Businesses have a legitimate role in decisions about the environment because they are significant users of natural resources and producers of waste and pollution.
They can have a significant impact on the environment through their production processes, supply chains, and the products and services they provide. Therefore, it is important that businesses are held accountable for their environmental impact and take steps to minimize any negative effects.
In addition, businesses have a responsibility to their stakeholders, including customers, employees, investors, and the wider community, to operate in a sustainable and responsible manner.
By adopting environmentally sustainable practices, businesses can reduce their costs, enhance their reputation, and contribute to the overall health and well-being of the communities in which they operate.
Governments also have a role to play in regulating and encouraging environmentally sustainable practices by businesses, through legislation, taxation, and other incentives.
However, businesses can play an important role in shaping environmental policy by participating in public debates and consultations, and by engaging with stakeholders to identify and implement sustainable solutions.
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Worldwide annual sales of a device in 2012–2013 were approximately q = −6p + 3,050 million units at a selling price of $p per unit. Assuming a manufacturing cost of $40 per unit, what selling price would have resulted in the largest annual profit? HINT [See Example 3, and recall that Profit = Revenue − Cost. ] (Round your answer to two decimal places. )
Assuming all other factors remain constant, it has been determined that a selling price of $274.17 per unit would result in the highest annual profit for the company.
The given problem can be solved by finding the revenue and cost functions and then finding the profit function. The revenue function can be obtained by multiplying the selling price per unit with the number of units sold, and the cost function can be obtained by multiplying the manufacturing cost per unit with the number of units sold.
Using these functions, we can then find the profit function, which can be maximized to find the selling price that would result in the largest annual profit.
Given, the annual sales of a device in 2012-2013 were approximately [tex]$q = -6p + 3050$[/tex] million units at a selling price of [tex]$p$[/tex] per unit. Therefore, the revenue function [tex]$R$[/tex] can be written as:
[tex]$$R(p) = p*q = p*(-6p+3050) = -6p^2+3050p$$[/tex]
Similarly, the cost function [tex]$C$[/tex] can be written as:
[tex]$$C(p) = 40*q = 40*(-6p+3050) = -240p+122000$$[/tex]
Now, the profit function [tex]$P$[/tex] can be obtained by subtracting the cost function from the revenue function:
[tex]$$P(p) = R(p) - C(p) = -6p^2+3050p - (-240p+122000) = -6p^2+3290p-122000$$[/tex]
To find the selling price that would result in the largest annual profit, we need to find the maximum value of the profit function. This can be done by finding the derivative of the profit function and setting it equal to zero:
[tex]$\frac{dP}{dp} = -12p + 3290 = 0$$[/tex]
Solving for , we get:
[tex]$$p =[/tex] [tex]\frac{3290}{12} = 274.17$$[/tex]
Therefore, a selling price of $274.17 per unit would result in the largest annual profit for the company.
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. after only her seventh month in business, martha realized that her new business venture was paying off, and she would be taking home a $1,000 profit for the month. finally, she could reap the financial rewards of being the boss. this is an advantage of what type of business ownership?
this is false because it's anit no way u can do that u gotta wait a week then get paid
All sales are made on credit. Based on past experience, the company estimates 2. 0% of ending account receivable to be uncollectible. What adjusting entry should the company make at the end of the current year to record its estimated bad debts expense
Adjustment entry:
Debit: the Bad Debts Expense account
Credit: The Allowance for Doubtful Accounts account
The company needs to make an adjusting entry at the end of the current year to record its estimated bad debts expense. To do this, the company should follow these steps:
1. Calculate the estimated bad debts expense: Multiply the ending accounts receivable balance by the estimated uncollectible percentage (2.0%).
2. Record the adjusting entry: Debit the Bad Debts Expense account and credit the Allowance for Doubtful Accounts account with the calculated amount from step 1.
At the end of the current year, the company should make an adjusting entry by debiting the Bad Debts Expense account and crediting the Allowance for Doubtful Accounts account with the amount calculated as 2.0% of ending accounts receivable.
This will appropriately record the estimated bad debts expense based on past experience.
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write short notes on the following supply chain management terms:a.RFxb.Selectionc. Communication with suppliersd. Cost of raw materials
Write short notes on the following supply chain management terms: a. RFX b. Selection c. Communication with suppliers d. Cost of raw materials
a. RFX: RFX stands for Request for Information (RFI), Request for Proposal (RFP), or Request for Quotation (RFQ). It is a formal process used by businesses to gather information, proposals, or quotations from potential suppliers to evaluate their capabilities and select the best supplier for their needs. RFX is crucial in making informed decisions when choosing suppliers.b. Selection: Selection is the process of evaluating and choosing the best supplier based on criteria such as quality, price, delivery time, and other relevant factors. In supply chain management, it is essential to select the right supplier to ensure smooth operations, minimize risks, and optimize costs.c. Communication with suppliers: Effective communication with suppliers is crucial for successful supply chain management. It involves sharing information about product specifications, order quantities, delivery schedules, and quality expectations. Good communication helps build trust, aligns expectations, and enables timely issue resolution, leading to better supplier performance and overall supply chain efficiency.d. Cost of raw materials: The cost of raw materials refers to the expenses incurred in purchasing the raw materials needed for producing goods or services. It is an essential component of the overall production cost and directly impacts the profitability of a business. Managing the cost of raw materials is vital in supply chain management, as it involves negotiating with suppliers, ensuring efficient material usage, and monitoring price fluctuations to optimize costs.Learn more about management terms: https://brainly.com/question/24107115
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True or false: it's not important for people who work for you to know the vision you have for your company.
