At the Financial level of relationship marketing, a firm uses pricing incentives to encourage customers to continue doing business with it.
What is relationship marketing?
Relationship marketing is a component of customer relationship marketing (CRM) that prioritises long-term engagement and client loyalty over short-term objectives like customer acquisition and individual sales.
You can incorporate the following relationship marketing strategy examples into your strategy: simplify the checkout procedure on your website (and other customer actions, like the onboarding experience) Construct loyalty reward schemes. Inquire about and pay close attention to client feedback and demands.
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When you make an electronic payment from your checking account, the bank __________ identifies the bank where you have an account.
Answer:
Routing Number
Explanation:
A unique set of numbers that lets the banks identify transactions, usually 9 digits.
Capacity planning requires demand forecasts for an extended period of time. Forecast accuracy tends to _______ as the forecasting horizon _______.
To simplify our consumption models, suppose U.S. consumers only purchase food and all other goods where food is plotted along the horizontal axis of the indifference map. Also, suppose that all states initially impose state sales taxes on all goods (including food), but then the states exempt food from the state sales tax. How does this tax policy change alter the consumer's budget line
The way that this policy is going to be known to affect the consumers budget line is that it would make the budget line flatter.
How does this policy affect the budget line?
First the formula for the intercept is given as
budget divided by the price of the good on their different axis.
The exemption of taxes is going to make the price of the good on x to fall. This would then raise the ability to afford it. The intercept then goes to the right. Hence it is flatter.
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If Central Bank A cares only about keeping the price level stable and Central Bank B cares only about keeping output at its natural level, then in response to an exogenous decrease in the velocity of money: a. both Central Bank A and Central Bank B should increase the quantity of money. b. Central Bank A should increase the quantity of money whereas Central Bank B should keep it stable. c. Central Bank A should keep the quantity of money stable whereas Central Bank B should increase it. d. both Central Bank A and Central Bank B should keep the quantity of money stable.
A) Both Central Bank A and Central Bank B should increase the quantity of money.
What is the Central Bank?
A financial institution with exclusive authority over the creation and distribution of money and credit for a country or a group of countries is known as the central bank. In contemporary economies, the central bank is typically in charge of monetary policy formulation and member bank regulation. Inherently non-market-based or even anti-competitive institutions are central banks. Many central banks, despite the fact that some have been nationalized, are not part of the government and are therefore frequently hailed as being politically independent. However, even though a central bank isn't technically the government's property, its rights are still created and safeguarded by the law.
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Money owed for products and services purchased on credit to be paid at a later date is known as _____.
Jethro has a(n) ____________________ in all aspects of camping: he is faster at carrying a backpack, gathering firewood, paddling a canoe, setting up tents, making a meal, and washing up. relative advantage opportunity cost absolute advantage comparative advantage
Jethro has an absolute advantage in all aspects of camping: he is faster at carrying a backpack, gathering firewood, paddling a canoe, setting up tents, making a meal, and washing up.
Absolute advantage refers to an individual's capacity to efficiently carry out a task when compared to other individuals or groups.
In economics, this broadly refers to the ability and capacity to produce and conduct an economic good or a particular service in a more efficient manner than the competitors. In this case Jethro has an absolute advantage in all aspects of camping. Within the constraints of the economic activity, production is more efficient and higher. Fewer resources are required to produce a particular commodity and/or service that needs higher resources for the competitors. With fewer inputs, the outputs stand maximized in the context of absolute advantage.Therefore, Jethro has an absolute advantage in all aspects of camping: he is faster at carrying a backpack, gathering firewood, paddling a canoe, setting up tents, making a meal, and washing up.
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Critical Thinking Questions
1. How are consumer buying decisions related to successful financial management?
2. What are some of the strategies that you currently use to make consumer buying decisions? Do you think your strategies are helping or hindering your financial plan? Why? Are there improvements that you could make in your buying decisions?
3. What are some of the ways to reduce your risk of becoming a victim of identity theft?
4. What are three different advertising techniques that sponsors use to encourage you to buy a product? Describe each technique.
5. What should you do if you are a victim of identity theft?
The way consumer buying decisions are related to successful financial management is If the consumer spends their money according to their financial plan it would be successful.
What is Consumer Decision?This refers to the decision that is taken by the customer about what to purchase and this affects demand and supply.
