Business Questions and Answers

Business

From a business standpoint, standardization refers to the practice of maintaining some level of consistency in the product or service that a company provides. You’ve probably heard the term applied...

Latest answer posted May 1, 2016 1:46 pm UTC

1 educator answer

Business

Derived demand is a need for a good or service that occurs consequently due to a demand of something else. For example, because there is an increase in demand for online shopping, there is thus an...

Latest answer posted October 31, 2018 11:05 pm UTC

2 educator answers

Business

Competitive advantage is critical because it is the foundation of the viability and profitability the firm. A useful framework to understand competitive advantage is Porter's Five Forces (see slide...

Latest answer posted January 12, 2020 1:31 am UTC

5 educator answers

Business

The average variable cost (AVC) is calculated by dividing the firm’s variable costs by the output or quantity that has been produced. The average total cost, on the other hand, is calculated by...

Latest answer posted July 25, 2017 9:28 am UTC

2 educator answers

Business

Indifference curves are downward in slope. An indifference curve measures the value a consumer receives from the consumption of two different products. If the level of satisfaction is high for the...

Latest answer posted October 17, 2017 5:41 pm UTC

3 educator answers

Business

The government intervenes in business practices as a means of controlling the way that businesses operate against each other. Antitrust laws exist in the U.S., for example, to maintain proper...

Latest answer posted November 29, 2016 8:58 am UTC

2 educator answers

Business

Marginal physical product (MPP) is calculated by dividing the total change in outputs by the change in the number of inputs: MPP = Change in total output / Change in input quantity Since labor is a...

Latest answer posted October 12, 2018 10:28 am UTC

2 educator answers

Business

Having a bookkeeping program for a business is a way to gauge how a business is performing. Wise business owners/managers institute quality bookkeeping programs into their businesses to keep track...

Latest answer posted February 12, 2016 7:29 pm UTC

1 educator answer

Business

Marketing myopia is when a business concerns itself more with its needs than the needs of its target market – its customers. In essence, marketing myopia occurs when an organization focuses too...

Latest answer posted February 11, 2016 8:02 pm UTC

1 educator answer

Business

Generally, individualized work is work that is completed by a person on his or her own. In education, much work in the past was completed in this manner. However, I find that more and more, group...

Latest answer posted July 14, 2011 10:32 am UTC

7 educator answers

Business

The stock market is an interesting animal. There have always been problems and opportunities. The day trading boom changed the stock market dramatically. People no longer had to have access to...

Latest answer posted June 23, 2011 10:39 am UTC

2 educator answers

Business

The first phase of the product life cycle is the development or introduction phase. The product is officially launched into the market. The marketing team does everything it can to induce customers...

Latest answer posted October 6, 2019 9:21 am UTC

3 educator answers

Business

Reciprocal buying refers to an agreement between two or more companies to purchase each other's products, often irrespective of whether such purchases represent the lowest cost or best value to the...

Latest answer posted June 25, 2017 3:26 am UTC

2 educator answers

Business

Companies can maximize their profits and be socially responsible at the same time. Consumers today are conscious about the products and services they buy and their impact on the environment....

Latest answer posted January 27, 2019 4:39 pm UTC

2 educator answers

Business

The Ansoff Matrix was developed by Igor Ansoff, a Russian American applied mathematician and business manager. The Ansoff Matrix was purposed to assist executive level managers and marketers in...

Latest answer posted July 17, 2020 8:47 pm UTC

3 educator answers

Business

Marketing plays an important role in how businesses operate. According to the Four Ps of marketing (Marketing Mix), the process is focused on four aspects of the business, which are Product, Price,...

Latest answer posted February 17, 2018 10:58 am UTC

2 educator answers

Business

Fashion is influenced by the world around it. There are social, economic, and political factors that have changed the way fashion is used throughout history. Clothing is impacted by the social...

Latest answer posted November 18, 2019 4:49 pm UTC

3 educator answers

Business

Short selling in the context of the equity markets is used with reference to a practice of selling securities which a person does not own when the sale is made. This is done when the price of the...

Latest answer posted February 20, 2011 1:44 pm UTC

2 educator answers

Business

I thought I'd look at some studies that have tried to answer your question. The person with the most exposure is Queen Elizabeth II. Her face is on currency, stamps and other everyday items in many...

Latest answer posted October 4, 2015 6:56 am UTC

5 educator answers

Business

In business, infrastructure refers to underlying components of necessary elements that make business activity possible. Infrastructure is exemplified by such things as roadways and waterways;...

Latest answer posted October 16, 2016 3:38 am UTC

1 educator answer

Business

International trade policy is a policy related to trading across national boundaries. A government establishes an international trade policy that encompasses actions they will take to protect the...

Latest answer posted June 20, 2019 10:53 am UTC

2 educator answers

Business

Operations managers add value to companies' products and services through ensuring quality control is always at the forefront of production systems. I agree with an above post that states that an...

Latest answer posted December 19, 2012 7:16 pm UTC

2 educator answers

Business

The two fields are interrelated. Business involves sales and the decisions that go into making sales. This includes human resources and allocating resources in order to best drive profits....

Latest answer posted March 14, 2020 3:15 am UTC

4 educator answers

Business

The relationship between these two kinds of costs is that the change in variable costs creates the change in marginal costs. Therefore, the slope of the total variable cost curve is the marginal...

Latest answer posted March 12, 2016 3:22 am UTC

1 educator answer

Business

No, an organization’s structure cannot be changed quickly. Structure defines the chain of command or how different roles and responsibilities are supposed to be carried out to achieve the firm’s...

