There are many significant factors to consider while creating product extensions for the travel and tourist sector.
List consideration when developing product extensions in the travel and tourism industry:Seasonality: It is crucial to take the tourist industry seasonality into account when developing products that will draw clients at various periods of the year.Cost and profitability: It's critical to take into account the costs involved in creating and releasing product extensions as well as their potential long-term profitability.Local rules and regulations: Because the travel and tourism sector is so extensively regulated, it is crucial to take into account any local laws and regulations that may be relevant to the product extension and make sure that it complies with them.Sustainability: Because the travel and tourism sector has an effect on the environment, it's crucial to take sustainability into account when creatingTo know more about Travel visit:
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recall that we use nominal and ordinal measurement scales to represent categorical variables. which of the examples below represent a nominal scale representation of a categorical variable?
Recall that we use nominal and ordinal measurement scales to represent categorical variables.Hair color is also a categorical variable having a number of example blonde, brown, brunette, red,etc
The most useful graph for displaying the relationship between two quantitative variables is a scatterplot.The correlation coefficient (r) is a numerical measure that measures the strength and direction of a linear relationship between two quantitative variables.Predictive analytics is the use of data, statistical algorithms and machine learning techniques to identify the likelihood of future outcomes based on historical data.The goal is to go beyond knowing what has happened to providing a best assessment of what will happen in the future.Business analytics techniques that help to find answers to the should we do in the future are called prescriptive analytics.
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The cultural norms of Japan promote ______.A) competition between employeesB) unionizationC) competency-based payD) loyalty and teamwork
The cultural norms of Japan promote D) loyalty and teamwork. It is because teamwork will get a better team performance and goals.
Teamwork generally can be defined as the collaborative effort of a group to achieve a common goal or to complete a task in the most effective and efficient way. Based on the opinion of Ancona & Caldwell, 1992, Team performance generally can be described as the extent to which a team is able to meet its output goals (e.g., quality, functionality, and reliability of outputs), the expectations of its members, or its cost and time objectives. There are several aspect that can be determined to see the successful of team performance, there are communication, Reliability and commitment, Flexibility, Innovation and diversity, Leadership, Organized, Fun and appreciation.
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If the rate of inflation in Japan dramatically increases while the rate of inflation in the United States remains constant
A collection of goods and services are subject to inflation when their cost has increased over a predetermined time period, often a year. Prices are rising due to inflation.
What's causing inflation 2022?
The amount that a collection of products and services have increased in price during a specific time period, typically a year, is measured by inflation. Prices are increasing due to inflation. Inflation increased further in 2022 as a result of higher energy costs, hitting 9.1%, the highest level since 1981. The Federal Reserve raised interest rates for the third time in a year in July 2022, but inflation remained strong and outpaced wage and expenditure increases.
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With _________, government has total control over all economic activity whereas with _______ the markets and prices direct nearly all economic activity.
With a command system, government has total control over all economic activity whereas with laissez-faire the markets and prices direct nearly all economic activity.
What is comman system?A command economy is one in which the government has complete authority over the economy. This economy is distinguished by state control over wages and prices, restricted property rights, government ownership of important firms and industries, and thriving black markets.
Define the characteristics of a command economy.A command economy is one in which all economic decisions are made by a central authority. The land and methods of production are owned by the government or a communal.
What is laissez-faire system?It let private firms to produce as much money as they could without government intervention, with the hope that this riches would trickle down to citizens.
Is laissez-faire a good or bad?When governments reduce taxes to boost the market, this is also based on laissez-faire doctrine. Damages might be extremely costly when the market environment is volatile and rapidly changing. Its leadership can lead to ineffective crisis management.
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in july 2020, as the first wave of the coronavirus pandemic receded, danny meyer, founder and ceo of the union square hospitality group (ushg), made plans to reopen his restaurants for outdoor dining. ushg operated 19 upscale eateries in new york city and washington dc.
The Tipping Point for the Union Square Hospitality Group The initial wave of the coronavirus pandemic passed in July 2020 as Danny Meyer, the CEO of the Union Square Hotel, watched.