Hence, we can see that some strategies that can be used to make consumer buying decisions are:
Problem Recognition. ...Information Search. ...Evaluation of Alternatives. ...Purchase Decision. ...Purchase. ...Post-Purchase EvaluationRead more about consumer buying decisions here:
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It is well known in her company that Magdas team is always working under tremendous pressure; every day brings a new fire drill. While Magda seems to thrive in this fast-paced environment and likes to say, I never know where the day will take me, her team is suffering and their workload is not sustainable. In which area is Magdas manager likely to suggest that she obtain some leadership training?
Magdas manager is likely to recommend that she take a leadership development course based on scenario planning..
What is scenario planning?Scenario planning aids decision-makers in evaluating answers, identifying possible outcomes and implications, and planning for both positive and bad outcomes. Businesses may avoid just reacting to events and become proactive by anticipating potential risks and possibilities.
Scenarios can be divided into four categories:
exploratorytarget-seekingpolicy-screening retrospective policy evaluationIn general, these many scenario types contribute to various decision-making situations.
What sorts of scenario planning are most common?Four categories of scenario planning
operational case studies. Quantitative scenarios realistic scenarios scenarios for strategic management.Why Is Scenario Planning Important?Because a scenario has been studied through and actions have been documented, scenario planning can give leaders a competitive advantage by enabling them to react swiftly and decisively in the event of a catastrophe.
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Curtis was recently laid off and was given severance pay on the condition that he agreed not to criticize the organization publicly. What is this an example of
This is an example of a non-disparagement agreement.
What is a non-disparagement agreement?A part of an agreement, such as an employment contract, separation agreement, or marital settlement agreement, stipulates that the involved parties are prohibited from making any negative statements, remarks, or representations about each other. Such clauses are in prevalent use to prevent (ex) employees from adversely affecting the business of employers with disparaging public statements either during or after the employment period has ended.
What Takes Place If a Non-Disparagement Clause Is Broken?
A non-disparagement agreement is still a contract with potential legal repercussions if you don't uphold your half of the bargain, just like any other legal instrument. A breach of a non-disparagement agreement typically has financial repercussions. You might be required to repay all or a portion of your severance pay if non-disparagement was a requirement for you to receive it, depending on the terms of the agreement.
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Bob's catered a reception. The total price was $200. The customer paid half of the fee in cash and placed the remainder on account. The journal entry to record this transaction is
Cash will be debit by $300; Accounts Receivable will be debit by $300; Catering Service Fees will be credited by $600
A journal entry is the act of maintaining or producing records of any economic or non-economic transaction. An accounting journal, that shows the company's debit and the credit balances, records transactions. The journal entry can be made up of many records, each of which is either a debit or a credit.
The journal entry would be:
Cash (dr.) $300
Accounts receivable (dr.) $300
To catering service fees ($600)
(Being catering service fees received)
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Not only is getting customers into stores by using newspapers, magazines, and television considered retail Blank______, so is the use of displays and signs placed at the point of purchase or in aisles.
Not only is getting customers into stores by using newspapers, magazines, and television considered retail communication but so is the use of displays and signs placed at the point of purchase or in aisles.
What is retail communication?Internal discussions about what tasks to complete between a retailer's corporate management team, field employees, and store employees are known as retail communications.Sales generation is the aim of retail promotion programs. And in order to accomplish this, retailers use a variety of strategies, such as informing, persuading, and reminding their target audience of their existence and of the existence of their goods or services.The overall goal of retail marketing is to develop services and products that specifically address customer needs and to market those services and products at profitable, competitive prices. Recognizing consumers as they enter helps establish effective communication in a retail setting.To learn more about Retail Communication refer to:
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_______________ are best defined as for-profit and non-for-profit organizations, including individuals such as agents that play fundamental roles in facilitating, promoting, or encouraging B2B relationships between marketing organizations or B2C relationships between marketing organizations and end-use consumers.
Intermediary organizations
What are the intermediary organizations?Intermediary organizations are defined as ones that "support the provision of services by another organization rather than providing direct services itself."
What is the difference between a pro-profit and a nonprofit?Profit organizations are designed with the owners of businesses in mind. The goal of the nonprofit organization is to benefit society as a whole. Profit-making entities can take the shape of a corporation, a single proprietorship, or a partnership. Nonprofit entities include trusts, clubs, societies, committees, etc.