Latest answer posted December 3, 2019 6:46 pm UTC

4 educator answers

Business

Management can be viewed as a science or as an art. As a science, it involves well-tested principles of management. There are two ideas that should be considered for management as a science. One is...

Latest answer posted November 13, 2017 11:15 pm UTC

2 educator answers

Business

Interest rates determine the cost of borrowed money, and the figure fluctuates depending on forces of supply and demand in the market. Thus, when there is an increase in money in the market that...

Latest answer posted January 16, 2018 5:18 pm UTC

4 educator answers

Business

Managers walk a fine line. When they focus solely on the current value and price of their stock, it often leads to an over-emphasis on short-term profits at the expense of long-term profits. When...

Latest answer posted September 7, 2020 12:26 pm UTC

4 educator answers

Business

The term "Marginal" in economics is used extremely often. What it means, is essentially the next additional unit, product, person, or whatever else you're associating the term with. For example,...

Latest answer posted January 22, 2014 6:34 pm UTC

2 educator answers

Business

Forward market hedging is a means by which to protect exposure in the forward currency, interest rate and financial asset markets. The forward market, engaging in large contracts, is dominated by...

Latest answer posted November 28, 2012 3:27 pm UTC

1 educator answer

Business

I believe that what is going on here is that the term capital is being used in a slightly different way than it is usually used in economics (like the way you use it in this question). In the case...

Latest answer posted May 3, 2010 1:48 pm UTC

1 educator answer

Business

There are very few disadvantages to liquidity per se, but in practice (and in a competitive financial market) there are downsides that more liquid assets (such as money) have over less liquid...

Latest answer posted June 6, 2016 8:26 pm UTC

1 educator answer

Business

Taylorism was not really intended exclusively as a method of motivation. Instead, it was a method of control for employees doing routine and repetitive jobs, in order to ensure that such functions...

Latest answer posted August 9, 2018 10:42 am UTC

2 educator answers

Business

There are a number of ways in which the culture of a country could have an impact on the way business is done in that country—and this in turn will affect the cost of doing business. For example,...

Latest answer posted June 8, 2020 9:19 pm UTC

4 educator answers

Business

Regionalization or localization is a business strategy that maintains focus on a particular region or area and as such, this approach employs differentiation based on the regions. Companies...

Latest answer posted August 7, 2015 11:14 am UTC

3 educator answers

Business

A marketing information system sets out the framework used by organizations to collect, organize, store, analyze and distribute information for purposes of marketing decision making. In this case...

Latest answer posted June 1, 2015 11:46 am UTC

2 educator answers

Business

In a sense, this account of marketing goods is based, as the other responder has mentioned, on an older economic model in which large companies manufacture and sell physical objects. The new...

Latest answer posted November 27, 2017 7:28 am UTC

2 educator answers

Business

The four main functions of management are planning, organizing, leading, and controlling. Planning involves the creation of strategies to achieve company objectives. Organizing is whereby the...

Latest answer posted November 8, 2019 2:24 pm UTC

4 educator answers

Business

Activities of the “purchasing function” in business include acquiring inventory (finished goods for resale) or materials for production. In a retail business, the purchasing department is...

Latest answer posted March 27, 2015 7:23 pm UTC

1 educator answer

Business

A business can either be affected by internal or external environmental factors. Internal elements affect the business from within and can be easily handled by the management. Examples of three...

Latest answer posted January 24, 2020 7:58 am UTC

3 educator answers

Business

This is a question of supply and demand. The reason why diamonds are more expensive than water (generally speaking) is because there is a lot more water around than diamonds. If you live in...

Latest answer posted October 13, 2011 5:41 am UTC

2 educator answers

Business

Real costs, or true costs, reflect the negative and positive societal effects of producing an item. Another word for these effects is "externalities." Businesses rarely consider the externalities...

Latest answer posted October 12, 2018 8:46 am UTC

2 educator answers

Business

Of the options that you have offered here, the best answer is “Functional strategies are shaped by corporate strategy.” The other statements are typically the opposite of the actual relationship...

Latest answer posted September 29, 2013 9:18 pm UTC

1 educator answer

Business

Why is there such an emphasis on proper business planning and controls in today’s marketplace? What could happen to your organization and bottom line absent an intelligent plan on how to run your...

Latest answer posted August 17, 2015 4:26 pm UTC

2 educator answers

Business

Successful and dynamic human resource planing is central to the success of an organization. The aim of human resource planning is to maximize recruitment & retention, minimize employee issues...

Latest answer posted August 18, 2015 12:53 pm UTC

1 educator answer

Business

Total fixed cost refers to costs that are incurred by the business regardless of the number of products or services that it produces. One such cost might be the rent paid for the business’s...

Latest answer posted February 23, 2018 5:59 pm UTC

1 educator answer

Business

In order to answer this question, it is useful to dissect what the main responsibilities of a manager are and then assess whether the definition fits the role that a manager plays. Managers serve...

Latest answer posted June 18, 2020 4:03 pm UTC

3 educator answers

Business

The term "two-way communication" in business refers to communicating in both directions in the corporate hierarchy. Rather than management simply stating decisions with no opportunity for feedback,...

Latest answer posted March 21, 2017 4:24 am UTC

2 educator answers

Business

Your letter is a good beginning and offers a customer-centered approach. You might expand a bit on this part of the letter: The defective item that you’ve purchased has been discontinued and is no...

Latest answer posted May 14, 2017 1:15 pm UTC

2 educator answers

Business

Conflict resolution is a hidden but often crucial part of the business world and its workplaces. Offices bring a large number of people together, and with this proximity, there is bound to be at...

Latest answer posted February 10, 2019 6:45 pm UTC

2 educator answers

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