What would you say the hospitality is?
The word hospitality, which connotes welcoming guests or offering a home away from home, is derived from the Latin word "hospes," which also means visitor or stranger.
To guests or people they have just met, a person who is hospitable is courteous, generous, and welcoming. The locals are warm and hospitable.
Hospitality skills are the aptitudes that allow those working in the business to carry out tasks successfully and excel in their careers.
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Have companies done enough to adjust to women in the workplace?
They still need to do more, the workplace may be made more welcoming for women by offering generous maternity leave, flexible hours, and remote work to relieve childcare issues.
What is a workplace?A workplace is a place where someone performs work—either for their employer or for themselves. Such a location could be anything from a home office to a sizable office complex or factory.
Your workplace is the place where you go to work each day and are employed. Your workplace is an example of where you go to work each day to perform your duties.
Specifically, "You go to work at the workplace, and you work at the workspace." In essence, your workspace and workplace are synonymous terms for where you go to work. While they are both always changing and have room for improvement.
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Johnson Co. holds trading securities. Johnson should report these investments on the balance sheet at________value.
Johnson & Johnson owns trading securities. Johnson should record these interests at fair value on the balance sheet.
What Is the Purpose of a Balance Sheet?A balance sheet describes a company's financial situation at a certain point in time. In contrast to an income statement, which presents financial information over time, a balance sheet is used to gauge a company's health on a given day.
A bank statement is frequently used by people outside of a firm to assess the health of the company. Financial ratios are calculated by banks, lenders, and other organizations based on balance sheet balances to determine how much risk a company bears, how liquid its assets are, and how likely the firm will remain solvent.
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2-a. in factory overhead t-account, enter amounts from part 1 related to factory overhead. determine the amount of over- or underapplied overhead. 2-b. prepare the entry to close any over- or underapplied overhead to cost of goods sold
Debit the work-in-process inventory account in a journal entry in your accounting records by the balance of the factory overhead account at the end of the period.
How do you keep track of industrial overheads?Underapplied overhead is often represented on a company’s balance sheet as a prepaid expenditure and is balanced by inserting a debit to the cost of goods sold (COGS) section before the end of the year. Costs of goods sold are the direct costs connected with a company’s production of items sold.
Deduct the balance of the manufacturing overhead account from the work-in-process inventory account in a journal entry in your accounting records at the conclusion of the month. The manufacturing overhead balance is now transferred to the work-in-process account. To summarize, the Factory Overhead account is not common. It is not an asset, liability, cost, or any other financial statement feature.
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In late 2022, P&S Corp sells product to a client who, instead of paying cash, signs a non-interest-bearing note promising to pay in three years. This amount is based on a 6% interest rate, resulting in the present value of the note being $150,000. How much sales revenue will be recorded for this sale in 2022?
Zero interest bearing notes are debt obligations that have been issued by a company but have no dividend yield associated with them.
What is a non-interest-bearing note ?The issuing corporation is not compelled to continue paying interest to investors after the issuance of such securities. These are also referred to as zero-coupon bonds.
Because they are not subject to periodic interest, the corporation issues zero interest bearing notes at a significant discount to their face value. These securities also have a fixed maturity length. Every time the notes mature, the company is required to give the investors their full face value back.
Hence the amount of sale will be recognized
= $150000/1.06^(4)
= $ 1,18,841
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as of december 31, year 4, poe compiled data showing that income under the previous revenue recognition method (recognized at a point in time), aggregated $700,000. if the new method had been used, the accumulated income through december 31, year 4, would have been $880,000. assuming an income tax rate of 40% for all years, the cumulative effect of this accounting change should be reported by poe in the year 5
Revenues are recorded when measurable and available, as required by... this method, for the fiscal year ended June 30, 2018.
What is measurable quality?
It is important to establish the characteristics of reliability, availability, maintainability, and maintenance support performance in order to represent its performance in quantitative terms and subsequently to characterise, measure, improve, guarantee, and certify such an item. The set of SEG Measurement characteristics that set us apart from our rivals—those features that give our consumers more than they can receive elsewhere—is known as The Measurable Difference. Measurability definitions the property of being quantifiable. equivalents: quantifiability ratability is a type. the property of being graded or estimable-able.
