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zhannawk [14.2K]
3 years ago
10

Even when products are commodity items, the _____ element can be a powerful differentiating factor for which a customer will pay

extra.
Business
1 answer:
Dmitry_Shevchenko [17]3 years ago
5 0
<span>Service can play a big part in whether or not a person would be willing to pay more for an item. Through add-ons like free shipping, assistance with product selection, and support if/when the product fails, the customer can discriminate between products and companies that might offer similar goods.</span>
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Cheyenne has a small bakery specializing in gourmet cupcakes. In response to customer demand, she has added gluten-free cupcakes
Romashka [77]

Cheyenne has a small bakery specializing in gourmet cupcakes. In response to customer demand, she has added gluten-free cupcakes to her menu. This customer demand would be characterized as feedback.

<u>Explanation:</u>

In the viewpoint of systems the information gathered from the society regarding the output of anything is feedback. This is definitely affect the input also. It has either affect positively or negatively. It is very important for any business to be successful. Feedback plays a major role in this process.

Feedback is the process by which the views of the customers are gathered. Some of the people may like a particular product for some reasons. Some of the people may not like the same product for some reasons. The fact is that the tastes and preferences of people differs from each other. Thus, the features of the products can be improved only with the feedback system.

8 0
3 years ago
James would like to create a sole proprietorship operating under the name Super
Sever21 [200]

Answer:

James will need to register the business with his local state as the

name of his business differs from his own.

Explanation:

5 0
3 years ago
Sam, the chief accounting officer of texas fencing corporation, wants to be sure that all the company's accounts are legal and e
rosijanka [135]

Sam, being the Chief Accounting Officer of Texas Fencing Corporation, wants to ensure that all the company's accounts are legal and ethical. At times when he is unsure of what exactly is legal and illegal, he should <span>try his best to not do anything illegal and keep documentation showing that he always acts in good faith. In this way, even in the case that he does make a mistake, he has proof that he always acts in good faith with the help of his proper documentation. </span>

8 0
2 years ago
Definition of economic costs
VikaD [51]

Answer:

Definition of Economic Costs

Implicit and Explicit Costs:

The wholesale cost for the pianos that Darnell pays the manufacturer  Explicit Cost

The salary Darnell could earn if he worked as an accountant  Implicit Cost

The wages and utility bills that Darnell pays  Explicit Costs

The rental income Darnell could receive if he chose to rent out his showroom  Implicit Cost

Complete the following table by determining Darnell's accounting and economic profit of his piano business.

Profit

(Dollars)

Accounting Profit        $89,000

Economic Profit             $3,000 ($89,000 - 86,000)

If Darnell's goal is to maximize his economic profit, he( should, should not) stay in the piano business because the economic profit he would earn as an accountant would be $__86,000____.

This economic profit includes the rental and salary income that Darnell can earn.

Explanation:

a) Data:

Sales Revenue = $842,000

Cost of goods sold 452,000

Wages & Utilities = 301,000

Opportunity cost of showroom = $38,000

Opportunity cost of employment = $48,000

Total opportunity cost = $86,000

Profit           (Dollars)

Sales Revenue =   $842,000

Cost of goods sold 452,000

Gross profit            $390,000

Wages & Utilities =   301,000

Net Income             $89,000

Opportunity cost of showroom = $38,000

Opportunity cost of employment = $48,000

Total opportunity cost = $86,000

6 0
3 years ago
What were the economic changes that revolutionized manufacturing in the eighteenth century and led to the factory system?
Daniel [21]

Answer:

The industrial revolution affected the whole global economy, social relations, and culture.

The industrial revolution changed how goods were manufactured, and it all started with the European accumulation of capital and the invention of the steam engine.

The two major sources of energy were coal and oil that were used to power steam engines that moved machinery using water steam. That led to work specialization and urbanization (people moving into large urban areas).

The industrial revolution first started in northwestern Europe, but it then spread to the US, Russia and Japan. The global economy developed new patterns of global trade and production between nations that produced resources and those that processed them and produced goods.

Exporting economies grew around the world because of the need for exporting both raw materials and food supplies from resource producing nations, and the need for exporting finished goods form industrialized nations.

7 0
3 years ago
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