Answer: Penguin Catering was using a Concentrated targeting strategy.
An organization that adopts a concentration strategy chooses to focus its marketing efforts on only one very defined and specific market segment. Accordingly, only one marketing mix is developed. For example, the manufacturer of Rolex watches has chosen to concentrate on the luxury segment of the watch market.
Draw a curve that shows the relationship between quantity and total revenue when the demand curve for umbrellas is linear increases.
If demand is elastic (price elasticity > 1), price and total sales are negatively related. In other words, an increase in price leads to a decrease in total sales.
Revenue is the amount of money generated WITHOUT subtracting the costs of business. In economics, the total sales test is a means of determining whether demand is elastic or inelastic. If an increase in price leads to an increase in total sales, demand is said to be inelastic because the increase in price does not significantly affect the quantity demanded.
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Answer:
set through a process that involves all persons responsible for formulating and implementing the goals.
Explanation:
Goal setting theory states that when there are specific and challenging goals along with appropriate feedback, there will be better performance of tasks.
Goal setting is a continous process that is improved by feedback of all stakeholders.
In setting goals performance is improved when the people that implement and formulate the goals are involved.
This will result in higher buy in to the process since all interested parties set the goals together.
Answer:
(A) GAAP does not have substantial authoritative support.
Explanation:
Choices B to C are true about GAAP.
Now, Choice A is not true since GAAP also includes detailed procedures and practices that provide a <u>standard</u> and not only broad guidelines of general application and this will imply that GAAP has a <u>substantial authoritative support.</u>
<u></u>
Also it is called "Generally Accepted Accounting Principles" for this reason.
Answer:
The total reported inventory value is $1,130.
Explanation:
Note: The data given the question are sorted and presented properly as follows:
<u> Selling Price </u> <u> Cost </u>
Large animals:
Cattle $320 $160
Horse 400 400
Small animals:
Cat $360 $320
Dog 120 90
Exotic pets:
Ferret $140 $112
Iguana 70 48
Based on the lower of cost and net realizable value rule, we select the lower and determine the reported inventory value as follows:
<u>Details Value ($) </u>
Large animals:
Cattle 160
Horse 400
Small animals:
Cat 320
Dog 90
Exotic pets:
Ferret 112
Iguana <u> 48 </u>
Total value <u> 1,130 </u>
Therefore, the total reported inventory value is $1,130.