What do you mean by the term “profit organization”?To achieve financial success for one's own satisfaction to gain wealth in order to benefit society. The business, partnership, or single proprietorship might make up the organization. proprietors of businesses, either alone or with partners. members of committees, governing bodies, or trustees. Selling goods and services is how this type of business generates revenue.
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The _____________ holds that a rise in price level will make domestic goods relatively more expensive, ____________ exports and _______________ imports. interest rate effect; encouraging; discouraging employment effect; discouraging; encouraging wealth effect; encouraging; discouraging foreign price effect; discouraging; encouraging
The foreign price effect holds that a rise in price level will make domestic goods relatively more expensive, discouraging exports and encouraging imports.
How can a country increase exports and decrease imports?By depreciating the home currency, exports can be increased while imports are decreased. In order to lower the cost of domestic goods and services and ultimately boost net exports, governments weaken their currencies.
What will force an increase in the price of a product?Increased output and higher cost levels will compel an increase in the product's pricing.
What is the meaning of domestic goods?The state of the nation: Expect higher product costs in the near future. In recent weeks, stories about soaring food prices have dominated the news. Green vegetables and other fresh food have reportedly seen a 200 percent price increase, while basic essentials like chicken and eggs have also gone up in price.
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Economies of scale are said to exist when Group of answer choices inputs are increased by some percentage and output increases by the same percentage. inputs are increased by some percentage and output increases by a lesser percentage. inputs are increased by some percentage and output increases by a greater percentage. the LRATC curve slopes upward. none of the above
Economies of scale are said to exist when "inputs are increased by some percentage and output increases by greater percentage, causing unit costs to fall."
What is economic of scale?The phenomenon known as economies of scale occurs when the scale or magnitude of the production produced by a firm increases while the average cost per unit of output decreases.
Example of economic of scale is-
Economies of scale emerge when a company reaps the rewards of its size. A corporation gains from a variety of efficiency as it grows. For instance, serving 1,000 people at a restaurant is much more affordable and effective than serving just one.
Types of Economies of Scale are-
Internal Economies of Scale.External Economies of Scale. PurchasingManagerial.Technological.To know more about economies of scale, here
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List the six characteristicscthat should be on every main entrance
Answer:
love one another
always share
don't be undisciplined
be tolerant
no insulting
lets have fun
Explanation:
True or False: Given the demand curve for EpiPens, you should tell Mylan CEO that total revenue will decrease if she raises the price of EpiPens because the demand curve in this region is relatively inelastic.
"Given the demand curve for EpiPens, you should tell Mylan CEO that total revenue will decrease if she raises the price of EpiPens because the demand curve in this region is relatively inelastic." this is False. Option B. This is further explained below.
What is the demand curve?Generally, a graphical representation of the relationship between the price of a product or service and its quantity demanded.
In conclusion, Given the shape of the EpiPen demand curve in this area, the statement that "total income would decline if she increases the price of EpiPens" is false.
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_____ refers to a contractual, strategic partnership between two or more separate business entities to pursue a business opportunity together.
Joint Venture refers to a contractual, strategic partnership between two or more separate business entities to pursue a business opportunity together.
A joint venture is a partnership between two or more people that aims to develop one business or project for profit while splitting the associated risks. The joint venture's participants must consist of at least two different natural persons or entities.A joint venture is a company founded by two or more people that is typically distinguished by shared ownership, returns and risks, and governance.The typical life period of a joint venture is only five to seven years, and the total success rate of alliances is close to 50%.The joint venture's participants must consist of at least two different natural persons or entities.Thus this is the answer.
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A mobile veterinary business, Portable Paws, Inc., created a mission statement long before it opened its doors for business. The mission statement referred to the unique characteristic of the business: a traveling pet unit whose veterinarians went to the home of the pet owner, rather than the pet owner bringing the pet to the clinic. What other criteria should be considered for the mission statement
Another criteria that has to be considered for the mission statement would be the customer that would be served and the social responsibility it owes to the environment.
What is a mission statement?This is a statement that is made by a company or and organization that tells us of their aims, obligations and their values.
One of these would be to serve customers efficiently and also operate in an efficient manner that would be beneficial to the environment.