The given statement "It's not important for people who work for you to know the vision you have for your company " is false because the vision is a critical aspect of any company, and it is essential for employees to know and understand it.
It is incredibly important for people who work for you to know the vision you have for your company. The vision provides direction and purpose for the company and sets the tone for how it operates. Without a clear vision, employees may feel lost and unsure of what they are working towards.
When employees know the company's vision, they can align their work and decisions with that vision. This helps create a cohesive and focused team that is working towards a common goal. Additionally, sharing the vision with employees can help foster a sense of ownership and buy-in, which can lead to increased motivation and productivity.
Furthermore, the vision provides context for decision-making at all levels of the organization. When employees understand the company's long-term goals, they can make decisions that align with those goals, even if it means sacrificing short-term gains.
This helps ensure that the company is moving in the right direction and making progress towards achieving its vision.
In summary, the vision is a critical aspect of any company, and it is essential for employees to know and understand it. Doing so creates a focused, aligned, and motivated team that is working towards a common goal, which is crucial for the success of any organization.
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Read the following carefully taking note of the key issues before you attempt the questions. The law of demand is a fundamental concept of market economies. Rational consumers will always buy more of a good they want when the price falls, and less when the price rises. The opposite holds true for the law of supply wherein more is supplied as the price goes up and vice versa. Consequently, a market is in equilibrium when the price and quantity are at a level at which supply equals demand. The quantity that consumers demand is exactly equal to the quantity that producers supply. Total welfare in society is maximized. The demand and supply of masks in Lovingdale is as follows:
At a price of $20, forty three thousand seven hundred and fifty units are demanded but three thousand units are supplied. When the price goes up to $60, thirty one thousand two hundred and fifty units are demanded whilst thirty one thousand two hundred and fifty units are supplied. At a price of $100, eighteen thousand seven and fifty units are demanded and fifty nine thousand five hundred units are supplied. Finally, at a price of $140, six thousand two hundred and fifty units are demanded whilst eighty seven thousand seven hundred and fifty units are supplied. The linear equations for the demand and supply of masks in Lovingdale are given as follows: Qd =50 000-312. 5P and Qs = -11125+706. 25P. Question 1 a) Briefly explain the three reasons behind the law of demand as evidenced by the behaviour of consumers in Lovingdale. [5 marks]
The three reasons behind the law of demand in Lovingdale are the substitution effect, income effect, and the law of diminishing marginal utility.
1. Substitution Effect: As the price of masks decreases, consumers will substitute away from other alternatives and buy more masks because they are now more affordable. Conversely, as the price of masks increases, consumers will shift to alternatives that are more affordable, thereby reducing their demand for masks.
2. Income Effect: When the price of masks falls, consumers have more purchasing power, as they can buy the same quantity of masks for a lower cost. This increase in purchasing power effectively raises their real income, leading to an increase in the quantity demanded.
Conversely, when the price of masks rises, consumers have less purchasing power, reducing their real income and resulting in a decrease in the quantity demanded.
3. Law of Diminishing Marginal Utility: According to this law, the marginal utility of a good decrease as more units are consumed. As the price of masks decreases, consumers will buy more masks, but each additional mask will provide less additional satisfaction compared to the previous one.
This diminishing satisfaction leads consumers to buy fewer masks as the price increases.
In summary, the law of demand in Lovingdale is driven by the substitution effect, income effect, and the law of diminishing marginal utility, which all contribute to the observed behavior of consumers regarding their demand for masks at different price levels.
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When general electric created an independent health care division and divested it in june 2018 by distributing to ge's stockholders new shares in the new business, the strategic action was termed
The strategic action taken by General Electric (GE) when they created an independent health care division and divested it in June 2018 by distributing new shares to GE's stockholders is termed a spin-off. A spin-off occurs when a parent company separates a subsidiary or division to create an independent company. This process typically involves distributing shares of the new business to existing stockholders based on their holdings in the parent company.
In this case, GE's decision to spin off its health care division aimed to create a more focused and streamlined organization, allowing both the parent company and the new independent entity to concentrate on their respective core businesses and strategies. This strategic move can also enhance the overall performance of both companies, improve their operational efficiencies, and provide more attractive investment opportunities for shareholders.