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lee just started working in a traditional, corporate setting that has many workplace regulations. lee's previous job was with an innovative start-up company. she wants to send a question to her manager about a presentation she is planning. she needs an immediate answer, so she decides to send an instant message. which of the following should she consider before sending the message? (choose every correct answer.)
Lee should evaluate the meta message of her instant message. Lee should think about her manager's attitudes toward instant messaging.
What is instant messaging?Instant messaging (IM) is a text - based communication method in which two people engage in a single discussion via their computers or mobile devices in a chatroom on the Internet.People may communicate knowledge instantly using instant messaging and take swift judgements. Typically , messages are sent between two or more parties when each user enters text, which causes a transmission to the receiver, who is also connected to the same network.Lee should evaluate the meta message of her instant message. Lee should think about her manager's attitudes toward instant messaging.To learn more about instant message refer to:
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identify the techniques customer driven marketing for bakery business
Answer:
You could believe that starting a business in baking is the most difficult part. Yes, it requires a lot of work, and you could have a few anxious or restless nights. However, once your bakery is operational, staying ahead of the competition will take precedence. Additionally, you want to become a destination for those looking for delectable pastries rather than just trying to stay afloat.
In the bread industry, you want to turn a profit as an entrepreneur. You will need to manage your finances, reports, and inventories carefully in order to accomplish this, but there is one aspect of the business that is sometimes overlooked: marketing.
Build a solid marketing and sales plan for your bakery no matter what goods your company specialises in, such as croissants, donuts, buns, bread, nutritious gluten-free pastries, small pastries, and so on. Otherwise, expanding the consumer base, boosting bakery sales, and raising brand recognition would be difficult.
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fill in the blank question. in preparing a cash flows from operating activities using the indirect method, an increase in accounts receivable would be (added/subtracted) to (from) net income.
In preparing a cash flows from operating activities using the indirect method, an increase in accounts receivable would be subtracted from net income. Subtracted from net income.
This is because the increase in accounts receivable means that the company owed more money than it did at the beginning of the period. This means that the company's net income is lower because it has not yet been paid for the goods or services provided. Therefore, when preparing cash flows from operating activities using the indirect method, the amount of the increase in receivables is deducted from the net profit. This calculation helps to better understand how much actual cash was generated from the company's operations during a given period.
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the supply curve for manufactured goods is usually more elastic than for raw materials because production of manufactured goods can often be:
Because manufacturing can frequently be increased at the same cost per unit by expanding the number of factories, the supply curve for manufactured commodities is typically more elastic than that for raw materials.
The reason why supply curves become more elastic over time is unclear.There is still time for sellers to make adjustments and boost output. The time is there for consumers to explore for alternatives to the good.
Which supply curve is most elastic?An infinite price elasticity of supply characterizes a horizontal supply curve, as shown in Panel (b) of "Supply Curves and Their Price Elasticities. A horizontal supply curve is entirely elastic. It indicates that vendors are ready to provide any volume at a specific cost.
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Nuru Meda Golf and Driving Range plc was opened on March 1 by Nuru. The
following selected events and transactions occurred during March.
Mar. 1 Invested Br.120,000 cash in the business in exchange for ordinary
shares.
3 Purchased Mechare Meda’s Golf Land for Br. 76,000 cash. The price
consists of land Br. 20,000, building Br. 44,000, and equipment Br.
12,000. (Make one compound entry.)
5 Advertised the opening of the driving range and miniature golf course,
paying advertising expenses of Br. 3,200.
6 Paid cash Br. 2,480 for a 1-year insurance policy.
10 Purchased golf equipment for Br.5,000 from Young Company, payable in
30 days.
18 Received golf fees of Br.2,400 in cash.
25 Declared and paid a Br.2,000 cash dividend.
30 Paid salaries and wages of Br.1,800.
30 Paid Young Company in full.
31 Received Br. 1,500 of fees in cash.
Snyder uses the following accounts: Cash, Prepaid Insurance, Land, Buildings,
Equipment, Accounts Payable, Share Capital—Ordinary, Dividends, Service
Revenue, Advertising Expense, and Salaries and Wages Expense.