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ABC Corp. received a 2-month, 8% per year, $1,500 note receivable on December 1. The adjusting entry on December 31 will include a ______. Multiple choice question. debit to Interest Revenue of $10 debit to Interest Receivable of $10 credit to Interest Receivable of $20 credit to Interest Revenue of $120
Answer:
debit to Interest Receivable of $10
Explanation:
In the first place, at the end of December, it would have been a month since the note receivable was received, which means that the interest for 1-month would have become due, in other words, the interest for 1 month is computed thus:
interest due=8%*1/12*$1,500
interest due=$10
The interest has not been received, the claims that the other party owes us $10 means that we would debit interest receivable with $10(asset) and we would credit interest revenue (income) because an increase in the asset is a debit entry whereas an increased income would have a credit entry.
As a result, the correct option has a value of $10 and a debit to interest receivable since there is no credit to interest revenue in the option
Answer: debit to Interest Receivable of $10
Explanation:
Sue is a cashier at a grocery store. She is best characterized as being employed in the ________ sector of the labor force.
Sue is a cashier at a grocery store. She is best characterized as being employed in the retail establishment sector of the labor force.
Retail is the sale of goods and services to consumers, as opposed to wholesale, which is sold to customers of a company or institution. Retailers buy goods in bulk from manufacturers, either directly or through wholesalers.
Retail is the sale of goods and services to consumers, as opposed to wholesale, which is sold to customers of a company or institution. Retailers make a profit by buying bulk goods from manufacturers, either directly or through wholesalers, and selling them in small quantities to consumers.
The retail markets and shops have a very old history dating back to ancient times. Some of the early retailers were traveling to merchants.
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The distinction between a condition precedent and a condition subsequent a. is important because it determines whether the burden of proof is beyond a reasonable doubt or preponderance of the evidence. b. is important because it determines whether the condition must be express or whether it can be implied. c. seldom arises in insurance cases. d. determines who has the burden of proof
determines who has the burden of proof
A condition precedent is one the fulfillment of which completes an inchoate title. A condition subsequent is one of the fulfillments which extinguishes a title already completed
A condition precedent can either be implied or expressly stated in the terms of the contract.
What is Precedent Condition ?Condition precedent: an event that must occur (or be waived) before there is a duty to perform that contact on the part of the party in whose favor that condition runs.
What is Condition Subsequent ?A condition subsequent excuses contractual performance if some future event takes place or situation arises.
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Price leadership Group of answer choices Is illegal under the Federal Trade Commission Act. None of the Answers are Correct Typically results in greater instability in oligopolistic markets. Permits oligopolistic firms in a given market to coordinate marketwide price changes. Is common in perfectly competitive markets.
Price leadership permits oligopolistic firms in a given market to coordinate market wide price changes.
What is oligopolistic competition?A circumstance where there are few sellers (of products that can be differentiated, but not much); each seller has a significant share of the market and cannot afford to ignore the other sellers' actions. An oligopolistic market (also known as an oligopoly) is characterized by the dominance of a small number of businesses that provide comparable products and services over a large number of others. In an oligopolistic market, there are few competitors, which limits competition and enables every firm to thrive. The environment often encourages cooperative behavior and regular business ties between companies.Know more about Oligopolistic Competition with the help of the given link:
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_____ focus primarily on the creation and sale of securities to help companies, governments, and large institutions achieve their financing objectives.
Investment banks focus primarily on the creation and sale of securities to help companies, governments, and large institutions achieve their financing objectives.
What are Investment Banks?A provider of financial services that serves as a middleman in significant and intricate financial transactions is known as an investment bank. When a young firm is ready to launch its Initial Public Offering (IPO) or when a company combines with a rival, an investment bank is typically engaged. Additionally, it serves as a financial advisor or broker for major institutional clients such as pension funds.An investment bank's advising division receives compensation for its services. Based on how well the trading division does on the market, commissions are earned. As previously mentioned, many also have retail banking divisions that generate revenue by lending money to individuals and companies.To learn more about Investment banks refer to:
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A legal agreement that helps protect a lender if a borrower does not make required payments on notes or bonds is called a(n):
A mortgage is the legal agreement that helps protect a lender if a borrower does not make required payments on notes or bonds.
What is a mortgage?This refers to the legal agreement by which a bank or society lends its money at interest in exchange for taking title of the debtor's property with the typical condition that the conveyance of title becomes void upon the payment of the debt.