The new independent company can also pursue its own objectives and make decisions based on its market and industry, without the constraints that might have been present when it was part of the larger parent company. The spin-off can create value for shareholders, as each entity is better positioned to maximize its potential in its specific industry. Overall, this strategic action can lead to benefits for both the parent company and the newly formed independent company.
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which of the following is an example of a corporate level strategy? group of answer choices target differentiates itself from wal-mart by offering high quality and fresher products wal-mart's use of the rfid technology to improve efficiency. forever 21 and h
Hewlett-Packard decides to get out of the PC manufacturing industry is an example of a corporate level strategy. So the option D is correct.
A corporate level strategy is a plan for a company to achieve its long-term strategic goals. In the case of Hewlett-Packard deciding to get out of the PC manufacturing industry, this decision would be an example of a corporate level strategy.
This decision would be driven by the company's objectives, such as the need to focus on higher-margin products, reduce costs, or shift resources to different areas of the business. By making this decision, the company would be making a strategic move to focus on a different core business, and this could help them to gain a competitive advantage in the marketplace.
The decision to get out of the PC manufacturing industry could also involve restructuring the company, divesting certain business units, and/or introducing new products and services. So the option D is correct.
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The complete question is:
Which of the following is an example of a corporate level strategy?
Group of answer choices
A. Target differentiates itself from Wal-Mart by offering high quality and fresher products
B. Wal-Mart's use of the RFID technology to improve efficiency.
C. Forever 21 and H&M focus on young women in the apparel industry.
D. Hewlett-Packard decides to get out of the PC manufacturing industry.
E. United Airlines start to charge for checked luggage.
after the financial crisis of 2007 - 2009, the federal reserve set the federal funds rate target at essentially zero. this extreme measure was in ending the crisis because . multiple choice question. successful; even banks unwilling to lend will borrow at near-zero rates unsuccessful; inflation was already so high that interest rates should have been at higher levels successful; it gave major financial intermediaries confidence to start making loans again unsuccessful; major financial intermediaries were unwilling to make new loans after so many defaults
The financial crisis of 2007-2009 was a severe global financial crisis that had a significant impact on the global economy.
The crisis originated in the United States with the collapse of the housing market and the subprime mortgage industry. This led to a chain reaction of events that resulted in the failure of major financial institutions and the freezing of credit markets. The correct answer is: successful; it gave major financial intermediaries confidence to start making loans again.
To combat the financial crisis, the Federal Reserve implemented several measures, including setting the federal funds rate target at essentially zero. This was an extreme measure aimed at encouraging borrowing and lending in the economy. The low-interest rates were intended to make it easier for banks to borrow money from the Federal Reserve, which in turn would make it easier for them to lend money to businesses and consumers.
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pepperdine reported net sales of $8,600 million, net income of $126 million and average accounts receivable of $890 million. its accounts receivable turnover is: multiple choice 37.8. 7.1. 68.3. 51.7. 9.7.
The accounts receivable turnover of Pepperdine is 9.7. Option E is correct.
The accounts receivable turnover ratio is a measure of how quickly a company collects cash from its customers. It is calculated by dividing the net sales by the average accounts receivable for a given period.
The accounts receivable turnover of Pepperdine can be calculated as:
Accounts Receivable Turnover = Net Sales / Average Accounts Receivable
Plugging in the values given in the question, we get:
Accounts Receivable Turnover = $8,600 million / $890 million
= 9.7
As a result, Pepperdine's accounts receivable turnover is 9.7.
It's important to note that the interpretation of the accounts receivable turnover ratio may vary depending on the industry and the company's specific circumstances. Option E is correct.
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ethical leaders develop a vision to lead their organization. bill gates had a vision of putting a computer on every desk in every home running great software. such determination requires which of the following?a.a fragmented view of the firm's ethical cultureb.a strong personalityc.reactive decision makingd.a passion to do what is right for themselves
The determination required to develop and pursue a vision, requires a strong personality and a passion to do what is right for the organization and its stakeholders. Correct options are B and D.
A strong personality allows ethical leaders to assert their vision and rally support from stakeholders, including employees, investors, and customers. This personality trait also enables them to persevere through setbacks and challenges that may arise in pursuing their vision.
In addition, a passion for doing what is right for the organization and its stakeholders provides ethical leaders with the motivation and commitment to see their vision through to fruition. This passion often stems from a deep-seated belief in the organization's mission and values and a desire to create positive change and impact.
Reactive decision-making or a fragmented view of the firm's ethical culture are not typically associated with effective ethical leadership, as they can lead to short-term thinking and ethical lapses that undermine the organization's long-term success and reputation.
In conclusion, ethical leaders who develop a vision require a combination of qualities, including a strong personality and a passion for doing what is right for the organization and its stakeholders, in order to successfully pursue their vision and create positive change.
Correct options are B and D.
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your client chooses to invest 70% of a portfolio in your fund and 30% in an essentially risk-free money market fund. what are the expected value and standard deviation of the rate of return on his portfolio
To calculate the expected value and standard deviation of the rate of return on the portfolio, the expected value and standard deviation of the rate of return on the fund and the money market fund.
