Business Questions and Answers

Business

In order to track a specific set of steps or a sequence in the manufacturing process, a route sheet is used to note a number of things. Route sheets identify and number a work order, and generally...

Latest answer posted September 1, 2015 7:20 pm UTC

3 educator answers

Business

Marginal utility refers to the benefit or satisfaction that a consumer receives from a product. Economists use marginal utility when determining how much of a product a consumer will buy. A basic...

Latest answer posted February 20, 2019 5:14 pm UTC

2 educator answers

Business

Commerce can be considered a subcategory of economics. Economics is a very broad field of study that measures and analyzes the way in which individuals, collectives, businesses, and governments...

Latest answer posted February 10, 2019 1:19 am UTC

2 educator answers

Business

Kappa Omicron Nu, a collegiate honors society, describes professionalism as the feeling of support an individual has for their chosen profession or an individual’s ability to positively represent...

Latest answer posted September 9, 2019 9:40 pm UTC

3 educator answers

Business

If a marketer is doing his or her job right, then marketing impacts consumer behavior by encouraging spending and swaying consumers' choices towards a particular brand. Marketing is actually a lot...

Latest answer posted November 12, 2018 5:43 pm UTC

2 educator answers

Business

The first and most straightforward way that a small business can help deal with unemployment is by hiring individuals. Small business owners should hire locals that have the right expertise. They...

Latest answer posted June 19, 2019 8:36 am UTC

3 educator answers

Business

Businesses may operate using an open or closed system. This approach of organization may be throughout the company, or various departments may operate as open or closed within the same business. An...

Latest answer posted July 10, 2018 10:18 pm UTC

2 educator answers

Business

An opportunity cost is the cost you incur when you choose one path and forego another. So, what needs to be examined is what path you are foregoing to go to school. Assuming that you would work...

Latest answer posted May 6, 2016 2:49 pm UTC

1 educator answer

Business

There are many possible ways to describe the features of a bureaucracy. I will use a famous enumeration of these features put forward by Max Weber. I will examine five features of bureaucracy...

Latest answer posted November 17, 2013 4:08 pm UTC

1 educator answer

Business

There is a difference between average cost and marginal cost. The average cost of a product is the total cost of making a product divided by the total number of products made. If a company...

Latest answer posted September 7, 2015 12:44 am UTC

3 educator answers

Business

The specific error that Warren and Carol Oats made during their first week in Japan was to rush in too hastily to business appointments instead of taking the time to research how business is...

Latest answer posted August 13, 2020 12:43 pm UTC

4 educator answers

Business

External competitiveness refers to how well a company compensates its employees when compared to its competitors. For example, consider two factories—if one factory pays its workers $200 per shift...

Latest answer posted October 31, 2018 8:33 pm UTC

3 educator answers

Business

Different models in production and operations management include the following: Fordism: This refers to the system of mass production and consumption developed by the Ford Motor Company and used...

Latest answer posted July 11, 2017 5:12 pm UTC

2 educator answers

Business

We cannot consider external factors without internal factors or vice versa. External factors set the stage for what a company must deal with, but internal factors largely determine the extent to...

Latest answer posted August 25, 2019 3:55 pm UTC

2 educator answers

Business

The differences between administration, management, and supervision can best be explained in terms of organizational hierarchy, often depending upon the size of the organization or business....

Latest answer posted August 11, 2017 4:47 pm UTC

2 educator answers

Business

Process strategies refer to the method by which a company creates its consumer goods. The four most commonly accepted strategies are defined by how they relate to levels of both volume and...

Latest answer posted June 30, 2020 1:27 am UTC

3 educator answers

Business

The production possibility frontier, usually abbreviated PPF, is used to describe the production capacity of a country, or in some cases an individual business. Usually we draw it in two dimensions...

Latest answer posted February 22, 2016 10:36 pm UTC

1 educator answer

Business

One of the common drawbacks in classical and neoclassical theories of management is that, despite their differences, the two theories are based on the same flawed foundational models (i.e. focusing...

Latest answer posted March 22, 2019 8:34 am UTC

2 educator answers

Business

Classical management theory and human relations theories contrast greatly. It can be said that classical theories were the earliest ones developed, while much of the human relations theories...

Latest answer posted March 12, 2020 7:32 pm UTC

4 educator answers

Business

A pure service brand is one that mainly sells a service. A good example of this would be an airline that sells itself by providing a top-notch service for its customers. Unlike a product-based...

Latest answer posted February 2, 2018 3:28 am UTC

2 educator answers

Business

Channel richness refers to the amount of information that can be transmitted by a given communication channel. In business communication, selection of the right channel of communication depends on...

Latest answer posted April 6, 2015 2:55 pm UTC

2 educator answers

Business

The major reason for countries to participate in international trade is to sell their surplus produce and to cover their deficits in production. Basically, the products sold by a country to another...

Latest answer posted August 24, 2015 9:20 am UTC

3 educator answers

Business

Trade discounts occur when a purchaser buys in bulk, and it is a reduction in cost from the normal retail price on goods. Cash discounts, on the other hand, are generally a reduction in cost if the...

Latest answer posted February 28, 2018 1:18 pm UTC

2 educator answers

Business

Extrinsic rewards are those that originate from the company itself, providing a fairly tangible means of recognizing an employee's hard work. Employees thus want to work harder and complete tasks...

Latest answer posted January 29, 2021 11:47 am UTC

3 educator answers

Business

General management is about overseeing everything that goes on in a company, and making sure that all departments are working together to turn a profit. As an example, let us consider the role of a...

Latest answer posted September 22, 2018 9:25 pm UTC

2 educator answers

Business

The government has commissioned several institutions charged with activities geared towards protecting the consumer. Additionally, the government plays an important role in the passage of laws...

