The answer is: satisfying customer needs and wants.
<h3>What Distinguishes Needs from Wants?</h3>
One of the most crucial tasks you must take when building a monthly budget is classifying your expenditures by "need" or "desire" status.
The distinction between a need and a want might vary from person to person, making it one of the hardest challenges. It is also simple to mistake requirements for wants if you have been accustomed to something to the point that it is difficult to imagine life without it.
You classify your expenditure on the budgeting worksheet as either needs or wants. By doing this, you may distinguish between the expenses that are absolutely necessary for your existence and well-being (what you need) and those that are only desirable but not necessary (wants).
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Answer:
$67,000
Explanation:
The total revenue will be income from the 300 rooms and that from 100 rooms
=(300 x $140) + ($100 x 250)
=$42,000 +$25,000
=$67,000
Answer:
Mrs Smith either shut down the business or invest in efficient equipements that lowers the total cost to below $7
Explanation:
The reason is that the you can not make profit if you product is sold in the market at a higher price than the competitor who offers the same product with the same features. So here, Smith can not make profits by selling the product at $8 because here total cost is $8.25 per unit.
So either she should invest in the business equipments which bring efficiencies and keeps the total costs to below $7 or she should shut down her business because the business is turned into loss making machine.
In order to compete with the online retailers, the traditional retailers can use franchises that deliver, require an administered system for all, and increase their market share.
<h3>Who is a retailer?</h3>
A manager or owner of a business organization or a unit that specializes in selling of products to their customers, which they procure from the supplier, is known as a retailer.
Hence, options A, C and D hold true regarding the traditional retailers.
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Answer: Appropriate/accurate relationship marketing
Explanation:
Relationship marketing refers to the scenario where producers build a bonding with customers in rider to improve services they offer to the customer and producing high quality products based what the customers demand for. The aim of these marketing strategy is to maintain existing customers who can recommend potential customers to use the product, also they are other services attached like Promo and bonuses which are used to encourage consumers. Phat strategy used on his customers is known as Accurate relationship marketing.