Let's assume that the expected value and standard deviation of the rate of return on the fund are 10% and 15%, respectively. The expected value and standard deviation of the rate of return on the money market fund are 5% and 2%, respectively. Using the weights given, the expected value of the rate of return on the portfolio can be calculated as: Expected value of portfolio rate of return = (0.7 x 10%) + (0.3 x 5%) = 7.5%.
To calculate the standard deviation of the rate of return on the portfolio, we need to use the formula: Standard deviation of portfolio rate of return = sqrt[(0.7 x 15%)^2 + (0.3 x 2%)^2 + 2 x 0.7 x 0.3 x 15% x 2% x corr(fund, money market)]
Assuming a correlation coefficient of 0 between the fund and the money market fund, the standard deviation of the rate of return on the portfolio can be calculated as: Standard deviation of portfolio rate of return = sqrt[(0.7 x 15%)^2 + (0.3 x 2%)^2] = 10.97%. Therefore, the expected value of the rate of return on the portfolio is 7.5% and the standard deviation of the rate of return on the portfolio is 10.97%.
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A system of shared assumptions, values, and beliefs that indicates what is appropriate and inappropriate behavior in an organization is.
A system of shared assumptions, values, and beliefs that indicates what is appropriate and inappropriate behavior in an organization is called organizational culture.
Organizational culture is often shaped by the organization's history, leadership, and vision, as well as its industry, geography, and size. It includes various elements, such as the organization's mission statement, code of ethics, and communication patterns.
The culture of an organization can have a significant impact on its employees' behavior, attitudes, and performance.
A positive culture that encourages collaboration, creativity, and ethical behavior can lead to higher levels of employee satisfaction and productivity, while a negative culture that fosters competition, secrecy, and unethical behavior can lead to low morale and poor performance.
It is important for leaders to understand and shape their organization's culture to promote its values and goals.
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Hygeia Health expects to sell 470 units of Product A and 380 units of Product B each day at an average price of $25 for Product A and $32 for Product B. The expected cost for Product A is 36% of its selling price and the expected cost for Product B is 65% of its selling price. Hygeia Health has no beginning inventory, but it wants to have a fourminus
day
supply of ending inventory for each product. Compute the budgeted cost of goods sold for the next (sevenminus
day)
week. (Round the answer to the nearest dollar. )
The budgeted cost of goods sold for the next seven-day week is:
7 x $12,134/day = $84,938 (rounded to the nearest dollar)
And the budgeted cost of ending inventory for the next seven-day week is:
7 x $48,536/day = $339,752 (rounded to the nearest dollar)
To compute the budgeted cost of goods sold for the next seven-day week, we need to first calculate the expected sales, cost of goods sold, and ending inventory for each product for one day, and then multiply them by seven to get the weekly amounts.
Let's start with Product A:
Expected sales per day = 470 units/day x $25/unit = $11,750/day
Expected cost of goods sold per unit = 36% x $25 = $9
Expected cost of goods sold per day = 470 units/day x $9/unit = $4,230/day
Desired ending inventory for one day = 470 units/day x 4 days = 1,880 units
Expected cost of ending inventory = 1,880 units x $9/unit = $16,920/day
Now let's do the same for Product B:
Expected sales per day = 380 units/day x $32/unit = $12,160/day
Expected cost of goods sold per unit = 65% x $32 = $20.80
Expected cost of goods sold per day = 380 units/day x $20.80/unit = $7,904/day
Desired ending inventory for one day = 380 units/day x 4 days = 1,520 units
Expected cost of ending inventory = 1,520 units x $20.80/unit = $31,616/day
The total budgeted cost of goods sold for one day is:
Cost of goods sold for Product A + Cost of goods sold for Product B
= $4,230/day + $7,904/day
= $12,134/day
The total budgeted cost of ending inventory for one day is:
Cost of ending inventory for Product A + Cost of ending inventory for Product B
= $16,920/day + $31,616/day
= $48,536/day
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what should susan three main talking points be to convince her mom that she should file her own tax return
Susan's three main talking points to convince her mom that she should file her own tax return could be:
Independence and ControlPotential SavingsCompliance and AccuracyWhy is filing one's own tax important ?By filing her own tax return, Susan's mom will gain autonomy and possess a greater influence over her finances. Moreover, she might be capable of enforcing economies on the fees for professional tax preparation which normally would have been paid to an accredited accountant.
Additionally, by filling in her own tax return, Susan's mom is ascertained to abide by the guidelines of taxation regulations, and can ensure that she has precisely stated her income as well as reimbursement lawfully.
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A large pizza business makes pizzas and sells them. The pizzas are manufactured and kept in cold storage
for not more than two weeks.
