, you should ask the customer if his needs have already been met, if the answer is yes, you should wish a good day to the customer, ask permission and leave. If the answer is no, you should ask how you can help him and after that he helps you to withdraw politely.
One of the most difficult areas of marketing decision making is pricing because these decisions are often subject to government regulation and public scrutiny.
a. True
b. False
Diane chambers, the marketing manager of farmfresh, collects data from her monthly records of sales, costs, and cash flow. in this case, diane is making use of ________ databases
For a restaurant, all activities associated with transforming basic ingredients (i.e., inputs) into the final dishes (i.e., outputs) are known as ______ in the value chain.
accepting the kind of criticism that can help you grow is a trait of people with _____. a. a negative self-image b. self-esteem c. diversity d. a bad attitude
Answer:
self-esteem
Explanation:
People with self-esteem, the confidence in one's own abilities, are capable of accepting criticism that can help them grow. They see criticism as a learning opportunity rather than a personal attack. This promotes growth and helps build a positive self-concept.
Explanation:Accepting the kind of criticism that can help you grow is a trait of people with self-esteem. This term refers to the level of confidence one has in their own abilities. People with high self-esteem see criticism as an opportunity to learn and grow, rather than something to be afraid of. They are able to appreciate their strengths, and also accept their weaknesses and work on improving them.
This is in contrast to individuals with a negative self-image or a bad attitude, who may perceive criticism as a personal attack and resist learning from it. Understanding one's own worth and capacity for growth helps build a positive self-concept, ultimately shaping our attitudes and how we interact with the world around us.
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Marx described the _____ as creating income "from nothing - without creating a product or service to sell in exchange for wealth
The answer is finance aristocracy. It is because finance aristocracy is a way of having to get an income out of nothing, it is a way of having to earn something without the use of goods or anything in exchange. It is mostly used by of higher ruling class in order to attain wealth.
Eric enjoys making pizza. when he makes pizza for his friends, sometimes eric cares about how the pieces are distributed, and sometimes he doesn’t. which of eric’s actions are associated with equity, and which of his actions are associated with efficiency?
When Eric cares about the distribution of pizza pieces, he is embodying the concept of equity, ensuring fair distribution. However, when he doesn't care about the distribution, he is prioritizing efficiency, aiming for quick and fuss-free delivery.
Explanation:In the context presented, equity and efficiency are concepts that Eric embodies when making and distributing pizza. When Eric cares about how the pieces of pizza are distributed to his friends, he demonstrates a concern for equity. He's interested in ensuring that each person gets a fair share, making sure that no one person enjoys the pizza more than another. This is akin to the nature of a private good, where an item, such as a slice of pizza, can't be enjoyed by two people at the same time, it is rivalrous.
On the other hand, when Eric doesn't care about how the pieces are distributed, he's focusing more on efficiency. He wants to get the job of distribution done quickly and with the least amount of fuss. Here he is more concerned with the production and consumption process, rather than making sure each slice of pizza goes to the right person. This can be seen as parallel to certain economic programs that aim to increase both output and economic equality.
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When companies mislead consumers about the benefits of their products, they infringe on?
After much deliberation you decide to pay $8.00 to get one dozen of kk donuts for breakfast this friday instead of spending the $8.00 to go to see a movie. what is your opportunity cost of purchasing the kk donuts?
If there is a lack of competition in a market, a market failure results because the quantity of goods sold is ___ than the optimal level while prices are ___ than the optimal level.
does managing your money well mean you cannot have fun with your money
Compare and contrast the risks and goals of entrepreneurs and inventors.
The difference between an inventor and an entrepreneur is that, an inventor develops new services and goods but he does not have them to the market. An entrepreneur risks resources may it be human, capital or natural in order to bring to the market improved and new products.
The risk which is incurred between entrepreneur and inventor is that, entrepreneur undergoes huge financial risks because a lot of money is being invested while inventor has low financial risk since there is no big investment which is being required.
Final answer:
Entrepreneurs take calculated risks to invest resources in marketable ventures seeking monetary success, whereas inventors focus on creation, often struggling to profit from their inventions despite their potential market impact.
Explanation:
Both entrepreneurs and inventors play significant roles in market innovation, yet their risks and goals often differ. Entrepreneurs are known as the risk takers who are willing to invest and organize resources to bring a new or improved product or service to the market. They are typically focused on the marketability and profitability of their venture. Successful entrepreneurs weigh the potential benefits against risks meticulously before committing their resources. Their goals are often to establish a strong position in the marketplace and achieve monetary success.
