Answer:
Customer Relationship Management (CRM)
Explanation:
The customer relationship management deals with managing the relationship with the customers so that the company satisfies its customer to a large extent. The motive of CRM is to gain maximum customer satisfaction so that it can retain its customers for longer time. It can be done in the following ways
1. Deliver the goods at pre-decided time and location
2. Providing them excellent services and offering them great discounts so that the company can achieve its sales target which helps the company to achieve its goals in a specified time period.
Answer:
The store should order 60 calculators, 12 times per year to minimize inventory cost.
Explanation:
Given that;
Annual demand = 720 calculators
Holding cost (Storage cost) (H) = $2 per calculator
Ordering cost (D) = $5
Economic order quantity (EOQ)
= √ 2 × A × D / H
= √ (2 × 720 × $5) / $2
= √ $7,200 / $2
= √ 3,600
= 60 calculators
Number of orders per year
= Annual demand ÷ EOQ
= 720 ÷ 60
= 12 times
Therefore, the store should order 60 calculators 12 times per year to minimize inventory cost.
Assume that the market for corn is perfectly competitive. Currently, firms growing corn are generating losses. In the long run, we can expect "some firms to exit causing the market price of corn to rise.".
<h3>What is perfectly competitive market?</h3>
According to economic theory, perfect competition exists when all businesses sell the same goods, market share has no bearing on prices, businesses can enter or quit the market without any obstacles, consumers have perfect or complete information, and businesses are unable to set prices.
There are five characteristics that have to exist in order for a market to be considered perfectly competitive. The characteristics are -
- homogenous items,
- no entry or exit obstacles,
- price taker sellers,
- transparent products, and
- no seller has any control over market prices.
The three key components of perfect competition are as follows:
- There are a lot of buyers and sellers in the market.
- These buyers and sellers are in competition with one another.
- The good being offered or purchased is uniform.
- Companies are free to enter or leave the market.
To know more about; Why is perfect competition the best form of market structure?, here
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Answer:
More than one basis for departmentalization
Explanation:
Although departmentalization may be determined within an organization on the basis of one criterion, such as location, most organizations find more than one basis for departmentalization to be a more efficient means of conducting business where the main logic and philosophy is to group various activities. There are many forms and basis of departmentalization which could be either functional departmentalization, customer departmentalization, product departmentalization or location departmentalization. It works quite well and efficient when organization uses more than one basis for departmentalization.