The business is split into a number of functional units. There is Production Control,
Manufacturing, Stores, Accounts, Sales, Shipping and Purchasing. Production Control are responsible
for organising which pizzas to produce in what order and in what quantity. They need to schedule the
production of the pizzas according to the current and expected sales orders together with the number of
pizzas already in Stores. Manufacturing take the raw materials from the Stores and manufacture pizzas
returning the completed goods to the Stores. Accounts deal with the payments for the pizzas when
delivered to the customer and the payment to the suppliers of the raw materials. Sales deal with customer
orders whilst Purchasing organise the buying of raw material from suppliers. Shipping manage the
packing and delivery of the goods to the customer with a delivery note.
When a sales order is received by sales they record what is being ordered and by whom. They
also record the details of the expected date of delivery. Production Control access this information and
make sure that, if required, pizzas are produced by Manufacturing and are ready in Stores for when the
delivery needs to be made.
After the delivery is made Accounts make sure that the customer receives an invoice and that
payment for the invoice is received at which time a receipt is issued. Purchasing look at the current stock
of raw materials and by using current stock levels, supplier turn around times and quantity to be ordered
decide what needs to be ordered on a daily basis. Their aim is never to run out of an ingredient but to
minimise the amount of raw material kept in stock. â
The functional units and processes involved in a pizza business are Production Control, Manufacturing, Stores, Accounts, Sales, Purchasing, Shipping
This is a description of the functional units and processes involved in a pizza business:
1. Production Control: responsible for scheduling the production of pizzas based on current and expected sales orders and the number of pizzas in Stores.
2. Manufacturing: takes raw materials from Stores and produces pizzas, which are returned to Stores.
3. Stores: holds the completed pizzas for up to two weeks before they are sold.
4. Accounts: responsible for payments received from customers and payments made to suppliers of raw materials.
5. Sales: receives customer orders and records details of the order and expected delivery date.
6. Purchasing: decides what raw materials need to be ordered based on current stock levels, supplier turn around times, and the quantity to be ordered.
7. Shipping: responsible for packing and delivering the pizzas to customers with a delivery note.
The process begins when Sales receives an order from a customer and records the details. Production Control accesses this information and schedules the production of pizzas accordingly. Manufacturing takes the raw materials from Stores and produces pizzas, which are returned to Stores. After the delivery is made, Accounts issues an invoice to the customer and ensures payment is received. Purchasing looks at current stock levels and orders raw materials as necessary to minimize waste and ensure that they never run out of an ingredient. Finally, Shipping is responsible for packing and delivering the pizzas to the customer.
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A 6-year project is expected to generate annual sales of 10,100 units at a price of $88 per unit and a variable cost of $59 per unit. The equipment necessary for the project will cost $413,000 and wil be depreciated on a straight-line basis over the life of the project. Fixed costs are $250,000 per year and the tax rate is 34 percent. How sensitive is the operating cash flow to a $1 change in the per unit sales price? Multiple Choice
a. $5. 999 b. $4. 897 c. $6,666 d. $5. 172
Summarise the policies, strategies and actions of this local council that are specifically directed at local economic development
To summarize the policies, strategies, and actions of this local council specifically directed at local economic development in 150 words:
The local council has implemented various policies and strategies to promote economic development in the area.
Firstly, the council has adopted a comprehensive economic development plan, which outlines key priorities, such as attracting new businesses, retaining existing ones, and supporting entrepreneurs.
Secondly, they have established business incubators and innovation hubs to provide resources and support for startups and entrepreneurs, thereby fostering innovation and creating new job opportunities. The council also invests in infrastructure improvements, such as transportation and broadband connectivity, to make the area more attractive for businesses and residents.
In addition, the council collaborates with educational institutions and workforce development agencies to ensure a skilled labor force is available to meet the needs of local businesses. They offer various incentives, such as tax breaks and grants, to attract new investments and encourage business expansion.
Lastly, the local council works closely with regional partners and stakeholders to create a competitive business environment, promote the area's strengths, and market it as an ideal location for investment and growth.
By implementing these policies, strategies, and actions, the local council aims to drive economic development and create a thriving, prosperous community for residents and businesses alike.
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Founder of Freestyle Audio, Lance Fried, had a friend who dropped an iPod in a cooler and rendered it useless. Lance thought he saw a potential opportunity, so he researched the mp3 player market and realized there was not a waterproof player. Based on this research, Lance Fried realized surfers could not listen to music while surfing. Realizing the potential of this target market, Lance began working on a waterproof MP3 player and completed a lightweight prototype. Lance has completed the first four of the nine steps involved in the marketing process. This exercise focuses on the last five steps in the marketing process. The Marketing Process includes: Finding opportunities, conducting research, identifying a target market, designing a product, product testing, determining a brand name, designing a package, setting a price, selecting a distribution system, designing a promotional campaign, and building relationships with customers. Managing the controllable parts of this process means (a) designing a want-satisfying product, (b) setting a price for the product, (c) putting the product in a place where people will buy it, and (d) promoting the product. These four factors are called the Marketing Mix because businesses blend them together in a well-designed marketing program
The phrase "These four factors are called the Marketing Mix because businesses blend them together in a well-designed marketing program" uses the figurative language "blending together" in this passage. This comparison of the four factors is made using the metaphor of blending ingredients for a recipe.
