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2 years ago

When prioritizing the backlog, what does taking an economic view mean?

Business

1 answer:

xenn [34]2 years ago

6 0

When prioritizing the backlog, taking an economic view mean Realizing the goal of Lean

A lean system represents a company or business unit that comprehensively applies lean principles to the methods of planning, prioritizing, managing, and measuring work. The goal of all lean systems is to maximize customer profits. Lean thinking can significantly improve the productivity and functionality of a team or department, but lean implementation across the organization has the greatest impact on customers.

The lean system uses a lean approach to identify and eliminate waste. They systematically discover and take advantage of opportunities for improvement. These are two of Lean's basic concepts. Eliminate everything that doesn't add value to your customers, work systematically and continuously, and create more value for your customers.

Learn more about the Lean system here: brainly.com/question/683722

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A firm's _________ is the symbolic embodiment of all the information connected with a product or service

Nostrana [21]

Answer: brand

Explanation: A company's brand is its identity, and it is one of the most valued parts of the business. The brand is what consumers recognize and competitors fear.

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2 years ago

The owner of billy joe's barbecue is looking at his advertising, sales promotion, and publicity programs. he is reviewing the co

Tomtit [17]

All those are part of his marketing mix

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3 years ago

How did you feel while you were discussing your inventories with your family members

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3 years ago

Bill currently uses his entire budget to purchase 5 cans of Pepsi and 3 hamburgers per week. The price of Pepsi is $1 per can,

FinnZ [79.3K]

Answer:

Option (B) is correct.

Explanation:

The utility maximization point for a consumer is as follows:

$\frac{MU_x}{P_x}=\frac{MU_y}{P_y}$

It is given that,

price of Pepsi(x) = $1 per can

price of a hamburger(y) = $2

Marginal utility from Pepsi = 4

Marginal utility from hamburgers = 6

Hence,

$\frac{4}{1}>\frac{6}{2}$

4 > 3

Therefore, it can be seen that the consumer's utility is not maximized at this point.

Law of diminishing marginal utility states that as the consumer consumes more and more quantity of goods then as a result the utility obtained from the consumption goes on diminishing.

So, there is a need to increase the quantity of Pepsi consumed and reducing the quantity of hamburgers consumed.

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3 years ago

Explain how a consumer’s place of residence has an especially large impact on their purchase of sports and entertainment commodi

ElenaW [278]

Answer:

Concept: Business digression

Lets assume you live in Los Angeles CA
LA houses the Lakers, dodgers, and so many more big brand teams.

A consumer which is defined as any person in a free and open market to openly trade their wealth and income in return for an item or service.
Residence defined as the area that surrounded the immediate perimeter of the said consumer.
Hence, by the principle of socialization people are more inclined to buy sports gear to represent their teams and inclined to participate in consumer purchases based on their peers.
It becomes the "lifestyle" and "ideal" personalities in a place such as LA and this inherently drives up sales of sports and entertainment commodities.
The location, or residence directly exposes the consumer to the products in a market where it "hot" and in style/demand.
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3 years ago