Instructions
Journalizing the March transactions of Nuru Meda Golf and Driving Range Plc is as follows: March 1 Debit Cash Br. 120,000. Credit Share Capital—Ordinary Br. 120,000.
What are transactions?An executed contract between a buyer and a seller to trade goods, services, or financial assets in exchange for money is known as a transaction.
The phrase is also frequently used in business accounting. This straightforward definition might be challenging in corporate bookkeeping.
In the world of accounting, transactions can be more complicated because corporations may strike an agreement today that won't be settled until some future time.
They may also have known but unpaid income or expenses. Transactions with third parties may also make things more difficult. Depending on whether a corporation utilizes accrual accounting or cash accounting, it may record a transaction sooner or later.
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Which of the following is a CIA characteristic that ensures that only those with sufficient privileges and a demonstrated need may access certain info?
A. Integrity
B. Authentication
C. Availability
D. Confidentiality
Confidentiality is a CIA characteristic that ensures that only those with sufficient privileges and a demonstrated need may access certain information.
Project scope management ensures that the project plan only includes the activities required to complete it.
Confidentiality- is the property of information that allows only those with appropriate privileges and a demonstrated need to access it. The quality or state of being whole, complete, and uncorrupted is referred to as integrity.
The CIA Triad is a popular information security model. It directs an organization's efforts to secure data. The three principles of cybersecurity—confidentiality, integrity, and availability (CIA)—form the foundation of a security infrastructure.
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What is an example of internal-operational communication
Answer:
Blogs for businesses. Employee education within a company. Meetings with individuals. Employees converse over the phone.
a public company has a book value of $128 million. they have 20 million shares outstanding, with a market price of $4 per share. which of the following statements is true regarding this company?
The firm's market value is 20 million shares*$4 per share, which is 80 million, but its book value is 128 million, so the answer is that investors believe the company's assets are unlikely to be profitable because its market value is less than its book value.
The book value is $128,000,000.
The number of outstanding shares is 20,000,000.
$4 is the current market price.
The Book Value Per Share (BVPS):
Book Value Per Share (BVPS) = Book Value / number of Share
Book Value Per Share (BVPS) = $128,000,000 / 20,000,000
Book Value Per Share (BVPS) = $6.40
The Book Value Per Share (BVPS) is less than the market price, indicating that investors anticipate lower future growth. Alternatively, they may anticipate that the firm will not be profitable.
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The complete question is:
A public company has a book value of $128 million. they have 20 million shares outstanding, with a market price of $4 per share. which of the following statements is true regarding this company?
A) Investors may consider this firm to be a growth company.
B) Investors believe the company's assets are not likely to be profitable its market value is worth less than its book value.
C) The firm's market value is more than its book value.
D) The value of the firm's assets is greater than their liquidation value.
technology improves the productivity of a farmer by enabling access to the latest prices for commodities and using satellites to view his fields. what are two other ways that technology has improved the productivity of a farmer? multiple select question. showing the farmer how to seed and fertilize to get the best yields watching the nightly weather reports on television using high tech equipment to minimize the farmer's yields to reduce the costs of fertilizer and seed accessing websites to communicate with farmers around the world
Yes, that is correct. Precision agriculture uses technology to gather data on soil conditions, weather patterns, and crop growth, which can be used to optimize planting, fertilization, and harvesting for maximum yields.
Livestock monitoring uses technology to gather data on the health and behavior of livestock, which can be used to improve breeding and feeding practices, resulting in increased productivity.
Precision agriculture: the use of technology such as GPS, drones, and sensor-based equipment to optimize planting, fertilization, and harvesting, resulting in increased yields and reduced costs.
Livestock monitoring: the use of technology such as sensors, cameras, and wearable devices to monitor the health and behavior of livestock, which can improve breeding and feeding practices, resulting in increased productivity
Crop forecasting and prediction: use of technology such as machine learning and big data analytics to make predictions about crop yields, weather patterns and market conditions which can help farmers make better decisions.