Often, these mortgage also gives the lender a right to be paid from the cash proceeds of the sale of a borrower's assets identified with.
Hence, it is the legal agreement that helps protect a lender if a borrower does not make required payments on notes or bonds.
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Which project management approach is an Agile framework that delivers products through an iterative process
In the agile framework, Scrum is one of the project management approaches that create the delivery of a product using an iterative process.
What is project management?Project management is referring to the task of regulating and controlling various projects in an efficient way.
When the management wants to make an iterative and incremental delivery of any product, then the agile method which can be used by them is called scrum. This method allows the team members to work efficiently and perfectly adaptable to any change.
Therefore, the technique under the agile framework being used for product delivery in an iterative process is the Scrum approach.
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Reggie owns a small stationery company in Tennessee and plans to enter the French market to sell his line of fine linen papers. He realizes that there are many business customs he will need to understand and conform to in order to succeed in France. What type of business custom is Reggie concerned with? global protocols cultural imperatives business axioms cultural exclusives business truism
The type of business custom is Reggie concerned with is Cultural imperatives.
Cultural imperatives are the customs of a nation that a business owner must comprehend and adjust to in order to succeed in that nation's market. Some cultural requirements, like the formality and rigid work culture of Japan, may be desirable, but others, like the widespread practice of bribery, may be seen as unfavorable or even illegal.
What are cultural imperatives in business?If relationships are to be successful, cultural imperatives are the business norms and expectations that must be met, conformed to, or avoided. Successful businesspeople are familiar with terms like the Latin American compadre.
Examples of the cultural demands, choices, and exclusivities in Denmark are:
Adherence to and recognition of cultural standards. The world's least corrupt country is Denmark. You must not indicate that they are able to detect corruption.Cultural practices are electives that you can choose to follow or not. This modification can be advantageous for company.Learn more about imperative at
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Which of the following does the principal owe to the agent? Group of answer choices Notification. Obedience. Compensation. Performance.
Compensation is the answer.
In general, the principal has the following duties to the agent: compensation duty, reimbursement duty, and. The duty of the agent to indemnify.
The principal has certain contractual duties to its agent. The principal duties of the agent to the agent include: Compensate the agent as agreed. When. To indemnify and protect representatives from claims, responsibilities, and costs arising from the proper performance of duties assigned by clients.
Please note that the agent has two main obligations. Certain obligations (duty of loyalty) and other general obligations are permitted by the law of agency. Recognize that principals have an agent obligation: contracts, torts, and workers' accident compensation.
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A $100 petty cash fund has cash of $16 and receipts of $82. The journal entry to replenish the account would include a
A $100 petty cash fund has cash of $16 and receipts of $82. The journal entry to replenish the account would include a debit to Cash Over and Short for $2.
What is the Cash Over and Short Account?The primary use of the cash over and short account is in cash-intensive retail or banking environments, as well as for the handling of petty cash.
The cash over and short account is an account in the general ledger.The account stores the amount by which the actual ending cash balance differs from the beginning book balance of cash on hand, plus or minus any recorded cash transactions during the period.The cash over and short account is an excellent tool for tracking down fraud situationsLearn more about cash over and short accounts here:
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Marigold Company sells merchandise on account for $4200 to Ivanhoe Company with credit terms of 2/10, n/30. Ivanhoe Company returns $1100 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check
The answer is $3038.
Discount term 2/10, n/30 means that the buyer will receive a discount of 2% if the invoice is paid within 10 days. Or else, he will have to pay the full amount of credit within 30 days time frame.
In the given question, the buyer i.e., Ivanhoe Company has returned goods worth $1,100.
Also, it has paid the remaining amount within the discount period which is of 10 days.
Thus, the amount paid by Ivanhoe Company can be calculated as:
Amount of check = (Invoice Value - Value of goods returned) - Discount amount
= ($4,200 - $1,100) - 2%
= $3,100 - 2%
= $3,038
Hence, the amount of the check is $3038.
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The factor of increase in the money supply that occurs with each dollar of increase in reserves is called:
The factor of increase in the money supply that occurs with each dollar of increase in reserves is called money multiplier.
What is money multiplier?
Money multiplier determines how much money would increase when there is a change in the reserves. The money multiplier is a function of the reserve requirement. The reserve requirement is the percentage of deposits that must be kept as reserves with the Central Bank.
Money multiplier = 1 / reserve requirement
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