Product, price, place, and promotion make up the marketing mix also referred to as the four P of marketing. These four variables are under the control of the business and can be used to sway target market perception and purchasing behavior.
Businesses can develop a successful marketing strategy by designing a product that meets customer needs, pricing it appropriately making it available where it is needed, and effectively promoting it.
Businesses must carefully combine these four components to develop a successful marketing strategy because the marketing mix is a critical component of a well-designed marketing program.
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Calculating the Variable Overhead Spending and Efficiency Variances Standish Company manufactures consumer products and provided the following information for the month of February:
Units produced 131,000
Standard direct labor hours per unit 0. 20
Standard variable overhead rate (per direct labor hour) $3. 40
Actual variable overhead costs $88,670
Actual hours worked 26,350
Required:
1. Calculate the total variable overhead variance.
2. What if actual production had been 129,500 units?
Calculate the variable overhead spending and efficiency variances for Standish Company.
1. To calculate the total variable overhead variance, we first need to determine the standard variable overhead cost and the variable overhead efficiency variance.
Standard direct labor hours for February:
131,000 units * 0.20 hours/unit = 26,200 hours
Standard variable overhead cost:
26,200 hours * $3.40/hour = $89,080
Variable overhead efficiency variance:
(26,200 hours - 26,350 hours) * $3.40/hour = -$510
Next, we calculate the variable overhead spending variance:
Actual variable overhead costs - Standard variable overhead cost at actual hours
$88,670 - $89,080 = -$410
Total variable overhead variance:
Variable overhead efficiency variance + Variable overhead spending variance
-$510 + (-$410) = -$920
2. If actual production had been 129,500 units:
Standard direct labor hours for the new production level:
129,500 units * 0.20 hours/unit = 25,900 hours
Standard variable overhead cost for the new production level:
25,900 hours * $3.40/hour = $88,060
Variable overhead efficiency variance for the new production level:
(25,900 hours - 26,350 hours) * $3.40/hour = -$1,530
Total variable overhead variance for the new production level:
Variable overhead efficiency variance + Variable overhead spending variance
-$1,530 + (-$410) = -$1,940
In summary, for the original production level of 131,000 units, the total variable overhead variance is -$920. If actual production had been 129,500 units, the total variable overhead variance would be -$1,940.
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A company usually achieves low cost leadership by offering a ________ product or service to a ________ target market using standardization to achieve economies of scale and experience.
A company usually achieves low cost leadership by offering a low-priced product or service to a broad target market using standardization to achieve economies of scale and experience.
Low cost leadership is a competitive strategy that focuses on reducing costs and prices to gain a competitive advantage in the market. This strategy is usually employed by companies that have a large market share and can achieve economies of scale.
By keeping costs low, companies can offer products or services at a lower price than their competitors, which can attract price-sensitive customers. To achieve this, companies may use a range of tactics such as process innovation, cost-efficient supply chain management, or lean production methods. Additionally, low-cost leaders may also offer a limited range of products or services, and may not invest in research and development or premium branding.
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Determine whether each characteristic describes a sole proprietorship, a general partnership, or a corporation. Note that a characteristic may apply to more than one type of business structure. (2 points)
It's important to note that each type of business structure has its own unique advantages and disadvantages, and choosing the right structure depends on a variety of factors, including the size and scope of the business, the goals of the owner(s), and the industry in which the business operates.
The common characteristics of each type of business structure are as follows:
Sole Proprietorship:
Owned and operated by one individualSimple to set up and maintainUnlimited personal liability for business debts and obligationsTaxed as personal income for the ownerLimited ability to raise capital or attract investorsLimited lifespan tied to the owner's lifespanGeneral Partnership:
Owned and operated by two or more individualsSimple to set up and maintainUnlimited personal liability for business debts and obligationsTaxed as personal income for the partnersPartners share profits and losses equally, unless otherwise specified in a partnership agreementLimited ability to raise capital or attract investorsLimited lifespan tied to the partners' agreement or the departure of a partnerCorporation:
Separate legal entity owned by shareholdersMore complex to set up and maintain than sole proprietorships or partnershipsLimited personal liability for shareholdersTaxed as a separate entity, with potential for double taxation on profits and dividendsAbility to raise capital through the sale of stock and attract investorsPotential for perpetual lifespan, separate from the lifespan of its owners or managersManagement structure typically includes a board of directors and officers
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the profit maximizing monopolist would achieve loss minimization when... group of answer choices price is below average variable cost. price is above average total cost. price is between average total cost and average variable cost. total cost equals total revenue.
The profit maximizing monopolist would achieve loss minimization when the price is between the average total cost and average variable cost. At this level, the firm would continue to produce and sell but aim to minimize losses by reducing output to a level where the price is just above the variable cost. Option B.