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There is a constantly recuring issue between human resources departments and operating managers as to who should make critical human resources-related decisions. Line managers claim they are responsible for results; therefore, they should have the authority to hire, fire, compensate, and perform other human resources activities. However, when operating managers are given complete control, inequities and inconsistencies arise.
1. You are the executive president of ITN Logistics Itd. And were asked to resolve this dispute, which argument would you agree with and why?
2. Can you suggest a compromise that would allow line managers to make these decisions constantly?
As they must communicate the types of personnel needed so that human resources can hire and discharge people in accordance with those requirements, the operations team should have the power to manage any injustices and discrepancies that may develop.
What to suggest a compromise that would allow line managers to make these decisions constantly?Some of the suggestions are-
Foster a strong culture through communication. Examine the Pay and Benefits.Develop internal talent, implement wellness programs, and guarantee compliance.Accept technology and analytics.Recognize the strategic goals of your company.Thus, The operations team should have the authority to control over the inequities and inconsistencies arise.
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which of these alternatives is the best choice for the denominator of the overhead rate for anagene? group of answer choices projected production volume average prior production volume practical capacity of the entire production process practical capacity of each step in the production process
The concept is the Expected Capacity, which is a short-run level based on demand, and; it minimizes under or overapplied overhead An answer is an option, B.
If the actual product differs from the specified capacity, there is a quantity deviation. This difference corresponds to the over- or under-application of the increase. Expected volume is expected for the period.
So using the expected capacity as the denominator you should get the result with the expected minimum overload or underload. Forecast capacity includes the latest data and information about new levels of demand performance.
To an extent, the intended ability is a newer, updated version of the normal ability.
The question should be:
The overhead denominator can be based on one of several characteristics. What are the results of the lowest projected overhead or underspending?
A. Theoretical capacity.
B. Expected capacity.
C. Normal capacity.
D. Practical capacity.
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table shows the payoff matrix for walmart and target from every combination of pricing strategies for the popular playstation 4. at the start of the game each firm charges a low price and each earns a profit of $7,000. is the current strategy in which each firm charges the low price and earns a profit of $7,000 a nash equilibrium? if not, why and what is the nash equilibrium? a. yes, the current situation is a nash equilibrium. b. no, it is not a nash equilibrium because each firm can do better by charging the high price. the nash equilibrium occurs when each firm charges the high price and earns a profit of $10,000. c. no, the current situation is not a nash equilibrium; it is a dominant strategy equilibrium. there is no nash equilibrium in this game. d. no, the current situation is not a nash equilibrium. the nash equilibrium for each firm is to have the other charge a high price and for the firm in question charge a low price.
The table shows- a cooperative equilibrium in which each firm charges the high price.
In economics, the concept of "cooperative equilibria" has been introduced from game theory. It refers to the equilibria of economic situations that are modelled using cooperative games and resolved by making use of the proper cooperative solution concept. Though not entirely in one direction, the influence does exist. The Cournot-Nash equilibrium and the Core, for example, are formalizations of economic concepts that have been around for a while. In a non-cooperative game in which no player has any incentive to alter their initial strategy, Nash Equilibrium, a concept from game theory, determines the best course of action. The Nash equilibrium states that, assuming the other players also maintain their initial strategies, a player does not benefit from changing their course. Multiple Nash equilibria can exist in a game, or none at all.
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hayim accardi is the accounting manager for a small, local firm with full- and part-time staff. how do flsa guidelines regarding working hours apply to hayim's employees? note: you may select more than one answer. single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. any boxes left with a question mark will be automatically graded as incorrect.
Minimum wage considerations for both salaried and hourly workers-checked
Whether the company is required to abide by the FLSA (no interstate commerce)-checked
Maximum hours-checked
Minimum age- checked
Pay rates-checked
Mandatory break periods-checked
What is a wage?Wages are sums of money paid to an employee by their employer for labor done over a certain period of time.
Minimum wages, relevant wages, compensating payments like annual bonuses, and compensatory payments like gifts and gratuities are a few examples of wage payments.