In contrast, inventors are often driven by the desire to create something new or improve existing technologies, which may lead to significant discoveries or scientific breakthroughs. However, as history shows, this does not always translate to financial gain. Inventors may struggle to profit from their creations, as their primary focus is on the invention itself rather than the business aspects such as market demand, distribution channels, or customer acquisition.
These contrasts highlight that an entrepreneur's risk lies primarily in the potential failure of the business, while an inventor's risk is centered around the possibility that their invention may not be viable in the marketplace or might not be profitable even if it meets a market need. Both roles are necessary for modern industrial production, with entrepreneurs often capitalizing on inventors' creativity by successfully bringing innovations to a receptive market.
A company purchased a new truck at a cost of $42,000 on july 1. the truck is estimated to have a useful life of 6 years and a salvage value of $3,000. the company uses the straight-line method of depreciation. how much depreciation expense will be recorded for the truck during the first year ended december 31?
Based on the cost of the truck and the salvage value as well as the useful life, the depreciation in the first year is $3,250.
What is the truck's depreciation?First find out the annual depreciation:
= (Cost - Salvage) / Useful life
= (42,000 - 3,000) / 6
= $6,500
As it was bought in July, only 6 months have gone by:
= 6,500 / 2 semi annual periods
= $3,250
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What characteristics of weak noncovalent interactions enable the assembly, stability, and functions of biomolecules?
A party mix is made by adding nuts that sell for $2.50 per kg to a cereal mixture that sells for $11 per kg. how much of each should be added to obtain 30 kg of a mix that will sell for $1.50 per kg?
Ricci, an engineer, supervises the construction of a new mountainside roadway. when the road collapses in a landslide due to faulty grading, ricci is sued by motorists and hikers injured in the collapse. as a professional, ricci is held to
Over the long term, u.s. gdp has typically averaged approximately:
The ________ is drawn from selected subgroups of a target population.
Should organizations work to create job crafting that are satisfying to individual employees?
When an agency finds a rule violation, one attractive option for resolution is?
Liz meija is employed as a social worker in a host setting. she is most likely employed in a(n) ______.
What is the marginal benefit of the 4th fried peanut butter and banana sandwich?
The marginal benefit of the 4th fried peanut butter and banana sandwich refers to the additional satisfaction or utility you get from eating the fourth sandwich. This is likely to be less than the third one due to the law of diminishing marginal utility.
Explanation:In economics, the marginal benefit refers to the additional satisfaction or utility that a person receives from consuming an additional unit of a good or service. In your example, the marginal benefit of the 4th fried peanut butter and banana sandwich refers to the additional enjoyment or satisfaction you get from eating the fourth sandwich, compared to the third one.
Putting it into perspective, let's say after eating three sandwiches, you're already feeling quite full. The enjoyment you derive from eating a fourth sandwich may be less than the enjoyment you derived from the third one. This is often due to the law of diminishing marginal utility, which states that as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.
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What does it mean when an economist says that a consumer has demand for a good or service?
bill's organization expects 50% of profits to be generated by products that did not exist five years ago. what is the nature of the programs that the organization's managers are likely to follow?
How might tax-exempt income and tax credits be used be government to stimulate economic growth?
Christine Benninger as President of the Humane Society is facing many challenges. To be successful she will need to use her influence and power in directing others. What term from the text is used to describe this skill?
5. When increased raw material costs increase prices for consumers, the situation is known as _______ inflation.
A. monetary
B. demand-pull C. cost-push
D. Law of Supply
6. What's the term for the idea that there aren't enough resources to satisfy everyone's wants and needs?
A. Demand B. Consumer C. Scarcity D. Supply
7. The _______ states that more of an item will be purchased at a lower price than at a higher price. A. Law of Demand
B. Law of Economics
C. Law of Elasticity
D. Law of Supply
8. What might cause a consumer to have an elastic demand for a product? A. The product isn't a necessity.
B. The product was produced outside of the United States.
C. The product is a necessity.
D. The product is priced at $5.
9. Consumer tastes or preferences would be most likely to have an effect on A. elasticity.
B. the Law of Supply.
C. demand.
D. supply.
As learning and trade progressed, the medieval structure began to break down.
a. True
b. False
The expenses and risks associated with the implementation or upgrading of enterprise systems arise from the ________.