This is the full question
Choose one of the Web sites listed in the previous question and identify three ways the company has reduced its transaction costs by using a Web site to provide information. List these three transaction cost-reduction elements and write a paragraph in which you discuss one transaction cost-reduction opportunity that you believe that company has missed.
Answer:
I visited the Netflix website. I do not own a netflix account. Netflix has the following cost-reduction opporunities on its webpage:
- Clear information about the costs of the streaming service.
- Clear Frequently Asked Question section explaining about the nature of the service, and the terms of the contract in case you decide to purchase the service.
- Very nice visual interface without clutter.
One transaction cost-reduction opportunity that Netflix is missing though is:
- Lack of a preview to see what shows and films are available.
It will result in an increase in average inventory as larger batches require more time to be completed.
<h3>What is Operations Management?</h3>
Operations management (OM) is the administration of business practices within an organization to achieve the highest level of efficiency possible. It is concerned with converting materials and labor as efficiently as possible into goods and services in order to maximize an organization's profit.
At its most basic, management is a discipline comprised of five general functions: planning, organizing, staffing, leading, and controlling. These five functions are part of a larger set of practices and theories about how to be a good manager.
To learn more about Operations Management from the given link
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Answer: The Indians migrated over 30,000 years ago.
Answer:
<u>Amplified word of mouth.</u>
Explanation:
Word of mouth marketing refers to using customer recommendations for the purpose of advertising so as to accomplish marketing goals.
Usually this form of marketing is spread from one customer to another in the form of recommendations.
For instance, a customer who uses a product and liked it, posts a favorable review on the product site, praising the product. Such a review would influence other prospective buyer and their purchases.
There are two kinds of word of mouth namely, organic and amplified. In the case of former, the review and praises arise out of natural tendency of the customer to recommend the product.
In case of the latter, the marketers launch such campaigns that encourage word of mouth in both existing as well as new communities.
In the given case, the company distributes free samples and seeks feedback of the target customers on the company's blog, which would be visible to prospective customers. The goal being to stimulate positive word of mouth, this method refers to amplified word of mouth.