The amount of hours worked affects an individual's income, which is determined by the hourly rate.
While wages are given to unskilled and semi-skilled labor, salaries are typically connected with skilled labor.
denotes an hourly, daily, weekly, or biweekly payment for services given. "A wage is the amount contractually paid by an employer to an employee for services rendered."
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what are the basic factors for selecting business? Explain any two factor of it.
Answer:
The choice of an appropriate form of ownership organisation is a crucial entrepreneurial choice since it has an impact on the performance and expansion of a business, affecting factors like profit margins, business risk, and other factors. As was previously said, there are differences between the various types of private ownership organisations in terms of profit distribution, control, risk, legal requirements, flexibility, etc.
In light of this, only that type of ownership should be adopted after careful examination of the issue. It is preferable to examine this issue at both of these levels because the necessity to choose an ownership organisation emerges both early on when starting a business and later on to fulfil the needs of growth and expansion.
two examples are - nature of activity and scale of operations.
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of the following, the country with the highest average income per day in the world is group of answer choices france. china. germany. the united states. japan.
The United States has the highest average income per day compared to China, Germany, and Japan.
Gross national income and population are used to compute average income. We can calculate the average income per capita by dividing all annual incomes and profits by the country's population. This number includes all salaries and wages, as well as other unearned income from capital gains or investments.
The following are the countries with the highest monthly income.
Rank Country Average Monthly Net Salary (US$)
1 Switzerland 6142.1
2 Singapore 4350.79
3 Australia 4218.89
4 United States 3721.64
5 UAE 3663.27
6 Norway 3457.69
7 Canada 3338.62
Since average income per day can be computed from monthly income, then the list also represents the countries with the highest income per day.
Therefore, among China, Germany, the U.S, and Japan, the United States is the highest one.
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How to manage risks? What businesses to acquire? How to measure business performance? What businesses to divest?
Choose matching term
1. Identify the key questions asked taken during the formulation of a corporate strategy for a large, multidivisional firm
2. Identify the three areas in which the choices are made as the main part of the operations strategy
3. What are the advantages to strategic planning compared to business unit planning and functional planning?
4. Identify the key questions asked taken during the formulation of a functional strategy for a firm
tool in managing any firm, especially during a market slump. In any economic climate, if you didn't have the proper risk management methods in place to minimise, or at least mitigate, the damage from that risk, an unanticipated surprise could easily wipe out your organisation in one fell swoop.
How should a company handle risk management?
systematically determining the hazards that surround your company's operations. estimating the likelihood that an event will occur. knowing how to react to these occurrences. establishing procedures to deal with the effects. The contribution margin ratio, operating leverage effect ratio, financial leverage ratio, and combined leverage ratio can all be used to assess your company's risk. These ratios compute business risk based on sales and fixed costs for your company.
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carla questioned the ethics of her company in hiring an indonesian firm to manufacture its clothing products. she knew that women who worked in these sewing factories were forced to work long hours in substandard conditions and she knew she wouldn't like to work that way. carla is demonstrating the use of
Carla is demonstrating the use of Moral imagination. Moral imagination is a method of inference that is intended to combat the organisational elements decision-making that skew ethical judgement.
The four decision-making processes defined by Rest (1986), namely moral sensitivity, moral judgement, moral intention, and moral behaviour, are what we refer to as the four components of the psychology of moral imagination. According to philosopher Mark Johnson, moral imagination entails imagining all potential outcomes in a certain circumstance in order to address an ethical dilemma. Johnson underlines that upholding moral principles frequently calls for more than just moral fortitude. To decide what is right or wrong and what people should behave in a given scenario, moral reasoning applies critical analysis to particular events.
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Some people describe a cover as being the exact same thing as an elevator conversation. Explain what is meant by an elevator conversation and how it is the same as a cover letter. Do you agree or disagree with this comparison? Please explain your answer.