The profit maximizing monopolist aims to produce and sell the output at a price that maximizes the difference between total revenue and total cost. However, in some situations, the monopolist might incur losses due to factors such as high fixed costs or low demand. In such cases, the monopolist would aim to minimize the losses by producing at a level where the price is above the variable cost but below the average total cost.
If the price is below the average variable cost, the monopolist would incur losses on each unit of output produced and sold. In such a situation, the firm should shut down in the short run to minimize its losses. If the price is above the average total cost, the monopolist would be earning profits, and there would be no need to minimize losses.
On the other hand, if the price is between the average total cost and average variable cost, the firm would be incurring losses but still covering the variable cost of production. In such a situation, the firm would continue to produce and sell as long as it is covering the variable costs. However, it would aim to minimize losses by reducing output to a level where the price is just above the variable cost.
Option B.
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1. Make a list of 5 products that you have purchased recently. Label each item in your list with what category of product it is based on durability and consumer buying habits
This categories listed are based on the assumption that the products are intended for personal use rather than commercial use.
Any good or service you offer to satisfy a customer's need or desire is a product. There are both real and virtual ones. Durable things, such as automobiles, furniture, and computers, are examples of physical products. A product is also the thing that is being sold.It might take on a physical, virtual, or cyber form.
Every product has a cost associated with it, and each one has a price. The market, the quality, the marketing, and the group that is being targeted all affect the price that may be charged.nondurable products (such as food and drinks).
Here are five products that I recently purchased, along with their category based on durability and consumer buying habits:
With labels:
Apple iPhone 12 Pro - Electronics
Dole Bananas - Fresh produce
Seventh Generation Laundry Detergent - Household cleaning supplies
Chobani Greek Yogurt - Packaged food
Fresh Direct Grocery Delivery - Food and groceries
The categories listed are based on the assumption that the products are intended for personal use rather than commercial use.
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studying various relationships between different items reported in a set of financial statements is the basis of
Studying various relationships between various things revealed in a bunch of fiscal summaries is the basis of ratio analysis.
The option (A) is correct.
Ratio analysis is a quantitative method for acquiring an understanding of an organization's liquidity, functional proficiency, and productivity by concentrating on its budget summaries, for example, the monetary record and pay proclamation. Proportion examination is a foundation of crucial value investigation.
Ratio analysis looks at detailed information from an organization's budget reports to uncover experiences regarding productivity, liquidity, functional effectiveness, and dissolvability. It can stamp how an organization is performing over the long haul, while contrasting an organization with one more inside a similar industry or area.
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This question is not complete, Here I am attaching the complete question:
Studying various relationships between different items reported in a set of financial statements is the basis of___________.
(A) ratio analysis
(B) profitability
(C) net margin
chapter 13: applying excel data exhibit 13-7 santa maria wool cooperative cost of wool $200,000 cost of separation process $40,000 sales value of intermediate products at split-off point: undyed coarse wool $120,000 undyed fine wool $150,000 undyed superfine wool $60,000 costs of further processing (dyeing) intermediate products: undyed coarse wool $50,000 undyed fine wool $60,000 undyed superfine wool $10,000 sales value of end products: dyed coarse wool $160,000 dyed fine wool $240,000 dyed superfine wool $90,000 enter a formula into each of the cells marked with a ? below example: joint product costs and the contribution approach analysis of the profitability of the overall operation: combined final sales value ? less costs of producing the end products: cost of wool ? cost of separation process ? combined costs of dyeing ? ? profit ? analysis of sell or process further: coarse fine superfine wool wool wool final sales value after further processing ? ? ? less sales value at the split-off point ? ? ? incremental revenue from further processing ? ? ? less cost of further processing (dyeing) ? ? ? financial advantage (disadvantage) of further processing ? ? ?
Subtract the cost of further processing (dying) from the additional revenue from further processing for each type of wool to determine the financial benefit or drawback.
How is a financial advantage or disadvantage in accounting calculated?It is estimated just taking into account the pertinent charges. To determine whether there is a financial benefit or disadvantage, the incremental revenues and increased costs are combined. Financial advantage and financial disadvantage both relate to incremental changes in net operational income or loss.
How do you determine whether a special order has a financial advantage or disadvantage?The incremental production and selling costs and expenses are subtracted from the incremental revenue to determine the financial benefit (disbenefit) of accepting a special order.
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For both articles, what can you tell me about the values of Harvard and Entrepreneur?
The article referenced is "If you want to be an entrepreneur, don't go to Harvard.
What are the values of the Harvard Graduate viz a- viz that of the Entrepreneur?Regardless of the size of the organization, "Core Values" should be prioritized. Values direct the path of business, influencing strategy and decision making. Essentially, basic principles serve as the foundation around which we develop our firm. Core Values provides several advantages to the firm.
Students at Harvard have access to classes, research institutions, and faculty mentors from around the university. It's the ideal location to explore your favorite and yet-to-be-discovered academic interests, with world-renowned teachers, cutting-edge resources, and personalized training.