Latest answer posted January 10, 2018 4:08 pm UTC

2 educator answers

Business

While the term “forever” seems to used here to mean “a very long time,” arguments can be made both for the continued viability of a given brand and for its extinction. The underlying concept that...

Latest answer posted April 5, 2019 2:36 am UTC

3 educator answers

Business

People often talk about how businesses should have a "social conscience." They mean that businesses should act in ways that are meant to promote some greater societal good. This quote is saying...

Latest answer posted October 18, 2010 10:22 pm UTC

2 educator answers

Business

Pricing policy is the determination of what price a business will charge for a product or service, and this price determination is made by considering costs of production, value of the product or...

Latest answer posted July 9, 2016 5:11 am UTC

1 educator answer

Business

Goods and services are, of course, of no good to consumers until the consumers can actually have access to them. Distribution (or its more sophisticated counterpart, supply chain management) can...

Latest answer posted December 1, 2012 3:46 pm UTC

1 educator answer

Business

The idea or theory is mainly applicable in competitive markets because the seller or manufacturer will always get the same price for each product regardless of the quantity supplied. The marginal...

Latest answer posted November 25, 2016 8:43 pm UTC

2 educator answers

Business

In other countries, hand gestures mean very different things than they do in America. In Italy, the "OK" hand gesture to which you are referring does not have a positive meaning. "Worthless" is the...

Latest answer posted June 26, 2019 12:35 am UTC

3 educator answers

Business

In the context of any organisation, be it a company, a charity, or a hobby group, the word "power" refers to management. Since the question was filed under the business category, I will discuss the...

Latest answer posted March 21, 2020 9:59 am UTC

4 educator answers

Business

"Fixed costs" are only "fixed" to a certain degree. Investments in land, buildings, equipment, and people -- and this latter category, people, is subject to numerous variables -- represent fixed...

Latest answer posted December 26, 2015 11:11 pm UTC

4 educator answers

Business

Classical management theory includes the scientific management theory of Frederick W. Taylor, who pioneered the idea that each job should be studied carefully to ascertain its requisite components,...

Latest answer posted June 22, 2015 11:54 pm UTC

2 educator answers

Business

In a nutshell, the kitchen brigade system helps restaurants deliver the highest-quality cuisine to customers. The kitchen brigade system was created by Auguste Escoffier. He was a French chef who...

Latest answer posted December 20, 2018 9:46 pm UTC

1 educator answer

Business

It is reasonable to say business and management are both social sciences. The definition of social sciences refers to the study of humans and their relationships. In both management and business,...

Latest answer posted August 21, 2016 8:22 pm UTC

2 educator answers

Business

Within a business organization, the concept of "due process" means that, before disciplining an employee for violating some rule or policy, a business must follow a specific course of action...

Latest answer posted May 24, 2018 5:33 pm UTC

1 educator answer

Business

There can be several causes of discrepancies in inventory stock management. A discrepancy in inventory stock is when the actual stock in a warehouse of a retail store does not match the recorded...

Latest answer posted January 21, 2015 9:28 pm UTC

2 educator answers

Business

Your question asks about converting single-entry bookkeeping to double-entry bookkeeping. In order to convert single-entry bookkeeping to double-entry bookkeeping, it is helpful to first...

Latest answer posted April 25, 2016 9:32 pm UTC

1 educator answer

Business

Economies of scale exist when a firm expands its production and sees its long-run average costs decrease. In a situation like this, being bigger helps a firm. If a firm grows larger, its costs...

Latest answer posted March 9, 2015 4:34 am UTC

1 educator answer

Business

There are many pros and cons of mass marketing. Unfortunately, the term "mass marketing" is a little bit ambiguous. It could refer to the actual attempts to sell a product to a large market...

Latest answer posted July 11, 2020 3:06 pm UTC

4 educator answers

Business

Regular external analysis is not just beneficial but essential in business. However efficient the company's internal operations, they cannot take place in a vacuum, since the company supplies its...

Latest answer posted June 10, 2020 6:47 am UTC

5 educator answers

Business

First, let's define what is a MIS, or Marketing Information System. The literal definition from Kotler (1988), author of the textbook Marketing Management: Analysis Planning and Control, a MIS is:...

Latest answer posted July 3, 2017 1:51 pm UTC

2 educator answers

Business

The beta of a stock represents the volatility or market risk of investing in that stock. A stock with a beta greater than one is more volatile than the market in which it is listed. If its beta is...

Latest answer posted December 11, 2017 5:48 pm UTC

3 educator answers

Business

In this case, a laptop is the best example of a standardized product. There are many different brands of laptops, but they all perform the same function. Additionally, all laptops have standardized...

Latest answer posted October 13, 2018 10:35 am UTC

2 educator answers

Business

Classical management theory became popular in the early 1900s as small businesses began to pop up with more and more problems to solve. The goal of this practice was to reduce costs, improve...

Latest answer posted March 30, 2019 2:49 pm UTC

3 educator answers

Business

Managers need to have a basic understanding of economics to understand the concept of value, for example, product value or service value. Value has a special meaning in economics since nothing has...

Latest answer posted October 22, 2009 5:21 pm UTC

1 educator answer

Business

There are many considerations. One is language barriers. While many people all over the world either know or are studying English, there are many more who are not familiar enough with the language...

Latest answer posted November 24, 2019 8:42 pm UTC

4 educator answers

Business

An entrepreneur has a similar, but not identical, role under both import substitution and export promotion models of economic development. Import substitution is based on the idea that a country...

Latest answer posted July 21, 2018 10:16 pm UTC

3 educator answers

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