An elevator conversation is a term used to describe brief succinct summary of yourself and your qualifications when your are introducing yourself to someone. It is similar to a cover latter in the sense that it quickly summarizes your unique abilities, qualifications skills in order to make a positive impression however, unlike a cover letter, an elevator conversation is intended to be spontaneous and concise way to introduce yourself. It should be short, memorable and engaging, whereas a cover letter should be more detailed and comprehensive. Thus while the elevator conversation cover letter may share some similarities, they serve different functions and should be approached differently.
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When introducing oneself to someone, a concise, crisp description of your background and experience is known as a "elevator conversation." It is comparable to a cover letter in that it summarizes your special talents, education, and experience in order to make a good impression. An elevator chat, however, is meant to be a casual and succinct method to introduce yourself, unlike a cover letter. In contrast to a cover letter, which should be more in-depth and comprehensive, it should be succinct, memorable, and engaging. The lift discussion cover letter may therefore have some similarities, but they serve different purposes and demand different approaches.
What is elevator conversation?An idea for a project, service, or product is briefly presented in a speech known as a "elevator pitch." The term "elevator speech" refers to the idea that the speech should be delivered in the brief time of an elevator trip. A decent general guideline is that a lift pitch should last no more than 60 seconds and no more than 30 seconds.
An entrepreneur's attempt to persuade a venture capitalist that a business idea is worthwhile investing in is known as an elevator pitch in the financial sector. In most cases, a compelling elevator pitch is sufficient to pique an investor's interest and prepare the ground for a follow-up meeting. The entrepreneur will give the investor a more detailed presentation during this meeting.
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-To achieve its marketing objectives, an organization must develop a marketing strategy, which includes identifying a target market and developing a plan of action for developing, distributing, promoting, and pricing products that meet the needs of customers in the target market.
-A marketing strategy is the selection of a target market and the creation of a marketing mix that will satisfy the needs of target market members.
-Marketing strategies, the most detailed and specific of the three levels of strategy, are composed of two elements: selecting a target market and the creation of a marketing mix that will satisfy the needs of the of the target market members; the selection of the target market serves as the basis for the creation of the marketing mix to satisfy the needs of that market. Marketing mix decisions should also be consistent with business-unit and corporate strategies and be flexible enough to respond to changes in market conditions, competition, and customer needs. Different elements of the marketing mix can be changed to accommodate different marketing strategies
a. Selecting the Target Market
(1) Selecting a target market is the most important decision a company makes in the strategic planning process.
(2) Identification and analysis of a target market provide a foundation on which a marketing mix can be developed.
(3) When exploring possible target markets, marketing managers try to evaluate how entering them would affect the company's sales, costs, and profits.
(4) Marketers should also assess whether the company has the resources to develop the right marketing mix to meet the needs of a particular target market. The size and number of competitors is also a concern.
In terms of strategic success, selecting a suitable target market could be the most significant choice a business takes during the strategic planning process.
Why is market targeting important?With the use of target marketing, business owners may reach out to specific groups of people and provide them with the greatest services and goods. Situation (SWOT) evaluation, market-product focus or goal setting, and marketing program are the 3 phases of the planning phase.The marketing mix is composed of people, place (distribution), product, pricing, and promotion.A corporation may be able to expand its market share and, consequently, its income and profits if it executes an effective marketing strategy.Another strategic method for assessing the viability of your marketing mix is to survey your target market.To know more about marketing mix, visit:
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FILL IN THE BLANK The purpose of a model is to construct an abstraction from real-world ______ to make events _______. To be useful, a model requires ______ assumptions.
The purpose of a model is to construct an abstraction from real-world complexities to make events understandable. To be useful, a model requires simplified assumptions.
A model is a condensed depiction of a complicated system used to comprehend it and make predictions about it. For instance: Economists construct theories and models similar to how a map is drawn. They remove certain details from reality and abstract them from it. They concentrate on the main elements or variables that will, in their opinion, explain the fact they are attempting to comprehend. In research, models are frequently employed to examine real-world systems that are too complicated to be directly understood.
A model's goal is to represent the key characteristics of the system or phenomenon being researched while simplifying minor details. A model must include simplified assumptions about the system or phenomenon being researched to be useful. Certain assumptions are made based on what is known about the system and what is pertinent to the idea being addressed.
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