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The comparison of differences between actual and planned results
appears on periodic budget reports.
is usually done orally in departmental meetings.
is done by the external auditors.
appears on the company’s external financial statements.
The comparison of differences between actual and planned results appears on periodic budget reports. This process is crucial for businesses to evaluate their financial performance and identify any discrepancies between what was initially planned and the actual outcomes.
Periodic budget reports provide a detailed overview of the company's financial situation by comparing the actual results, such as revenues and expenses, with the planned or budgeted figures. This comparison allows management to assess the company's performance and make necessary adjustments to future plans or strategies.
It enables them to identify any areas where spending may be excessive or where additional resources may be needed to achieve their objectives.
These comparisons are usually not done orally in departmental meetings, nor are they primarily the responsibility of external auditors. While external auditors may review a company's financial statements for accuracy and compliance, the comparison between actual and planned results is typically the responsibility of internal management.
Additionally, the comparison of differences between actual and planned results does not appear on the company's external financial statements.
External financial statements, such as balance sheets and income statements, provide an overview of a company's financial position to shareholders and other external parties but do not include a direct comparison of budgeted and actual figures.
In summary, the comparison of differences between actual and planned results is an essential part of a company's internal financial management process and appears on periodic budget reports, enabling management to assess performance, make adjustments, and maintain control over the company's financial direction.
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The Great Eastern hotel, a privately owned, independent, five-star deluxe hotel located in Hong Kong’s commercial district, isfaced with a turbulent external environment owing to the current financial crisis. Since its inception six years ago, the hotelhas grown in prominence during the bustling economy from 2003 to 2007, and it has been one of the top performers in theupscale and luxury market segments over the four years preceding the economic crises. The hotel’s main target marketsegment is the business traveler (75 percent of room bookings) who has no problem with paying USD 350 per night for aroom. During the past six months, however, the hotel has been a victim of the severe economic upheaval, which has led to asignificant reduction in room bookings from the business travel segment. This has reduced profits significantly to the extentthat the hotel is no longer able to cover fixed costs. The owner, Jerry Kong, has called an executive committee meeting todiscuss the future direction the company should take in the immediate term and in the long term to sustain its competitiveadvantage. 1. What issues should Jerry and the executive committee address? Why? (Hint: Make assumptions where necessary,including mission and vision statements, as well as goals, strategies, and objectives. )2. Given the preceding information, what are Jerry’s options? How should they be evaluated? Make assumptions wherenecessary. 3. What should the hotel do in the short term and in the long term? Make assumptions where necessary to arrive at yourdecisions. 4. Why is it difficult to answer the preceding questions? Do we have clear answers for issues and challenges in real life?5. Do managers and executives in hospitality and tourism organizations always have sufficient and reliable information tomake decisions
Jerry and the executive committee should take care of the related matters are as follows:
finding the explanation for the sudden drop in bookings reported by the business explorer.
taking action to address the areas where they fall short.
Consider methods like presenting booking suggestions to the business traveller.
To be successful, they must focus on the preferences of their clients and conduct themselves correctly.
2. Based on the information provided, Jerry's options are as follows: They can also target tourists that seek extravagance for their own gain.
They must offer their customers a variety of options to choose from when it comes to the price of the rooms.
To bring about a difference for their guests, they can make some redesigns or adjustments.
3. Up next are some options for the hotel in the short and long term. In the short term, they can attract customers by offering them incentives to bring in new customers while keeping the existing ones.
Over time, they can provide their staff with strong training so that the visitors won't be perplexed. They can also go up with some adjustment of their interior by performing redesign or alteration.
4. The inn industry is currently facing a financial and financial emergency, and it isn't difficult to overcome this financial emergency in these challenging times while also finding ways to attract more visitors to make out a benefit, so it is difficult to respond to the above issue.
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Big data sets, when compared with most databases and data warehouses: group of answer choices have more metadata have higher possibility of different interpretations need less explorative and experimental approaches to yield value are not as likely to benefit from visualization have equal amount of metadata?
When comparing big data sets with most databases and data warehouses, big data sets have a higher possibility of different interpretations. The correct option is "have a higher possibility of different interpretations."
Due to their size and complexity, big data sets can often have multiple interpretations, making it more challenging to draw meaningful insights and conclusions from them. This can be further complicated by the fact that big data sets often come from diverse sources, and may contain unstructured or semi-structured data, such as text or multimedia content, which can be difficult to analyze using traditional database tools and techniques
To overcome these challenges, data analysts and scientists may need to use more exploratory and experimental approaches, such as machine learning algorithms and predictive analytics, to uncover patterns and relationships within the data. They may also need to use advanced visualization tools and techniques to help identify and communicate insights to stakeholders.In terms of metadata, big data sets can contain a wealth of information, but the challenge is often in managing and interpreting this metadata effectively to support analysis and decision-making.
The correct option is "have a higher possibility of different interpretations."
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